Knowing vs. doing
Once they’ve defined a business case, corporate innovation teams tend to simply run with it and expect it to play out as they’ve envisioned. This occurs by jumping straight to the Business Model Canvas after validating new concepts without prototyping disruptive business model alternative first, and testing them.
Well, they are the experts. They know the industry well enough to predict success and failure, right?
It’s only once they’ve proceeded to the technical building stage that they discover no one wants to pay for it.
Why does this happen? The teams have been well-trained – they know the importance of validation. So why are too many companies skipping those all-important steps, and how do we fill in this ‘knowing vs. doing’ gap that has emerged?
The solution? Validate throughout the process.
For our part, we help corporate teams overcome this issue and take accountability for these missing steps by stressing the importance of iterative, evidence-based learning across the whole integrated innovation process, not just in the initial project phase around concept development, prototyping, testing, and validating.
It’s only by challenging all your assumptions and ‘industry knowledge’ across the whole process that you can truly de-risk a project.
We illustrate this approach in Innovation A to Z (pictured). A complete overview of our innovation funnel, it contains everything you need to launch new products or services, or to re-design and improve existing ones. From blank page to development.