FutureSight’s Post

People don't care about your product. They care about making progress. This perfect visual explains the dilemma of innovation. Innovation is really about: 1️⃣ - Customer insights ↳ Identifying their jobs, pains & gains ↳ Understanding the context ↳ What's getting in the way 2️⃣ - Experimentation ↳ Reducing risk & uncertainty ↳ Evidence based action ↳ Finding leverage 3️⃣ - Killing ideas at an early stage ↳ Not holding on tightly to ideas ↳ Making clear choices ↳ Staying curious And ultimately, once you've got something people want and are willing to pay for. It's the implementation that matters. But first, instead of building what you think people want, only invest more time and money when you already know that: ✅ Customers have the problem ✅ They have money to spend on it ✅ You can build a business model for it What's your view on innovation? L. S. Davar & Co.

Relying on a "fast follower" strategy in product development can be a difficult proposition. While it can reduce risk and uncertainty related to R&D investments, there are notable risks to consider, including: 1. You are relying on the assumption that the innovator you are imitating has successfully identified a "problem worth solving" for your customers. 2. Unless you are truly a FAST follower, the pace of innovation in your market and/or the level of market saturation might substantially limit the return on your efforts. You will need to make decisions quickly and execute flawlessly. If you think innovation is hard, try being a successful follower. 3. You will in many cases spend a lot of what you saved on R&D with attorneys to make sure you are not trampling on someone else's intellectual property. 4. You are indirectly validating the innovative work of your competitor(s) to your customers. It is extremely hard to reposition yourself as an innovator after relying on a fast follower strategy for too long. Bottom line, the most successful companies balance imitation and innovation, choosing the latter based on a deep understanding of customer pain points (both magnitude and frequency), as well as near to intermediate term overall market drivers.

How can you decide whether or not to develop an innovative product? I'm a firm believer in incremental innovation. It allows for continual improvement and refining of the company's proposition. However, if a company wants to keep its competitive edge, it should always have a disruptive idea cooking! Significant innovations are risky and require a lot of resources. How do we effectively assess an innovative product idea? 💡 Solution: use the R-W-W screening framework (is it Real? Can we Win? Is it Worth it?) Many corporations have effectively used this screening methodology, including 3M, which has used it for more than 1,500 projects. By analyzing more than 50 product failures, George Day developed a set of multi-level screening questions. All the screening questions are assembled under three themes: 🔶Is it Real? Figuring out whether a market exists and whether a product can be made to satisfy that market 🔶 Can we Win? Assess the company's ability to gain and hold an adequate market share. 🔶Is it Worth Doing? Evaluate strategic alignment and financial expectations. For each central theme, there are multiple sub-questions. Assess each sub-question (see Carousel below or Article) and answer with a yes or no.  💠 An assessment with a "yes" on each question is a definitive project Go. 💠Any level 2 "No" (ex" Is the Market real?") would mean a termination of the project. 💠Any third-level "No" would seriously question the project. Try to convert any level 3  "no" or "maybe" to a "yes" by investigating possible avenues or adjusting the business model. This method can be repeatedly used at any stage of the product development process (concept, prototyping, early launch).  At each step, you can include more details on the product, market, and financials. 📑 I recommend reading the article to get more details about the process. #MENAMAKE: I learn and share insights about technology product development & the MENA tech ecosystem

Your innovation strategy could be the very thing stifling your business. We often chase the next big thing, the groundbreaking idea, leaving no stone unturned in our quest for the 'shiny new object.” Innovation is not a silver bullet for success. Don’t get me wrong. I’m an innovation guy. At Google, it was practically my job to be innovative. But the one thing that experience taught me was that the relentless pursuit of innovation, without a clear direction, can lead to chaos. It's like navigating a ship in a storm without a compass. You'll be tossed around by every new wave, every gust of wind. And instead of using innovation to solve problems, all you end up doing is creating new ones. Not to mention the resources wasted, teams exhausted, and a business floundering in uncertainty. But you can’t avoid innovation either. So what do you do? Well, instead of making innovation your strategy focus on directed innovation. Directed innovation is the methodical, purpose-driven process of change that aligns with your business's true vision. It's about understanding that not all innovations are valuable and that the right innovation at the right time can create sustainable growth. Instead of chasing every shiny new objects, case every shiny new solutions to a problem. The problem can be yours or your customers. By looking at innovation through the len of problem solving, you can direct it in the right path . Not to mention prevent you from wasting the time and resources needed to create more of them. For example: I’m sure you can think of a plethora of ways to use Apple’s new Vision Pro Goggles for your business. But do any of them actually help solve a problem? If the answer is yes, then by all means implement them. But if the answer is no, it’s totally ok to wait until you do. Let’s create something together Brett #Laetro #creativity #marketing #creatives #innovation #ideas #advertising #technology #ai

