The U+ approach to concept creation for new businesses
FifthRow (formerly U+)
FifthRow is a new paradigm for autonomous knowledge work
Using the U+ method, we provide a detailed guide for developing ideas into lucrative new products, services, and business models.
Many companies, whether they are just starting out or already well-established, face difficulties in finding the right ideas and concepts that will lead to success. It's a challenge to figure out which ideas are worth pursuing and have the potential to gain real traction. This struggle arises because the business world is inherently unpredictable, and there are many factors that can impact the outcome of a venture. To overcome this challenge, companies need to analyze the market, conduct research, keep an eye on trends, and understand what customers want, among many other activities.
In this article, we will delve into the U+ concept creation process, providing a detailed breakdown of each step involved. This well-defined process typically lasts three months, encompassing three distinct phases: problem space exploration, opportunity list creation, and the concept creation stage itself. Let’s explore each of them.
Problem space exploration
In brief, a “problem space” represents the arena where innovators investigate their customers’ unmet needs in search of promising opportunities for new businesses. Disney’s short-lived foray into the metaverse is a revealing example of why problem space exploration matters so much. Though its former CEO Bob Chapek referred to the metaverse as “the next great storytelling frontier”, the entertainment giant began with a solution first without adequately addressing the actual problems this new venture might solve. As a result, the initiative failed to tempt new users and Disney axed its metaverse division after just one year.
To help our clients navigate problem space and uncover new innovation concepts, the U+ team follows a structured approach that includes the following activities:
Opportunity list creation
Armed with a deep understanding of the client’s target market needs, we move on to the second phase of our Concept Creation Sprint – opportunity list creation.?
Here, we take the industry shifts, customer needs, and market spaces identified in the previous stage and transform them into a concrete list of ideas based on thorough research. To accomplish this, we conduct design thinking workshops, ensuring all stakeholders operate in an environment of creative exploration and collaboration.
During this phase, we follow a clear process to identify the most promising ideas. Here's how we do it:
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The outcome of this phase is a list of ideas and opportunities that are ranked based on potential.
Concept creation
In the final part of our sprint, we continue to develop the ideas with the highest-ranked potential through customer interviews and additional research until they are ripe for validation. Activities at this stage include:
The output of the Concept Creation phase is a refined set of concepts ready to undergo market validation and testing. For more information on how U+ tackles the testing phase, read this exclusive insight.
Conclusion
Taking a structured and systematic approach to concept creation sets innovators up for success all through the business development lifecycle. By incorporating focused research, strategic prioritization, and the principles of product-market fit, organizations can maximize available opportunities, learn quickly and cheaply, and ultimately deliver new products, services, and business models the market really wants.
The U+ Method can efficiently and effectively lead the development, implementation, and improvement of innovations in any sector. To date, we have used this method to bring 100+ products to market, creating over $2 billion in value for Fortune 1000 companies. Check out U+ success stories here.
You can read this article, and other exclusive U+ insights, on our website.
Managing Partner @ FifthRow (U+) | Serial Entrepreneur | VC | AI Powered Venture Builder | Global Innovation Leader — over $2B in Value Delivered
1 年Hi Imo Udom, Thought you'd find this useful!