Should the project use a lean start-up, design thinking approach? It may be in vogue and my preferred method, but its not always the best option. To work out the answer, start by asking where you are in the journey of strategic choices (Roger Martin)?
Biggest advice: don’t skip defining the markets or customer segments you want to play in. You’ll end up wasting time and money and destroy people’s confidence, motivation and belief in the value of innovating. The senior leadership team need to agree which industry or customer segments they want to pursue, before you spend time thinking of a winning value proposition. Big data and quant analysis is REALLY helpful. Have the numbers to back you up and endorsement of the specific market(s) you believe offers a financially viable opportunity, especially when it is in an adjacent market. I have watched teams have their spirit destroyed by getting this wrong and trying to define ‘how to win’ before they agreed ‘were to play’. For example, when half a leadership team did not believe the company should explore ‘connected home’ and ‘internet of things’ opportunities, despite this being our initial brief. Another team had to chuck out all their ideas because their starting definition of an industry was woefully broad (e.g. think ‘health’ instead of ‘health insurance’. Big difference).