Innovation is not just about creating new products or services; it's fundamentally about understanding and solving real-world problems. . 🚀💡❤️ How can innovation solve real-world problems? Share your thoughts 💭 #innovation #problemsolving #productmanagement

Relying on a "fast follower" strategy in product development can be a difficult proposition. While it can reduce risk and uncertainty related to R&D investments, there are notable risks to consider, including: 1. You are relying on the assumption that the innovator you are imitating has successfully identified a "problem worth solving" for your customers. 2. Unless you are truly a FAST follower, the pace of innovation in your market and/or the level of market saturation might substantially limit the return on your efforts. You will need to make decisions quickly and execute flawlessly. If you think innovation is hard, try being a successful follower. 3. You will in many cases spend a lot of what you saved on R&D with attorneys to make sure you are not trampling on someone else's intellectual property. 4. You are indirectly validating the innovative work of your competitor(s) to your customers. It is extremely hard to reposition yourself as an innovator after relying on a fast follower strategy for too long. Bottom line, the most successful companies balance imitation and innovation, choosing the latter based on a deep understanding of customer pain points (both magnitude and frequency), as well as near to intermediate term overall market drivers.

Let's Test New Ideas at Warp Speed 🚀 Any leader or innovator with a business challenge or constantly envisioning the next BIG idea. However, putting those ideas into practice might be difficult. The power of the minimal viable product (MVP) can help with that. With an MVP, you can get a rudimentary version of your ideas in front of users and quickly validate and iterate on them. ➡️ 𝗦𝗽𝗲𝗲𝗱 𝘁𝗼 𝗠𝗮𝗿𝗸𝗲𝘁: You may launch an MVP in the market in a matter of weeks, as opposed to months or years to develop the entire idea. This accelerates the flow of actual user feedback. 💰 𝗟𝗲𝗮𝗻 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁: Compared to fully-baked goods, MVPs demand far less initial funding. Ideas can be tested without making a big financial commitment. 🎯 𝗠𝗮𝗿𝗸𝗲𝘁 𝗩𝗮𝗹𝗶𝗱𝗮𝘁𝗶𝗼𝗻: Challenge your presumptions. Is what you're building truly needed or wanted by anyone? An MVP will inform you. 🔭 𝗨𝘀𝗲𝗿 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀: Gain invaluable user information that enables you to make necessary adjustments before overspending in the incorrect places. 📈 𝗜𝘁𝗲𝗿𝗮𝘁𝗲 𝗤𝘂𝗶𝗰𝗸𝗹𝘆: Rather of making assumptions at random, MVPs allow you to gradually improve your product based on input from the market. 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝗳𝗿𝗮𝘂𝗴𝗵𝘁 𝘄𝗶𝘁𝗵 𝗱𝗮𝗻𝗴𝗲𝗿 😲 😱 🤯 In summary, you may significantly improve your chances of success by rapidly building, measuring, and learning with an MVP. Innovation consultants and agencies can help you get this done rapidly to protect your time, investment and sanity as you travel through the innovation process. THEN you can commit to the biggest project to build it once the MVP has proven the right journey ahead. 🗺 Have you made use of MVPs' power? If so, please share your experiences below! 👇

