Imagine being able to innovate like a newly established company or startup...
This module will show you how startups operate for success. We know, because by being a partner to new and emerging organisations and by looking at the academic studies around their techniques, we’ve uncovered how established businesses like ours can benefit from the innovative practices of their smaller cousins by applying them in-house.
Several years ago, the Lean Startup Company started to spot patterns of behaviour and recipes for success in startups. They found that really innovative new companies often start out by asking lots of questions, creating a simple minimal viable product - an almost ready product that they test before selling – and then experimenting with what works until they go to market. And they do this really quickly, which not only takes them to market faster – it helps protect their intellectual property. The less time your new idea is ‘out there’, the better.
Sometimes a startup’s minimal viable product or prototype product comes first; sometimes it’s the listening to potential customers and experimenting until they get the right solution. However, many startups fail. Those who succeed do so big time – and this module will show how you can apply their techniques to enhance what you do.
So what’s different about startups?
They can move quickly because their employees will often flex to do anything asked of them. They don’t have established supply chains that mean they’re fixed in. However, they do have investors to impress and they need customer buy-in to ensure what they’re offering to the world is needed and someone will actually buy it.
Question: Being an innovative startup company means involving:
Your company might be 100 years or 100 days old, you can still innovate without a research & development team or a host of employees and consultants.
Know your market
Around 42% of polled startups* fail because of a lack of market need for their product. If you’re an established company, you know your marketplace and that there’s a proven desire for what you do.
However, being able to test that need and refine your offerings to grow is something that high flying startups do well, and it’s why they have something to teach us. They’re particularly good at listening to (potential) customers and refining their innovations according to their pain points.
Innovation isn’t about having a great idea. It’s about being able to take that idea to a market place, whether you’re writing a novel or running a wood chip company. How you innovate and go to market matters.
Question: Your company is just as, or more likely to succeed as an innovative startup when you are:
It takes many things to be successful as a startup. Great listening skills, being creative and determined will all set you on the right path.
How it works
Lean Experimentation is about looking at the feasability of a business idea and finding the core assumption of it and then really listening to what customers tell you, experimenting to gain insights and to measure the viability of what you're proposing. It sounds obvious, but it's not.
Take a look at the diagram below to see the six steps of turning imagination into reality. How would you apply this to your business?
It's a great idea - but will it work?
Test the water...
Great idea, but will it work? Watch this video to really challenge yourself on what you can do. How is the market going to react to your innovation? How do you actually know?
Question: What do the six stages of innovating involve?
Understanding the problem and brainstorming possible soultions is a great way to begin your innovation journey like a successful startup.