There are a lot of ways to develop things, and lots of processes to use. However, 90% of all product development efforts fail.
Why? The steps you take, the order you take them in, and the tasks involved in those steps all play a huge role in how successful your new (and very marvelous) innovative product idea will be in the marketplace. Just because your device addresses a need or performs a unique function in a way no other device has, it does not mean it will be met with success in the market. Fulfilling a need is important, but it is the starting point of development, not the end.
How do you get there? Digging deeper than you think you have to in order to find all the users needs is key. Finding out who all your users are is key too. There may be more than you think. The practices of usability research, human factors engineering, and human centered design come into play here. Industrial designers have been trained to develop ideas into products this way, but knowing when to dive into deep the engineering details is important as well. Good, successful development processes know how to balance all these factors and still provide flexibility for creativity and iterations.
Want to know more? Download our eBook titled "Design Driven Development™: the D3 Process™" here, and investigate the thinking behind this kind of development. You will be surprised to find out what the success rates are for this kind of development. True innovation depends on that kind of success, for is it truly innovative if it never gets into the hands of the intended users?