5 Things You Can Do To Derisk Innovation:
🎯 Craft and follow a product innovation strategy; Random innovation is risky innovation.
🧠 Gain a deep understanding of your target consumer; The fewer assumptions we make, the better.
🔎 Make sure you're addressing a real problem; If you've invented a problem (very common), innovation becomes quite risky.
👀 Visualize your product ideas early, often, and quickly; Seeing the future before it exists allows you to make decisions on it before investing in it.
🧪 Test your product concepts before sinking resources into developing them; Placing small, iterative bets and collecting feedback along the way eliminates a good deal of risk.