Innovating in Unfamiliar Markets: How to De-risk Transformational Projects
When you try to bring innovation to a market that’s new to you… do you face high risks? You don’t have to. You face uncertainty, but this is a very different beast than risk. You can methodically strip away uncertainty and de-risk projects. This is done through a process that combines Discovery-Driven Planning with New Product Blueprinting. With this discipline, your company can pursue bold, transformational projects in unfamiliar markets with great confidence. We’re certain of it.
The more uncertain a project, the better! To see why—and to begin applying FAQS thinking in your company—download the white paper Innovating in Unfamiliar Markets
Preview: Innovating in Unfamiliar Markets: How to De-risk Transformational Projects
Does your company pursue bold, transformational projects… or does it pursue incrementalism? Does it try to enter unfamiliar markets… or “play it safe” in the same old market segments? We know that some high-performing companies benefit greatly from transformational projects. They seem to be able to de-risk projects quite easily.
Yet, for most companies, forays into unfamiliar B2B markets end badly, as companies take needless risks. In this white paper, you’ll learn how to manage uncertainty during transformation innovation in a way that lets you confidently de-risk projects. You’ll see you can develop new products for unfamiliar markets with confidence, if you just think differently.
To start, uncertainty is different than risk. Many companies try to assign risk to a project far too soon. Risk is always about assigning a probability to the downside: Risk comes with the ability to assess the future with some degree of confidence, e.g. a 40% chance of thunderstorms tomorrow, or a 50% chance of new product success. When you begin a transformational project, you simply don’t know enough to assign risk. You are just uncertain, and this perspective is the key to de-risking projects.
You face uncertainty when pursuing transformational projects in an unfamiliar market. It could be good, or it could be bad. You simply don’t know. Sadly, many companies turn away from growth opportunities at this point, giving up ground to the competition. The way out is a structured approach to stripping away uncertainty. To succeed in unfamiliar markets, you must learn about them quickly and cheaply before big investments are made. Your ability to efficiently explore unfamiliar markets will provide an important competitive edge… and this is what The AIM Institute’s project de-risking methodology teaches you.
This paper shows you how to learn when faced with uncertainty. You’ll understand the key steps needed to de-risk projects that are transformational.