Validate a new venture.
Action-packed, evidence-based, and fast-moving: in 4 days, we turn ideas into real-world innovation.
Validation of a new venture.
How does the market react to your new venture idea?
Experimentation is the process of observing how customers react in order to validate (or invalidate) business idea assumptions. Experiments capture insights and data that help teams make evidence-based decisions to ensure you only invest in creating solutions that customers will actually use.
Experimentation lets you learn about your customers and use that understanding to make ROI-driven decisions. Corporate experimentation will prevent you from wasting time and other resources trying to justify decisions based on intuition.
Rapid experimentation enables you to observe the jobs your customers need to be done, propose a solution, and analyze their reaction, all without bias.
What to expect from our validation track?
A lean process is flexible and adaptive to the results that emerge from research. Working with an agile methodology means being transparent and iterative.
By helping you quickly identify what works and what doesn’t, rapid experimentation increases the chances of success and helps you avoid wasting energy on ideas that are not worth pursuing.
Experiments capture insights and data that help teams make evidence-based decisions to ensure we only invest in solutions customers will actually use. They help answer the question: do we need to pivot, iterate, or keep going?
We want to understand existing customer data and get the core of understanding a customer. Validating the right personas boosts customer-centricity and helps your team design customer-centric products and services.
Venture validation workshop: agenda, tips, and tricks.
What follows is a detailed agenda of our validation track. It’s designed for 15-30 participants in a corporate environment, with the goal of building an MVP through validated learning.
Together we’ll be able to find an empathetic solution for real-world problems. Using online and offline experimentation, we will work toward a genuine understanding of the needs of your customers.
WHO SHOULD PARTICIPATE?
Quick answer: Anyone can and should participate in an experimentation session from time to time.
Long answer: Experimentation works best when a multi-disciplinary team drives the session. Try to get a good mix of technical, legal, and commercial profiles from different business units in the room.
HOW MANY PEOPLE SHOULD PARTICIPATE?
Quick answer: Between 6 and 25.
Long answer: We have run validation workshops with groups as small as 5 people and with groups of over 50 people. Generally, we divide a group into smaller groups of 3 to 5 people. The more people in the room, the more experiments you’ll be able to set up (and the more ideas you can validate).
Pro tip: Ensure that you have enough experienced facilitators on hand. Our rule of thumb is 1 facilitator per 10 participants.
WHICH MATERIALS DO I NEED?
An open-mind, your good vibes, and your laptop.
- Define scope and goals
- Lean business plan
- Ideate solutions
- Prioritize ideas
- Create hypotheses
- Establish baseline
- Success metrics and fail criteria
- Design minimum viable experiments
- Crash course data analyses
- What is a sprint?
- Run experiments
- Support check-in (weekly)
- Capture lessons
- Analyze data
- Make evidence-based decisions
- Measure ROI
- Present results
Validate a new venture.
Let’s get in touch!
Do you want more information about this program? Please fill in the form below to have a quick chat with one of our experts.
Tips & Tricks
4 obstacles to experimentation.
Obstacle #1: Time
Experimentation requires dedication. You have to put in the work to get the results you need. If you think it’s going to happen by itself, you’re wrong. You have to make it happen. Allocate at least 40% of your time per week to experimentation.
OBSTACLE #2: Doubt
Arthur Golden wrote, “A mind troubled by doubt cannot focus on the course to victory.” Don’t be afraid of making mistakes. Learn from failure and move on.
OBSTACLE #3: Top DOGS
Fighting a losing battle is not only exhausting, it’s also a waste of time and resources. Make sure the C-level executives are on board and supportive of running experiments.
OBSTACLE #4: Skills
Be honest about the skills you have in-house. Make sure your team has all the skills necessary to run experiments. If not, you’ll find them hard to execute.
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Board of Innovation makes Fortune 500 corporations innovate like startups, mixing proven methods from design thinking and lean startup strategies.