Hey guys, if you're as interested in innovation as I am, you must have seen many epic products fail and thought: Is there anything companies could have done better to prevent them?
I have been working with Design Thinking for five years now, and I believe this method is evergreen and universal. Mainly because prototyping and testing are much cheaper than developing the actual product.
PwC recently published a study where they surveyed over 1200 executives from over 44 countries. Open Innovation and Design Thinking outscored all other methods of innovation. I would like to share some answers on how innovation actually works, from my point of view.
- Why do companies engage?
Nowadays, all companies are aware of the urgency of implementing future proof innovations in their strategies. When established corporations work with innovative startups and their target users, unique opportunities arise. A combination of entrepreneurial activity with corporate ability can be very potent. Both sides generate fresh ideas and test the ideas before spending money on building the product. In other words, that is what open innovation is all about: sharing ideas and resources with external collaborators to broaden the company limits.
- What are their struggles?
Corporate-startup collaboration seems like a match made in heaven. But often, in reality, bridging the gap between the two worlds can be very challenging. It is quite a gamble for established companies to leap into the unknown. For the complete process to go evenly and efficiently, it requires facilitation.
- What is the purpose of innovation intermediaries?
The innovation intermediary's job is to follow the freshest trends on the market and integrate them into the existing business models. They hold a range of skills and play several roles. The most relevant is matching and coordination and between the participants.
- How Design Thinking provides a safe space for trial and error?
This methodology allows prototyping and testing the ideas in the early stages of development. The iterative and non-linear steps offer hands-on learning from the mistakes, adjusting, and trying again until the ultimate solution. It's pretty much like a classroom where failure is considered a gift allowing the students to develop a better solution.
It reduces the uncertainty associated with launching new products or services, making sure they are technically feasible, economically viable, and desirable for the user.
What are your experiences and how DT helped you solve problems?