The race is on.
Investors are going to be more conservative with their funds and even tougher when scrutinizing a startups potential.
And the outlook isnt much better from the corporate side.
But the outlook isnt all grim.
Times of crisis also usher in new opportunities for those with the insight and agility to act.
Reconnecting with customers using design thinking
70% of new startups flop.
And its not just startups.
This is really about the disconnect between companies and their customers.
Today, this disconnect is only growing wider.
Thats a problem that seems pretty clear, but theres not necessarily one best solution for each company.
This means its time to go back to square one.
What is design thinking?
It involves:
Instead of representing a rigid five-step process, design thinking is a continuous and non-linear loop.
Today were seeing companies across industries pivoting in completely new and out of the box ways.
These kinds of innovations come from truly empathizing with and understanding what your audience needs most.
Whats still holding companies back?
Design thinking is not a silver bullet solution.
This is where alignment issues come in.
Its often organizational inertia.
Times like these can often call for a complete break from the status quo.
What is a Proof of Concept and how does it help accelerate innovation?
It may or may not work, but at least then you know, Karerangabo explained.
But she found that wireframes werent enough to convince VCs to invest.
They wanted proof that she could actually develop an algorithm that could identify vocalization from babies and adults.
The Rangle team helped her build a Proof of Concept in a few weeks.
Its time to get moving
Design Thinking and Proofs of Concept are not incompatible or diametrically opposed.
The difference between them is the difference between thinking and doing.
The challenge of the coming months is a great time to get creative and start experimenting.
Introducing structured innovation processes can help you get there as your company navigates a post-COVID world.
you might tap into your next revenue stream faster with a Proof of Concept that invigorates your business growth.
