Before starting a PoC, as we explained in the last article, you have to keep in mind that there are so many startups to choose and it’s not easy to find the best fit for your project.
So, today we will show the pipeline tool, an organized way to filter all startup options and help you in the innovation effort.
The innovation pipeline begins with creating the company’s vision of the future and developing its innovation strategy. As long as it is well structured, its result should be an innovation challenge for the company.
Starting an innovation pipeline without having your thesis is a waste of time and money. It is crucial to connect the idea to corporate strategy.
Do you know why? It’s simple. After the company determines its ambition for innovation, it will create an actionable roadmap to get its plan running. In addition, it can establish its innovation horizons with a focus on business objectives or pains.
A modern innovation pipeline has three significant steps: validation, clarification, and synchronization. Let’s talk in more detail about each step, but you can get a general idea of each encompasses by looking at the image below.
The first step within a pipeline is validation. At this stage, the goal is to bring critical thinking to the innovation process. The idea is to check whether the pain or opportunity in question impacts the entire organization – not just a team.
Intelligence for innovation plays a crucial role. Here, you made a detailed analysis of the innovation market. And also a survey of the internal ecosystem of innovation. Another important thing is to compare existing or planned solutions to the external environment. The aim is to generate learning, create critical thinking and reduce the “passion” for initial ideas.
The main points of intelligence for innovation analyzed here are:
- startups with attractive solutions;
- maturity of the external ecosystem.
Conducting intelligence-based validation for the project can save enormous amounts for the corporation.
In the this phase, you define the initial use cases, the project delivery plan, and the product development plan. For the last one, the company can develop internally, investing in startups or becoming their customers, depending on the player’s maturity and the opportunity presented.
At this time, the business and innovation teams examine the solution offered to ensure that it resolves the main frictions and pains of the process.
Both teams should identify a workflow in which the solution has straightforward utility and defined KPIs.
Finally, it is necessary to evaluate whether investing time and money in the idea and build potential cases for MVP (minimum viable product) or PoC (proof of concept).
This phase aims to synchronize the support plan with the investment plan in the project. Therefore, it is essential to detail the functional blocks’ execution and aligns it with the strategic objectives.
There are a few crucial elements for synchronization to succeed within the company:
- alignment with the sponsor of the innovation project so that the project is seen as relevant and has corporate development support;
- definition of the labor source (internal, external, or mixed);
- incentives for internal players to collaborate;
- understanding the pace of the operation and metrics of the business areas to determine the timing of synchronization;
- The decision to produce internally or use startups;
- choice of the project champion in the business area.
The last step is to draw a roadmap to scale the solution when the initial synchronization process is successful.
What are the main benefits of innovation projects?
By creating an innovation project in the company, you can expect it to bring some crucial possibilities.
I listed below the main ones:
- develop and launch a new product in an existing market;
- develop and launch a new product in an adjacent market;
- prepare the company for a future need or business model that is revolutionary for the company/industry;
- improve existing processes;
- find and retain company talent;
- have the leadership of the company recognized as innovative.
If you still have any questions about the innovation process and how the Innovation Intelligence platform can be a solid ally to improve your business, please fill out the form on our front page and contact us. It will be a pleasure to show you more about our platform.