We crowdsource innovations, product development, R&D and customer interactions. We are not replacing anything, we just provide the wisdom of thousands of people at the cost of fraction of a internal development team.
We follow the Lean Startup methodology, but from our strategic partners perspective it looks more like design thinking. We have copied some of the best practices from Google, Stanford and the ideas of analytics-driven and customer-focused product development. We go way beyond just posting the separate ideas on yellow stickers on the wall. Together with startups, we provide our partner companies ready and validated concepts to choose from. Post-it notes are excellent combined with some research and validations, but in most cases it really takes companies nowhere today. Average successful startup has 4-7 pivots. Consumers’ behavior changes faster every day and teams should learn and adjust the product based on the learnings. Only very seldom can we nowadays have step-wise process, but several simultaneous processes affecting each other with fast changes.
We bring customer and developer insight from over 500 persons per project. Because it’s their own business, they have done a lot of research themselves. What company can afford to mobilize such a huge amount of people for innovating, product development, R&D and customer interactions? Certainly many big companies do it all the time, but the expense is 100 fold compared to an accelerator program.
One has to let loose a bit to succeed in the future. Nobody can control the consumers – predicting the future usually goes wrong. At least with faster implementation of learned behavior and needs, organizations could provide more competitive products. If you plan for years to come and focus on implementation, that’s a sure way to fail. If you react based on learnings from open collaboration with your business ecosystem, you still can fail or succeed. However, if you fail, the failure is minimal compared to old school operations.
By opening up company’s ecosystem, learning is faster, financial overhead and risks are lower, and the number of of new product ideas is far greater than before. And we are talking about validated ideas, because quantitative assessment is crucial for us. I have to say that I am a fan of Mika Aaltonen’s work at Aalto-Strax. One thing they point out is the idea of not defining what success will look like in the future. Every company should be prepared to keep the door open for unplanned successes. Working with fast-moving and creative startups is one of the best ways to stay on top of the change and take advantage of the new business opportunities.
I was lucky enough to get a co-founder with solid scientific background from research backed by the Finnish Academy. Topi has also developed 100+ products for the biggest companies as well as for startups. Together with him we are creating a product factory producing learning and new revenue streams to large corporations. This creates also a laboratory and a collaboration environment inside the large corporations for the startups. The end-goal is of course to create the next airbnbs, twitters and facebooks. A win-win-win factory.
Antti Kosunen (twitter.com/AnttiKosunen)