Companies life cycle tends to be logical. You have an initial idea that may solve some challenge and so, you develop it. Once you have the final product/service conceptualized you proceed to sell it. But, before that, it is essential to have created a feasible business model. All the resources and departments need to work aligned so there is good communication and a shared goal. However, the key of the success of any business model is to address correctly the social need/challenge posed and understand the pain points of your final customer.
The real dispute comes in the initial steps of the business development and at the mature stages of the business. Here is when it is needed again to invest in resources to generate another product line or improvements in the first product/service. This investment is not only monetary, but also people from the organization need to imply 100% out from their day-to-day activities. Only then, significant results will be obtained.
This process of understanding the brand essence and what they want to be in a short term future is hard. From Engine we have analyzed which option poses the best fit, between the company resources, timings and objectives. The outcome is a conceptualization process of 5 or 10 days duration. This process is named as Concept Sprint.
The Concept Sprint is a process based on lean, agile and design thinking methodologies. The first approach, in just 5 days, covers the main aspects that have to be taken into account when: design new products, test new ideas, create a new business model or solve strategic problems. The procedure followed consists of 5 steps: understand, ideate, define, built and lastly validate the concept with final customer.
The result is a conceptualization sprint with very strict timings obtaining a first approach of a product or new business model in just one week time. It helps unleash the participants entrepreneurship being able to create value for their company through creativity sessions and workshops in another environment (escaping from the routine).