A few controversial things I believe about Corporate Innovation:
𝟏) A design sprint will never give you the radical innovation that will transform your company.
I’m not saying Design Sprints don't work.
I’m just saying within 5 days, you will never create a Corporate Venture that will transform your core business.
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𝟐) Nailing your value proposition is 10 times more important than building an extremely feature-rich product.
Contrary to popular belief, you have to make a bold promise that will 10x their life and do everything in your power to make your promise come true.
Only focussing on the product is a fast track to failing your new venture.
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𝟑) Going for mass market opportunities won't make you successful.
Most innovators want to go for the biggest market.
Which leads to…
🔹Trying to build a product that works for everyone and thus never gets 4*+ ratings, but instead being the average joe.
🔹Being too general in your value propositions and thus having very low conversion rates.
🔹Having problems positioning your brand, and thus having issues with pushing prices.
Clearly, what “most people do” doesn’t work.
So do something else. Niche down and create your own monopolies.
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𝟒) Let your interns do customer interviews.
99% of the time, this is a giant mistake.
Customer interviews teach you the little details of what a potential customer loves and hates. Especially when your idea is nothing more than a PowerPoint presentation, these interviews are where all the magic happens.
Instead, before you invest, talk to your niche yourself.
We have a great 5 step framework for achieving actual financial commitments on your new ideas without investing 200k to 800k on product development.
Step 1: Problem Discovery
Step 2: Solution Discovery
Step 3: Prototype
Step 4: Pitch MVP
Step 5: Business Case
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Don't create unicorns,
Let's breed blue whales.
🐋
