For those of you who are interested in how lean startup principles might be applied in larger companies, I'm hosting a panel at the AITP regional conference this Tuesday.
Panelists include:
- Jorgen Hesselberg, Senior Manager, Agile Enterprise Adoption, Nokia
- Greg Healy, Chief Product Officer, Encyclopedia Britannica
- Brian Chau, Director of Product Innovation, Wheels, Inc.
The Panel will be at 1:30 PM on May 1st at the Holiday Inn in Rolling Meadows, IL
If you’d like to register, you can sign up for the conference here: https://www.aitpchicago.com
Panel Topic:
Disruptive innovation can lead to new customers, new markets and explosive growth. Many large companies struggle to bring innovative new products to market, and risk being overtaken by disruptive new startups.
Current innovation best practices focus heavily on different ways of generating ideas for new products. Yet for most companies, this is not where the problem lies. The problem lies in determining which of those ideas can be successfully scaled into profitable new lines of business. Most companies place big bets on the wrong ideas for the wrong reasons. As a result, 9 out of 10 new products fail.
The Lean Startup approach to innovation provides a more efficient way to determine which ideas merit further development and to rapidly bring the right ones to product/market fit. Business model analysis, rapid cycles of hypothesis testing using minimal experiments and feedback from real customers can help you decide when to pivot, when to persevere, and when to allocate your innovation budget to other ideas.
By combining lean startup principles with appropriate staffing of innovation departments and a portfolio strategy based on innovation accounting, enterprises can generate more successful products faster with fewer costly misses.
