Law 3: Identify your MVP - Lorraine Marchand
Jamie Notter once said, “innovation is change that unlocks new value.”
Now, more than ever, we need creative solutions to the challenges impacting every aspect of our society. But successful innovation involves more than a good idea; more than the proverbial light bulb switching on in one’s head. Ninety-five percent of new product ideas never make it to market. Why? The leading cause is the failure to address a real problem a customer is willing to pay for.
A life sciences consultant, speaker, writer, and professor — Professor Lorraine Marchand is an expert at showing entrepreneurs how to communicate the value of their innovations to investors.
Professor Marchand is bringing forth the key to innovation in her upcoming book ‘The Innovation Mindset’.
We are in an ongoing conversation with Lorraine to discuss her upcoming book The Innovation Mindset. Our monthly conversations with her will give readers a sneak-peak into what’s to come, and how to obtain an innovation mindset. During this conversation, Professor Marchand tells us about her third law of innovation.
Lorraine, it’s been great to hear about your upcoming book The Innovation Mindset. Tell us more about your third law of innovation.
“The term minimum viable product (MVP) was coined by two Silicon Valley software entrepreneurs to refer to an efficient way to develop software; it works as a principle across innovation. The best way to find out if you have a solution that a customer wants to pay for is by developing your MVP and a functional prototype. The goal is to translate a promising concept from an idea into a rudimentary design and then a working form. For example, in developing the prototype for a robotic kitchen chef, we first created only the robot’s mechanical arm for chopping and dicing vegetables. We then tested that function and feature with customers.
“In this chapter, focusing on the third law, we explore how to prepare the MVP brief by defining what needs to be learned and from whom. We look at how we get the MVP into customer’s hands to guide feature development and business models and ultimately to inform our profitability model.”
Thanks for sharing, Lorraine.
