Enterprises need to develop new products and services in order to stay relevant. Innovation is inevitably accompanied by uncertainty. With this uncertainty, there’s a high degree of risk. “How do we know what we are investing in is going to be successful, how much to invest and when to pull the plug?” Traditional approaches involve a lot of assumptions upfront, collected in a business plan with long lead times before gaining any feedback on whether these assumptions were right. Lean Innovation provides a systematic approach to managing this problem. It combines Innovation Practice – largely based on Lean Startup methodologies and Innovation Management to ensure an effective and manageable Innovation Ecosystem.
The Build-Measure-Learn feedback loop is at the core of this approach that borrows heavily from science to improve the chances of building a new product or service that people will actually buy and really like.
Lean in the startup phase acknowledges the wast amount of unknown each innovation initiative possesses. It therefore concentrates on eliminating waste by not just being customer-centric but ultimately by incentivising and measuring the goal of ‘learnig the right thing at the right time in the fastest and most affordable way‘.
“The only way to win is to learn faster than anyone else” Eric Ries
We are reducing risk, cost and time for
- Developing New Sustainable Business Models
- Continuous Innovation
We help you stay relevant in a world of constant disruption and uncertainty. Do you have the tools to keep up with rapid change around your business? How do you innovate without hurting your core business and brand?
The pace of change will never be slower than it is today. New technologies are emerging faster than ever and markets shift in unpredictable ways. Who can really say what a customer is prepared to pay for a product that has never existed before? The entire idea might be irrelevant halfway into launch. Innovation is accompanied by uncertainty. A high degree of innovation means a lot of unknowns. Managing this environment is our specialty.
Inadequate data combined with rapid market and technology shifts often render the predictions of a business plan fiction. Those plans are nevertheless still a part of the innovation ecosystem. Executing them blindly will certainly result in waste if not failure. Often, the most critical question, ‘does anybody want to buy it?’, gets answered last when a project is planned from idea to scale. We can turn that around and make sure the product you are building is exactly what customers want. An iterative and data-informed decision-making process is at the heart of Lean Innovation. The risk for a company to invest in a project planned from idea to execution is huge, it can only go wrong a few times. Talk to us about a better approach that increases the odds of success significantly!
“In God we trust, all others must bring data” – W. Edwards Deming