10 Ways to Dramatically Increase Speed to Market

The Innovation Engineering System helps you accelerate Meaningfully Unique ideas TO MARKET.   In contrast, other innovation systems are focused simply on the creation of ideas. Ideas are important however 80% or more of innovation failure lies in the development process.With the wrong development system ideas can decline in market value by as much as 50% as they run into obstacles.  With Innovation Engineering ideas actually grow in value by 28% during the development process.

A recording of a webinar on how to increase speed to market is available at…

https://www.youtube.com/watch?v=45ir_lRlZT8

The following is a summary of the ten points in the video.

1.  Mission Driven:  Fundamental to development speed is having alignment between leadership’s strategy and the actual ideas being worked on by employees.  Without alignment projects are destined to start and stop resulting in rework and waste.

2. Real Ideas that Matter:  Real ideas are meaningfully unique.  They offer a difference that matters to the customer, your organization and to those working on the project.  When innovations are not meaningful or unique then a chain reaction of rework is created as the project team stumbles looking for a reason for existence for the project.

3. Define & Discover Before Develop: Adding Define & Discover phases before entering the Development process resolves Killer Issues or what Innovation Engineering calls Death Threats early when it is still possible to modify the project focus and overall design to resolve these critical issues.  Define means defining all aspects of the idea from a customer perspective (Customer, Problem, Promise, Proof, Price).  It also means working through the sales forecasting estimate and costing early on to identify potential Death Threats that can be explored in the Discover phase.

4. Plan, Do, Study, Act:  Development of Meaningfully Unique ideas means by definition that there is some element of uncertainty in the development effort as the innovation is new.  The old way of addressing this is called the “Waterfall method” it is characterized by in depth planning, planning and planning before taking action.  The new method applies the Deming Cycle of Plan, Do, Study, Act in rapid cycles of learning.  Within Innovation Engineering we call this Fail FAST Fail CHEAP.   These rapid cycles of learning increase speed and decrease risk dramatically.

5. Fail FAST Fail CHEAP Systems: Fail FAST Fail CHEAP systems make it easy for teams to build works like prototypes, looks like prototypes and to connect to potential customers to get feedback.   Having established systems accelerates speed.  Without systems development slows because it’s like “building the road while driving the car.”

6. Data Driven Decisions:  When judgement is used instead of data to make decisions the result is frequently rethink, debate and rework.   When possible, multiple small tests are more effective at maintaining momentum then a few mega tests.  When testing, use of statistical significance is fundamental to smart decision making.

7. Collaborate to Accelerate:  The easiest way to accelerate difficult development challenges is to collaborate with someone inside or outside your organization who has skills or experience that you don’t have.   It should be noted that collaboration is the hardest of these ten points.   Research shows that 9 out of 10 managers feel their organization doesn’t collaborate well.

8. Smart Waste:  Development of Meaningfully Unique ideas has uncertainty.  Uncertainty cannot be planned out of the process.  The only way to learn is to try things and often this created waste.  Without an acceptance of waste of any kind speed will be reduced.  Note, we are talking about smart waste for example parallel development of hardware and software.  The result is a level of rework for both - but total time to market is reduced dramatically.

9. Borrow Free Stuff:  The internet has made easily available a wealth of wisdom that can help you accelerate development.   Academic articles contain peer reviewed discoveries.  Millions of public domain patents often offer multiple methods for resolving virtually any challenge you might face.  The Innovation Engineering community has embraced this resource and developed the Invention Blue Prints database and Wisdom Mining Database. These resources  make it easy to find solutions that can help solve your challenge or provide stimulus to spark fresh ideas by you and your team.

10.  You Gotta LOVE It!:  The academic research is clear intrinsic motivation provides projects a life force and energy that cannot be “purchased” with extrinsic rewards.   Meaningfully Unique ideas are different, new to the world and have never been done before.  The result is projects will run into “speed bumps” during development. When you love it.  When you really love the idea then you have the energy to overcome any obstacle that arrises.

Cheers

Doug

My next webinar is

Out of the Crisis II: What, Why & How to Innovate

The crisis today is how the internet transforms companies and careers into price driven commodities. The solution is innovation. However, surveys of CEO's finds that innovation takes a long time and can be very risky. For this webinar, Innovation Engineering Institute & Eureka! Ranch CEO Doug Hall will outline the foundational building blocks for organizations who seek to accelerate innovation. He will define: 1) The Challenges with innovation today, 2) What is innovation, 3) Why innovate and most important of all 4) How to innovate.

It’s Monday December 8, 2014 at 1:00 PM EST

To Register click here….

https://attendee.gotowebinar.com/register/1135584765537606402