There are many chllenges in Innovative Product Development. To be successful involves a multidisciplinary collaboration involving marketing, engineering, sales, manufacturing and quality. For a product to be successful, it has to be the right product at the right price that fits with the brand positioning of the organisation. The discussions that define what product is going to be developed and the various needs that it must meet must be conducted between the departments of an organization and many decisions have to be made before the new product is fully understood.
At the highest level, there is the crucial involvement of the Senior Management team. Innovations rarely see the light of day if Senior Management has not actively participated and understood the business rationale for a radical innovation. My colleague, Lucy Rowbotham has called this the "Golden Twenty Four Hours"; a pre-requisite that senior management actively spend time in the goal setting and project choice for such initiatives. These projects are sufficiently challenging that without this senior buy-in, they will almost certainyl be the casualty of soem spurious factor like an internal re-organization.
My colleague, Ed Brunner, wrote about the important role of phased product developments including such models as looks like and works like prototypes in animating the plans in a way that enables diverse stakeholders to contribute to decision making.
By combining these processes of senior management involvement and risk reduction models in the development phase, you can bring your innovations to market faster with the buy-in of your cross-functional leaders and teams.