In our latest edition of The Credera Brief video series, Credera Partner and Chief Innovation Officer Jake Carter highlights a Credera innovation tool designed to help companies decide where to focus their innovation efforts.
Comparing Ideas Across Goals
In previous editions of The Credera Brief video series, Carter unpacks Credera’s structured approach to innovation. This approach starts with deciding where to focus innovation efforts, uses cycles of ideation and prototyping, and ends with pursuing only those ideas that show promise with users.
In this episode, Carter aims to address one challenge we often see clients experience in the first step of that process: how to compare ideas that focus on unique parts of the value chain, address varied users, or drive different business results. How do companies know which potential innovations are worth their team's focus if they can’t be easily compared?
To answer this question, Credera created a tool called the Concept Canvas. This tool provides a simple way to explain an idea and therefore gauge whether that idea is worth exploring in greater depth.
The Concept Canvas aims to look at an idea from two perspectives:
1. The Customer Perspective
Who is the intended user of the concept?
What need the concept addresses for that user?
What value proposition does the concept provide?
How well the concept delivers on the value proposition?
2. The Company Perspective
How many users have the need addressed by the concept?
How many of those users can be reached?
How is the concept expected to drive business value?
What capabilities are required for the concept to drive this business value?
How the Concept Canvas Works
The Concept Canvas works for two reasons:
It forces organizations to think critically about ideas before pursuing them. If they can answer the questions posed by the canvas, they should have much greater confidence moving an idea forward.
The canvas puts various ideas on a level playing field. By asking the same questions of each concept being considered, we can compare them more directly using a framework like the Innovation Prioritization Matrix. This applies even if the ideas tackle different parts of the value chain or address different users.
Interested in learning more about the Concept Canvas and Credera’s value-driving approach to innovation? Dive deeper into our structured innovation insights to see how we’ve worked with clients to create winning innovation initiatives.
The Credera Brief
At Credera, we believe the toughest business challenges are best solved by a team—a team who works together to share knowledge to accomplish their goals.
We created The Credera Brief series to distill trends and ideas from Credera leaders and experts. These short-form videos share different insights and perspectives across the topic spectrum from MarTech and innovation to strategy and technology.