How To Find Your Innovation Sweet Spot
The innovation sweet spot is about achieving a perfect alignment between business goals and the user needs. Rooted in the intersection of feasibility, desirability and viability is where the most optimal value creation lies in. This approach helps to identify and prioritize solutions (feasibility) with the target users’ needs (desirability) and align towards the corporate innovation goals (viability).
These 3 criteria are equally important in co-creating and assessing solutions. As you foster greater empathy in understanding the user needs and co-creating solutions, it is recommended to weigh the extent of which your solution fulfils each criteria. If your solution falls short in any one facet or is at risk of not being sustainable and practical, chances are you can still pivot early.
Feasibility
Are technologies and resources readily available?
Resources are limited. The solution may require appropriate technologies to be implemented by domain experts. Sometimes, we have to work with what we have.
How practical is it to develop?
Within a reasonable timeframe and development budget, building a MVP (minimum viable product) is a cheap way to get started quickly.
Desirabilty
What specific user need does the solution fulfil?
A great place to start is to look for improvement on existing products or services. Alternatively, you can identify a new pain point to solve.
How does it bring value to the users?
Understanding the user demographics, lifestyle habits and motivations for using the solution will provide meaningful perspectives on how it value adds them.
Do the users actually want it?
There is no point investing resources, developing and launching a solution when there is no market demand.
Viability
Does the solution align with the business goal?
From the business perspective, give some thoughts on how the solution can be commercialized and how the business model can be sustainable and scalable.
What are the potential returns on investment?
Comparing the investment to the potential payoffs (revenue, cost savings), if there is a greater return, there will be a greater likelihood for implementation.
Often, finding the sweet spot of innovation is not that straightforward. There will be lots of experimentation, failures and validation before you finally hit it right. It is about innovating with intention to fulfil these 3 areas and aligning towards corporate innovation goals at the same time.
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