As an entrepreneur, I have always had to focus on street logic.  And on the street, new product development concepts are a natural part of our street logic.  I am not talking about Wallstreet and corporate america, but rather the way business really works on mainstreet in the real world.  I recently finished graduate school to get my business degree which was a delightful experience meeting and working with executives across a variety of businesses and industries.

One of my favorite professors was focused on new product development.  The course was an exciting course with a lot of theoretical concepts - concepts such as how to create product innovation teams, cycle time, customer fit, etc. - as well as an emphasis on controlling development costs (we will get back to this often overlooked topic).

The typical "theoretical" NPD development cycle is as follows:

1. Idea Generation
2. Idea Screening 

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