Learn from the past...
What would you do if you saw your competitors encroaching on an untapped market worth millions, and you knew that you could go to market faster with the best product (in our case, data)? Here is one of Thomson Reuters team’s ‘secret sauce’ story of how in two months, they developed, piloted and launched three products for the first time on the cloud with no budget.
Gayathri Narayan from Thomson Reuters explained “Normally, we would identify the target customer, figure out their needs, create prototypes, get more feedback, build a business case, get approval and then develop the products, which itself can take several months to even years, and finally design the go-to-market plan for launch, which itself can take several months to even years, and finally design the go-to-market plan for launch. This cycle can take a significant amount of time to get right. But hell, we were in a hurry!"
“In two months, we created a cloud-based product suite for 6.3m small to medium companies in the U.S. Check out the pilot site, which uses existing company data that will help everyone from a florist to an e-commerce start up to calculate their taxes accurately.”
1. Create a sense of urgency
My boss energized me and the team but also challenged us to think as if we were a lean start-up. He emphasized the urgency of capturing the opportunity. Anytime I mentioned my lack of resources, he would ask me, “What would I do if I was an entrepreneur and had no resources”? Invariably my answer was “do it myself or tap people I know”, and so I did.
2. Get the right team
Despite this not being their primary jobs, my colleagues wanted to be part of something exciting and they took accountability and ownership in delivering true high quality products in a short time.
3. Workshop it!
A good workshop helped narrow down the target customer segment, created a value proposition and provided seeds for our long-term vision. Find someone in your company who’s great at steering discussions through roadblocks and get the team into a room to decide how you innovate.
“This process has made me excited about the fire of the future where customer needs can be identified and fulfilled within a short period.”
As the author Simon Sinek says: “What good is an idea if it remains an idea? Try. Experiment. Iterate. Fail. Try again.” Good luck with your innovation!