Great Products # Great Value Proposition Great Value Proposition # Great Business Model A great value proposition exists only if your product or service addresses key customer jobs to be done. A business model isn't great unless it's profitable and scalable. It's possible to create products or services that people want, yet still lose money. How do you know if your new business model fits the market need? And later, can it be scalable and monetizable? → Design, test, and repeat. You need a system that: 𝐈𝐝𝐞𝐚𝐭𝐞𝐬 𝐚𝐧𝐝 𝐩𝐫𝐨𝐭𝐨𝐭𝐲𝐩𝐞𝐬 alternatives using customer insights. 𝐀𝐬𝐬𝐞𝐬𝐬𝐞𝐬 your planned business model, including market, channels, pricing, and revenue streams. 𝐍𝐚𝐫𝐫𝐨𝐰𝐬 𝐝𝐨𝐰𝐧 promising options 𝐅𝐨𝐫𝐦𝐮𝐥𝐚𝐭𝐞𝐬 real-world-based hypotheses. 𝐂𝐨𝐧𝐝𝐮𝐜𝐭𝐬 targeted experiments to test these hypotheses. 𝐂𝐨𝐥𝐥𝐞𝐜𝐭𝐬 and analyzes data. 𝐔𝐬𝐞𝐬 insights to refine the product and business model. The whole design & test loop takes time and a lot of work. With over 18+ years of experience in the field, I can tell you one thing for sure: No idea is perfect out of the box. It’s the meticulous development and interaction that creates success. And if you can invest in setting it up right once… You can save your team much time and effort later. Cre: David Bland and Alexander Osterwalder for the Design-Test Loop model. And thank you, Strategyzer, for sharing it with an insightful article. I attached the link in the comment if you want to know more. P.S. Looking for insights on enhancing your innovation model?

Great Products # Great Value Proposition Great Value Proposition # Great Business Model A great value proposition exists only if your product or service addresses key customer jobs to be done. A business model isn't great unless it's profitable and scalable. It's possible to create products or services that people want, yet still lose money. How do you know if your new business model fits the market need? And later, can it be scalable and monetizable? → Design, test, and repeat. You need a system that: 𝐈𝐝𝐞𝐚𝐭𝐞𝐬 𝐚𝐧𝐝 𝐩𝐫𝐨𝐭𝐨𝐭𝐲𝐩𝐞𝐬 alternatives using customer insights. 𝐀𝐬𝐬𝐞𝐬𝐬𝐞𝐬 your planned business model, including market, channels, pricing, and revenue streams. 𝐍𝐚𝐫𝐫𝐨𝐰𝐬 𝐝𝐨𝐰𝐧 promising options 𝐅𝐨𝐫𝐦𝐮𝐥𝐚𝐭𝐞𝐬 real-world-based hypotheses. 𝐂𝐨𝐧𝐝𝐮𝐜𝐭𝐬 targeted experiments to test these hypotheses. 𝐂𝐨𝐥𝐥𝐞𝐜𝐭𝐬 and analyzes data. 𝐔𝐬𝐞𝐬 insights to refine the product and business model. The whole design & test loop takes time and a lot of work. With over 18+ years of experience in the field, I can tell you one thing for sure: No idea is perfect out of the box. It’s the meticulous development and interaction that creates success. And if you can invest in setting it up right once… You can save your team much time and effort later. Cre: David Bland and Alexander Osterwalder for the Design-Test Loop model. And thank you, Strategyzer, for sharing it with an insightful article. I attached the link in the comment if you want to know more. P.S. Looking for insights on enhancing your innovation model?

As product leaders, the drive for innovation never stops. Have you ever considered how a simple change could unlock groundbreaking possibilities? My latest article delves into this by applying the "Times" tool from the BreakBias Toolkit to Loom, an online video capture service. 🔍 Dual-Screen Recording: A Game Changer for Loom Imagine the power of recording multiple screens simultaneously. Here's how this thought experiment can transform user experience: Enhanced Productivity: Users can capture multiple views simultaneously, making creating comprehensive tutorials or conducting detailed presentations easier without switching screens. Seamless Editing: With two screens recorded, editing becomes more dynamic, offering more freedom to create engaging content. Unique Selling Point: For Loom, this feature could be a differentiator in a crowded market, appealing to professionals who need advanced recording capabilities. Explore how doubling the recording screen can lead to these and more innovations. Dive deeper into the thought experiment and see how you can apply this tool to your product. Read the full article here 👉 https://lnkd.in/e2we-RSa