The focus should not just be on products and services when running experiments to test new business ideas. Our focus should be on assessing if we are making progress from our initial idea to a profitable business.
Teams need to show hard evidence that a market exists and customers are interested (i.e. desirability), that the required infrastructure can be built and managed (i.e. feasibility), and evidence that the projected revenues and profits are not a fantasy (i.e. viability).
We developed a tool to assess the progress that innovation teams are making in their quest to find business models that work.
An important part of innovation is testing new business ideas with experiments. However, it is also important to note that the goal is not to simply run experiments, but to make innovation progress. We use experiments as a tool to find answers to key innovation questions and reduce the risk of a new idea. To help with this process, we developed The Innovation Project Scorecard.
This tool can be used by: