High Velocity Innovation by Katherine Radeka

Author:Katherine Radeka
Language: eng
Format: epub
ISBN: 9781632657763
Publisher: Red Wheel Weiser

The Exploration Stage (Pre-Concept)

Many companies suffer from too many good ideas, and others claim that they don't have enough. The Exploration Phase is a time to gather the ideas for an innovation into one space where they can be compared. The company may seek a new business model to prevent disruption by others, develop new lines of business to drive organic growth, or achieve a breakthrough in operational efficiency and cost structures.

The Innovation Program Leader's role in the Exploration Phase is to facilitate the team and the organization through the process of finding new ideas (ideation) and perform some first-pass screening on those ideas to get them down to a few for further investigation. This is the time when tools that encourage creative thinking and build customer empathy are especially important because they help a team move beyond the company's present into its future.

The program works best with an adaptation of Rapid Learning Cycles to ensure that teams stay focused on developing innovations to answer the company's specific strategic needs. The main difference is that teams will track their ideas as Key Decisions like this: “Will we invest time and resources into the next phase of development for this idea?”

The Knowledge Gaps become the questions the team needs to answer in order to make a recommendation to their leadership team about the idea. They may have questions about markets, customers, competitors, business model alternatives, or advanced research results.

They'll probably need to interview potential customers and distributors, pull and analyze market data, build some first-pass financial models, and get some quick input on technical feasibility. They may need to build a quick-and-dirty prototype to validate whether or not to invest in something more. By the end of this stage, they should have a good idea about the major NUDs that the team will need to solve in the next phase.

The Exploration Phase concludes with the decision to build an Investigation Team that will develop the idea into a concept that the company can execute—or the decision not to pursue the idea. It's better to choose a handful of ideas and then eliminate the rest.

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