A stage-gate process implements strategic meetings across the product development lifecycle. These strategic meetings allow organizations to make go or no go decisions based on market data, learnings, and experimentation. Depending on the stage of the project investment, decisions are made within the stage-gate process; new products are given less investment to explore the problem area, test with customers, and define product/market fit, and products farther along the product development lifecycle are given the investment needed to scale.
During each stage-gate meeting, a cross functional board of decision makers, who act like venture capitalists, come together to make three specific decisions. Pivot. Preserve. Parish.
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