Do you have an innovation pipeline to fill but not enough budget, people, or time to do it?
3 ways to innovate more with less:
✂️ Cut things out
You probably have many initiatives going on all at once. Which ones are sucking up a significant amount of your resources without yielding substantial results? Cancel these initiatives to focus your resources on more valuable ones.
♨️ Boil down your minimum viable product (MVP)
Your first test of a product idea is almost always too high of a fidelity. While your team was busy polishing, you could've squeezed in multiple rounds of iteration based on user feedback. You would've figured out 2 weeks ago that your idea doesn't resonate with your user, instead of a month or two from now. What's the bare minimum you need in order to test your idea? You want real-world validation as soon and as frequently as possible.
🦥Quit rushing ahead
Haste makes waste. If you're going to spend precious resources, make sure they're developing solutions your users actually value. At the end of the year, it's better to have one breakthrough product innovation than to have five products that no one wants.
It's the successful innovations that'll win you a bigger budget!