Has your business model concept truly been validated?

Judging by what we’ve heard from many here at Innovation Roundtable Summit 2019, it seems the answer is: probably not. Find out how you can enhance your validation efforts and de-risk your business model prototype.
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The innovation market has matured. Organizations have implemented popular innovation methodologies in the front and later innovation stages. But while many are focusing on agile implementation capabilities and most have some degree of knowledge around Design Thinking and problemsolution validation, too few are putting in the effort to validate their business-design activities sufficiently. They knowingly proceed without prototyping or further testing their business model, relying on existing data and business knowledge to see it through. Indeed, we’ve noticed a worrying trend that has been spoken about several times during Innovation Roundtable Summit 2019.

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.

Innovation A to Z - Overview infographic for innovation strategy

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.

Innovation A to Z

Download the complete overview of our innovation funnel for more information about our approach to validation.

Thanks!

I’m Mike Pinder, senior innovation consultant here at Board of Innovation. Get in touch if you’d like help bridging the ‘knowing vs. doing’ gap.

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