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Break the Innovation Barrier – Start Pretotyping!

Abstract from http://innovationexcellence.com

What is Pretotyping? 

According to David Siegel, Pretotyping is the art of not building a product and trying to sell it anyway. In other words, find out what it takes to sell a fake product that doesn’t exist. If you can sell it, then build it! If not, you’ve failed cheaply and have plenty of cash left for another try. Since 99 percent of ideas don’t become successful products, pretotyping is a fast and lean way to try the idea without building the product and see if the market will buy it. It’s far more effective than focus groups and questionnaires, because you are actually asking people to buy.

This is what we call putting the horse in front of the cart. Too many start-ups and “innovation teams” build a minimum-viable product and then try to figure out how to go to market. Far better to go to market and see whether people will buy before you go to the trouble of building it. You’ll “burn” a few customers this way, but it won’t be that many, and if you have something they want, they’ll forgive you for not taking their money.

Definition: In product development, the Minimum Viable Product (MVP) is a product with just enough features to gather validated learning about the product and its continued development. Gathering insights from an MVP is often less expensive than developing a product with more features, which increase costs and risk if the product fails, for example, due to incorrect assumptions.

More details at – http://innovationexcellence.com/blog/2017/02/12/break-the-innovation-barrier-start-pretotyping/ by David Siegel

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