How can you successfully implement a disruptive innovation project in finance?

2 Develop a value proposition

Once you have identified a customer problem, you need to develop a value proposition that describes how your product or service will solve it in a unique and compelling way. A value proposition should communicate the benefits, features, and differentiation of your solution, as well as the customer segments and channels you will target. You can use frameworks such as the value proposition canvas or the lean canvas to articulate and test your value proposition with your potential customers.

3 Build a minimum viable product

A minimum viable product (MVP) is a version of your product or service that has the minimum features and functionality needed to deliver value to your customers and to test your key hypotheses. Building an MVP allows you to learn from your customers' feedback and behavior, and to iterate and improve your solution based on the evidence. An MVP should be fast, cheap, and easy to build and launch, and should focus on the core value proposition of your solution.

4 Find a niche market

A niche market is a segment of customers that has a specific need or preference that is not well served by the existing solutions. Finding a niche market can help you gain a foothold in the market and avoid direct competition with the incumbents. A niche market should be large enough to sustain your business, but small enough to avoid attracting too much attention from the established players. You can use techniques such as market segmentation, customer profiling, or competitive analysis to identify and validate your niche market.

5 Scale and expand

Once you have validated your product or service with your niche market and achieved product-market fit, you can start to scale and expand your business. Scaling and expanding means reaching more customers, increasing your revenue, and growing your market share. However, scaling and expanding also involves new challenges, such as maintaining quality, managing costs, hiring talent, and adapting to changing customer needs and expectations. You can use tools such as the business model canvas or the growth pyramid to plan and execute your scaling and expansion strategy.

6 Innovate continuously

The final step in a disruptive innovation project in finance is to innovate continuously. Innovating continuously means constantly looking for new opportunities, challenges, and trends that can affect your business, and adapting your product or service accordingly. Innovating continuously also means fostering a culture of innovation within your organization, where you encourage experimentation, learning, collaboration, and risk-taking. You can use methods such as the agile methodology, the design thinking process, or the innovation funnel to support your continuous innovation efforts.