The innovation process at the Business Lease Innovation Lab
To give you a better understanding of how the Innovation Lab of Business Lease works, this article will give you a step by step guide through our innovation process. Important note: The image shows a linear process for ease of reading, but in reality it is a circular process with high speed iteration loops in and between each phase.
Idea generation
In the idea generation phase of the process, ideas are generated on all three horizons of innovation by different sources, both internal (e.g. colleagues from sales) and external (e.g. suppliers). This results in a list of ideas that are invalidated, uncategorized and unprioritized.
Idea backlog
In this next phase, ideas will be brought to a comparable level in order to prioritize them. Each idea will be assessed based upon business value, time criticality, risks reduction, opportunity enablement and job size. After prioritizing the ideas, a proposal which ideas to pick up and which not, will be discussed and presented at the Innovation Review Board (IRB).
Experiments
The selected ideas contain a lot of assumptions. Therefore experiments will be conducted to check the key assumptions or parts of the proposition made with minimum amount of effort in time, energy, resources and money spent. Based on the learnings, the next step will either be to persevere (continue with same scope), pivot (change scope) or kill the idea.
Minimal Viable Product (MVP)
The goal of the MVP phase is to test the full proposition with customers. Real customer journey steps will be mapped in order to determine and test the operational impact of the full proposition. After the MVP duration the decision to persevere, pivot or kill the idea will again be made.
Full launch
When MVP phase is successful the idea will be persevered into a complete product and prepared for full launch, thereby the core organization will be fully involved for full launch of the idea in case it will be embedded into the core organisation. The other option is to spin-out the product as a separate company
Life-cycle management
This is the phase where the product really starts to breathe and age, therefore an owner needs to be appointed inside the core organisation who takes care of the evolution of the product and its context.
If you are interested in more details of our innovation process or if you have any questions or comments please get in touch!
Innovation Lab Team
