General Mills VP on getting to the first dollar fast, failure, key metrics
Few companies have as strong a track record when it comes to open innovation and pilot testing as Minneapolis-based General Mills. The $17.6 billion food giant sometimes puts packages on a shelf without actual product inside, as a way of learning whether consumers will pick it up and take it to the cash register. Executives there talk about creating “lemonade stands” as a quick and cheap way to test new product concepts, instead of setting up a “big bang” product launch and hoping for the best.
And the company expects failure and learning to be part of the journey of any new product wending its way to a consumer’s kitchen.
“In the past,” says Jim Kirkwood, Chief Science and Technology Development Officer, “if you had a failure, it was over. But now, what we’ve done is actually built it into our process.” If you don’t fail at least once before a finished product winds up on store shelves, he adds, “you probably didn’t test enough.”... continued ...