Large companies have no problem with financing innovative projects. As a rule, corporations have available resources, they are able to allocate money quickly. Managers in large organizations have a slightly different challenge - how to quickly check whether an innovation makes sense and kill it in the early stages of existence. The goal here is not to finance activities that do not make sense for the company's clients.
- what is the Validation Board and how it will protect you from building products that do not make sense to corporate clients;
- how important it is that employees of your corporation simply leave the office and visit customers / consumers to verify the assumptions of innovative projects;
- how to use the Validation Board in a comprehensive digital transformation process;
The Validation Board from the first moment of the idea requires to go out to customers and verify that our assumptions have meaning for customers. Therefore, we should not waste time building any product before we make sure that investing time and money makes sense.
For example - before you build a mobile app better if you draw its assumptions on a piece of paper and go out to our customers. By spending time with clients, by asking them questions, we learn about challenges and problems. Our solution will be based on knowledge from customers, not our own assumptions.
If you have any doubts that the problem you want to solve does not exist.
If you have done many tests with clients and you have doubts about whether your assumptions are correct.
If you are not convinced that your solution will remove the pain of your clients.
Kill the project. Analysie the collected knowledge. Open a new Validation Board and start new project. Do not spend money just because you have been assigned to the budget. Don't hide. Build new project the same way, with customers from very beginning.