Tech Driven Innovation
Evolve a framework for starting again to remain relevant and competitive.
Invest in the future or be left behind.
The Team
People want to work with great people.
Main goals for Innovation Team:
- Fast insights Discovery
- Build things customers/market need (Test before build)
- Have the right business model to sustain and grow. Product-market-fit
- Use networks to speed up acquiring customers and revenue generation
- Innovation and user experience embedded the entire time
| Responsibility | Team (Names) |
|---|---|
| Product Fit Lead | |
| Business Innovation Lead | |
| Tech Lead | |
| Business Admin (Data/risk/regulatory) | |
| Legal/regulatory | |
| Systems Analysts/Information | |
| UX/CX | |
| Research |
Business Model Evolution
High level plan:
- Validate current assumptions
- Evaluate business model
- Identify market segments
- Identify customer profiles
- Model customer acquisition flow
- Validate flow with trial customers
Broad Market Analysis
| Market Reality | Discovery |
|---|---|
| Total addressable market | |
| Consumer behavior | |
| What does 1% market share look like |
Opportunity by Sector
| Industry Profiling | Discovery |
|---|---|
| Market penetration needed to meet $?0m revenue target | |
| Market scalability/replicability to other market segments or geographies | |
| Establishing evaluation criteria | |
| Assist in like-for-like comparison across industries & geographies |
Future Trends by Sector
| Category | Sector One | Sector Two |
|---|---|---|
| Future Forecast | ||
| Leading players? | ||
| Why they exist? | ||
| What direction? |
Target Customers
Evaluate businesses within agreed Market Opportunities
| Criteria | Discovery |
|---|---|
| Do they have existing investment (time +/or $) in blockchain | |
| Business problem that can be solved | |
| How equipped are they to solve this problem | |
| Is solving this opportunity beneficial to long term growth | |
| Establishing evaluation criteria | |
| Assist in like-for-like comparison across businesses | |
| Identify scalable/replicable opportunities |
Expert JTBD Stories
Gather JTBD stories from People that suffer the pain of problem, have the ability to recognise solution and have the energy to champion implementing a solution.
| Expert Backgrounds | Discovery |
|---|---|
| Subject Matter Expert / Super User | |
| Technologists, implementing existing solutions | |
| Regulatory, Compliance officer etc | |
| Senior researchers and publishers | |
| Sales & marketing | |
| Business directors |
Product Deliverables
Aim to understand the killer feature for each customer.
Establish what customers are paying for
- why they are using the solution
- why the solution exists
- what features are invaluable
- what features are missing
Network effect opportunities: by target revenue range and industry investigate needs to back unique selling points (regulatory, country specific, etc)
Indepth Analysis
Identify people you need to listen to most attentively to frame the problem accurately.
| Method | Tools | Discovery |
|---|---|---|
| Competitor/opportunity review | Lean canvas | |
| Competitor/opportunity review | revenue models, market share, growth, brand | |
| Are they partners, clients, suppliers or competitors | ||
| Competitive opportunities — Identify USP |
Engagement Strategy
Engage with businesses that meet the business opportunities criteria
- Identify core problem/opportunity and their level of commitment to blockchain's solution
- Customers and businesses interviews
- Evaluate commercial benefit to both customer business and this business
- Scope out range of opportunties and capabilities the business needs
Legal and Regulatory
Identify any legal, regulatory requirements or considerations
- Country and city specific
- Non-legal but association/network considerations