Speed-to-Market vs Market Readiness

Move fast, break things. This is the mantra that is defining how companies operate. When it comes to launching new products and services in the market, especially in the new market with disruptive innovation, the same mindset is applied - get to market as soon as possible, and perhaps be the first in the market. Usually, a barrage of new companies follow suit to enter the same market offering similar value propositions - all in pursuit of capturing the market share and mind share. 

However, speed-to-market does not necessarily translate to market readiness of the value proposition. This means that many companies that enter a market early such as Google Glass and PDA to mention a few, fail to achieve product-market fit even though their innovation may drastically improve the status quo. This is mainly because people are not ready to adopt a new behavior brought from the innovation, as well as the missing conditions in other aspects that needs to be considered. Wrong timing is hence, the most common reason why companies fail to launch their offerings in the market.

It does not matter how fast a company launches a new offering in the market. What matters is the timing of launch. A good timing is when the market is ready to activate and adopt a new behavior that will positively change how people behave and consume product and service with minimal transition.

Companies can anticipate the right timing for to pursue and launch innovation by evaluating through 5 lenses of trends:

1. Social - Desirability
- Does the product/service fulfill people’s needs and desires?
- Is the behavior transition from status quo seamless?
- Does the product/service have a positive ripple effect that makes other aspect of life easier?

2. Technology - Feasibility
- Is the technology mature enough to use?
- Is the technology affordable enough to install and maintain?
- Does the technology fit with other existing infrastructure or create new infrastructure ecosystem?

3. Economy - Viability
- Is the innovation process progressive from MVP towards full-blown product/service?
- Does the experiment shows early sign that people will pay for it?
- Does the innovation have a sustainable business model?

4. Environment - Sustainability
- Does the innovation cause harm to the environment?
- Is there a fit with the chosen location of country, city, and area?
- Is the innovation accessible to the people at the right places?

5. Politics - Permissibility
- Are there existing rules in place to govern the chosen sector?
- Is the innovation disruptive enough that it may get banned by the government?
- Is it likely for the government to define new rules and regulations?

These are conditions that must be evaluate in order to anticipate the receptiveness the market and achieve a product-market fit. The more disruptive an innovation is to the market, the more likely that these questions will have to be considered.

In the end, what is more important than being the first to market is to be the last to enter and the last that market ever needs. To be the last, companies need to adopt business agility to anticipate and adapt to the lenses of trends.

How to Turn Features into Great Experiences

Many companies, in particular the tech industry is recognizing that great user experience is the key for users to adopt and actively use their products and services. One of the key challenge for teams that are trained predominantly in analytical thinking, such as engineering and business, is how to turn technology features into great experience.

Designing Smart Cities (Infographic)

As influxes of people due to mass migration, over-population and tourism, cities of the 21st century needs to change in how they are planned, built, and inhabited. If not planned properly, too many people in a dense environment may cause unexpected scenarios that result in negative outcomes.

Smart city initiatives have always been initiated by private sectors presented through technology implementation and technical roadmap for the government. This is an ineffective approach to build a smart city.

As economies progress beyond industrialization, it is less about the physical infrastructure - roads, buildings, etc. It is more about how cities and inhabitants communicate and build relationships. Hence, cities need to change how services are delivered and utilized to people.

This infographic is a synthesis on how to design a smart city for the 21st century.

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25 Questions to Build Design-Driven Startups

Starting a business is a chaotic process. Often times you get distracted pulling you in different directions away from the focus - building a business that creates value based on what is valuable to your users. This is the process where you are simultaneously seeking to answer questions in which your business is the answer. Before you seek answers, you need to ask the right questions.

Through Business Innovation Design, we perceive the challenge of starting a design-driven business through 24 lenses. Here are the questions to consider when bringing your idea to the market - from understanding the market to developing and commercializing your idea.

1. Value Offerings
What is the value proposition?

2. Target Customers
Who are the users and paying customers? 

3. Synthesis
What problems are you solving? 

4. Envisioning
What is your vision of the future? 

5. Trends
What industry trends will impact your business? 

6. Scenario Planning
What are the possible usage scenarios of the idea? 

7. Creation
How does your idea work? 

8. Evaluation
What features need to be prioritized? 

9. Customer Insights
What questions need to be asked to identify insights?

10. Prototyping
What experiments can be conducted to validate assumptions and hypothesis of your idea? 

11. Business Activities
What are the key activities to create, deliver, and maintain value? 

12. Partners
Who should you forge partnerships with to co-create values? 

13. Resources
What are the required resources to implement idea into operations? 

14. Cost Structure
What are the costs incurred to implement idea into operations? 

15. Revenue Model
How is revenue generated from the idea? 

16. Pricing Strategy: What is the pricing structure of the idea based on the revenue model? 

17. Financial Plan
How much funds are required to develop your idea and scale the business? 

18. Marketing Plan
How will you reach out to target customers? 

19. Sales Plan
What is our sales process to close leads? 

20. Brand Strategy
How are you building relationships with customers? 

21. Product/Service Strategy
What new products and services need to be launched in the future?

22. Growth Strategy
What must be true about our strategy for it to be a good choice?

23. Metrics
What metrics are used to measure progress? 

24. Operations Plan
What actions need to be taken immediately? 

25. Milestones
What milestones need to be achieved within the roadmap?

Answering these questions will help you gain clarity how to capture what is valuable, create and deliver value to your customers. Pair this activity with the BID Canvas to see the holistic picture of your business and how one aspect of the business affects the other.

> Learn more how to build design-driven startups.

Building Design-Driven Companies (Infographic)

It is only until recent times that companies - startups, SMEs and MNCs - are beginning to understand the true potential of design. They have realized that not only they can design communication, products, and services, but also to design the business itself.

Only when the business is designed itself, companies will be able to have a system to continuously innovate and grow by design.

How do you design the business in order to become design-driven? This infographic should help you.

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