Stage Gate Process is a methodology for managing innovation time and risk, generating value and increasing the probability of success of a company’s new product or service ideas.
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The Stage-Gate methodology, patented by Dr. Robert Cooper, is a project management technique that focuses on the cascading innovation process. It is composed of different stages and gates. Stages refer to the set of activities that the leader and his team must perform. The gates refer to the points of review and decision making based on pre-established criteria.
The Stage-gate process methodology is composed by the following key stages:
Discovery of the business idea
Preliminary research to determine the scope of the project.
Detailed research on potential customers, markets and techniques leading to the definition of the project and work plan.
Implementation of the plan stipulated in the previous stages.
Validate the hypotheses established in the previous stages through practice.
Launching the product or service to the market to generate commercialization and projection on a large scale.
Some of the Gates that are used as decision points in this methodology are the technical feasibility of the idea, the evolution of the product and its competitive advantage, the level of attraction it has in the market, the projection of reward versus the financial risks it has, among others.