Applying Service Design While "Innovating like a Start-up"

Reading notes from "Touchpoint July, 2019", copyright: SDN

Define innovation as "the commercialization of the idea".

Innovation spans three key areas: customer desirability (does it solve needs and problems?), economic viability (can it scale profitability?), technical feasibility (can it be delivered reliably?).

Key Stages of the innovation process

These are the three basic factors that we should consider when trying to start a business. A business starts from a pain, problem or need, not just simply from predicting the business case in an excel sheet.

The Innovation Funnel

1. Discovery: explore and research potential opportunities from the customer or user point of view to formulate an initial vision.
2. Problem Fit: Frame research insights and use creative thinking, ideation techniques to build prototypes in order to validate your riskiest customer.
3. Solution Fit: Test your solutions to ensure they actually solve customers' needs whilst maturing a prototype business model to support the viability.
4. Market Fit: Evaluating your business model's critical assumptions with relevant stakeholders to ensure you can capture value profitably.
5. Scaling: Launching your first MVP whilst identifying additional customers and markets to enter into as you scale the venture in the corporate machine.

Innovation Funnel Phases