A methodology to define strategic innovation projects and new product development portfolio based on megatrends exploration and technology foresight case of study: mexican magnet wire industry

Abstract

Today our world seems to spin faster; technology develops at a rapid pace as new societal, industrial and environmental needs appear as part of the changes that human activity imposes over our blue planet. Some of these changes follow patterns or trends, which effects are felt not only by a small particular group, region or environment, but they extend their reach to a global context. These global patterns of change are called Megatrends. With an appropriate mechanism, megatrends can be explored, understood, analyzed and broke down to foresight possible pathways for the responses that societies, governments and industries might follow to address them. These potential responses become roadmaps that can be further translated into opportunities but also as threats to the status quo. For industries, they represent a challenge that enforces them to react and strategically deal with new paradigms sometimes before they come out. New technologies, products, services and processes can be foresighted, and an innovation effort can be leveraged to promote projects that are aimed to provide solutions. An innovation portfolio of R&D projects and new product developments can be constructed upon megatrends and with the right and structured process these projects can be evaluated based on strategic fit and expected financial performance as they help to strengthen firm's competitive position. This research work is aimed to explore and develop this mechanism that could become a tool for industry's managers to incorporate megatrends understanding into their business' technologic strategy.