Stand No: 27

More than 85% of innovations in retail are no longer on the shelf after three years. Considering all the money spent on R&D, marketing, and strategy development, it is obvious that there is a lot of waste in this process. Two of the key pain points in the development process that contribute to this high failure rate is that the time to market takes too long. An innovation cycle of 3 to 5 years out is typically no longer feasible. second, the way product validation is done typically consists of measuring the wrong thing; consumers are asked what they think of a product and what they expect to do with it in the future. However, it is a known fact that consumers are bad at predicting their own behavior, causing biases in the data. Veylinx is radically disrupting the way product innovation is done. By developing an open marketplace for product innovation, companies can dramatically shorten their time to market and receive the most accurate learnings on how to continue the development of their innovations.