This book is a complete manual for small and medium sized manufacturing companies to produce new products and processes that can enhance their competitive position. The unique Seven Step Innovation Process starts with the creation of a strategic innovation plan and then provides a system to evaluate the current products and manufacturing capabilities of a company. Methods are then proposed to select and execute the new developments in the most effective manner. Finally, the critical roles of outsourcing and executive management are reviewed. The book could also be used in college courses focused on innovation and project management.