The entire purpose of start-ups is to be innovative - otherwise, any unmet demand will be placed on hold before a big corporation learns of its existence. Corporations are actively involved in this area, but their emphasis on day-to-day activities and traditional thinking makes it difficult to see potential opportunities. As a result, we continue to wonder what we can understand about innovation from startups. Every now and again, we see promising startups stand out from the crowd and we try to figure out how and why they succeeded.
Some of these entrepreneurs have that instant genius idea which, while obvious, no one else noticed. However, in a large percentage of cases, the initial idea is dramatically altered when they embark on this developing voyage. So, regardless of how brilliant the startup’s product idea is, it may turn out that there is insufficient demand for it, which is why this aspect must be addressed carefully and thoughtfully. There is a very clear answer to the question of how they do it: the majority of startups use the basic product design process, which consists of three key stages and goes as follows:
1. Problem conceptualization phase
Entrepreneurs need to perform extensive interviews with prospective clients before they begin with engineering practice in order to identify customer needs. It is not unusual for customers to understand the need for a product or service only after it has been introduced to the market. It means that startups support us as customers to recognize our needs, which we appreciate by engaging with their products. Various polls can assist start-ups in measuring consumer behaviors and expectations, which is useful data when estimating potential demand. Different stakeholders’ priorities may vary, and entrepreneurs must account for this when designing product roadmap.
2. Solution prototyping phase
When a thorough understanding of consumers’ unmet needs has been developed, a range of solutions can be built. In one-on-one meetings, the start-up team will elicit feedback from prospective clients. These interviews help the team prototype the functionality and appearance of their forthcoming offering. Iterative experimentation with the product features will occur until a supreme concept manifests. During this stage of the process, the impact of learning should become apparent.
3. New product validation
The Minimum Viable Product (MVP) is the product version that allows a company to learn the most from its customers with the minimum of effort. An MVP assessment involves putting an actual product in the hands of legitimate customers in a real-world setting to see how they respond. In terms of cost reduction, MVP is usually a device with enough features to attract early adopters and validate a product concept. Startups conduct these early MVP checks to finalize product features and provide a foundation for their new projects.
Every successful start-up takes its time to do necessary preparations before actually launching their product. Furthermore, any innovative project must be flexible and resilient. Being agile entails keeping an open mind to the possibility that the procedure will uncover more pressing challenges or better solutions. Resiliency, on the other hand, is described as the ability to deal with setbacks on a regular basis. True entrepreneurs pick back up and keep working, more dedicated and relentless.
The main point is that excellent entrepreneurs make things happen and move fast to capitalize on opportunities. If we cut experimentation short and hurry into developing and trying to profit, our ideas will be stuck in a bad position. So, take these lessons from successful start-ups and work on your ideas like a true entrepreneur would. To better promote growth activities, Innovation Cloud provides free access to idea management software for start-ups. To learn more about this proposal, click here.
