how to make your corporate management think and act like a startup. (by @boardofinno)

How to make your Corporate Management think and act like a startup team.

by boardofinnovation.com@philderidder - @nickdemey

The quest for the Magic Potion of New Profit.

Both parties have the same goal:

But they have a different way to tackle this challenge.

How to get started...

First accept the fact that you’ll have explore to new territory.

“You can't look into the future with the tools from the past.”- Nick De Mey, Co-founder Board of Innovation

Don’t focus on a 100+ page business plan. Remember, you’re innovating. Not cost cutting.

Don’t focus on a 100+ page business plan. Remember, you’re innovating. Not cost cutting.

Are you trying to make a plan to predict the future? Stop it.

Don’t focus on a 100+ page business plan. Remember, you’re innovating. Not cost cutting.

Are you trying to make a plan to predict the future? Stop it.

“No business plan survives first contact with the customers.”- Steven Blank, author The Startup Owner's Manual

Don’t focus on a 100+ page business plan. Remember, you’re innovating. Not cost cutting.

Are you trying to make a plan to predict the future? Stop it.

“No business plan survives first contact with the customers.”- Steven Blank, author The Startup Owner's Manual

“If you can show me the business case, it’s already too late!”- Bill Gates

“Startups are not smaller versions of big companies"- Steven Blank, author The Startup Owner's Manual

“Startups are not smaller versions of big companies"- Steven Blank, author The Startup Owner's Manual

Innovative startups need a different mindset.Fresh & Agile.

Ok fine. But how and where do I start?

Take advice fromthis best seller.

#2 on The New York Times, Hardcover Advice.

#1 Amazon, New Business Enterprises....

A manual for entrepreneurial teamsthat are looking for new profit.

How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses

Let me give you a brief summary of the key points.

Measure

3 key principles

Build

LearnLearn

and iterate

Measure

3 key principles

Build

LearnLearn

Notice already this process doesn’t start with: “Spend one year on market research & analysis”

and iterate

Measure

3 key principles

Build

LearnLearn

Notice already this process doesn’t start with: “Spend one year on market research & analysis”

The Lean Startup is a hands-on approach to go into the market before doing extensive business research upfront.

and iterate

First, Build a Minimal Viable Product. also know as an MVP.

Build Measure Learn

a quick and dirty prototype to go live in the market and

test your business assumptions.

First, Build a Minimal Viable Product. also know as an MVP.

Build Measure Learn

a quick and dirty prototype to go live in the market and

test your business assumptions.

“If you are not ashamed of your product when you launch it, you launched too late.”- Reid Hoffman, co-founder of LinkedIn

An example how our innovation office BoardofInnovation.com launched a new venture:

Cardrops.com turns your car in an e-commerce drop-off point to receive parcels directly in your trunk.

2 parts of our MVP - a tangible prototype- webpage cardrops.com

A quick and dirty launch page to test business assumptions.

Get feedback on the pricing structure.

Explain how the technology worksto business partners.

Do users get the value proposition?“No more running to postal offices.”

How much time does it take to develop a decent webpage for your new service?

In our case: 3 evenings from sketch to live webpage.

Part 2 of our MVP, a tangible prototype for technical tests & the first pilot setup.

Again, Quick & Dirty. No mass production, 3D printed.

See how your products works in a real environment.

Next, measure how clients & partners interact.See which attributes customers care about.

Goal: to test your value/growth hypothesis.

Build Measure Learn

Next, measure how clients & partners interact.See which attributes customers care about.

Goal: to test your value/growth hypothesis.

Build Measure Learn

“The goal of a startup is to figure out the right thing to build—the thing customers want and will pay for—as quickly as possible”- Eric Ries, author of the Lean Startup

66.3% has no clear preference for one of both pricing options.

Amongst those who picked pricing option: 33,8% prefers to subscription model vs pay-per-use....

Measure quantitative data:

Volvo & Volkswagen are the top 2 preferred brands of our early adopters.

Questions to us: related to security & compatibility.Tons of request for partnerships: e-Retailers & hardware providers

Measure qualitative data:

Try to sign up, a questionnaire appears.

“When will you roll out in the UK?”“Super idea and great approach”“Smart concepts require a significant shift in thinking.”“What if I don’t have a car?”“oh 1 word: car bombs.”“Awesome, where can I signup?”

More important: You’re building & testing your market first!

Get attention by relevant media.

I love strong opinions!

Learn from your failures. What went wrong?Validate the learnings.

Goal: What to optimize?

Build Measure Learn

Learn from your failures. What went wrong?Validate the learnings.

Goal: What to optimize?

Build Measure Learn

“If you cannot fail, you cannot learn.”- Eric Ries, author of the Lean Startup

In our case with Cardrops.com, it wasn’t clear that small module would need to be placed in a car. (a crucial step!)

- Technology aspects needs to be communicated better. - Explain: no keys need to be exchanged- ...

Measure

3 key principles

Build

LearnLearn

And iterate!

Tweak your concept based on your metrics and optimize!

Don’t waste time writing reports, minutes of meeting and other forms of corporate theater to show activity, focus on results instead.

Measure

3 key principles

Build

LearnLearn

And iterate!

“Writing a plan makes you feel in control of things you don’t actually control"- Jason Fried, author Rework

Measure

3 key principles

Build

LearnLearn

But remember...

If you feel the need or pressure to justify your acts, the anticipated effect was simply not big enough.

Just. Go. Harder.

A good starting point to inject startup culture in your company is our 4 day Bootcamp program.

All info: www.boardofinnovation.com/bootcamp

For all your Questions@Nickdemey - nick@boardofinnovation.com

+32 494 85 27 86

Or hop in for a coffee!Our office: Antwerp, Belgium