The Assiduity Method of Innovation is a framework that aims to develop profitable ideas by combining the critical elements of market analysis, financial analysis, business planning, and differentiated product planning. It involves a rigorous and systematic process in the planning phase that helps entrepreneurs and product management professionals select the best opportunities to pursue.
Whether you’re an entrepreneur trying to secure venture capital to start your next business venture or a product manager trying to secure approval and funding for a project, the Assiduity Method of Innovation can be used to get product ideas approved or funded.
The market analysis is the first and most fundamental phase of the product planning process with Assiduity. This involves researching the market to identify trends, potential opportunities, and key developments in a variety of arenas (political, societal, technological, ect.,). Market analysis also involves evaluating the competition, understanding customer behavior and societal preferences while identifying potential barriers to entry.
Financial analysis is the second, and perhaps the most important, step in the Assiduity Method of Innovation. This involves evaluating the financial potential of the proposed product. Financial analysis involves estimating the fixed and variable costs of developing and launching a new product or service. It also incorporates the realistic revenue that could be generated. As a result, investors or executives can evaluate the return on investment and if the venture is financially viable.
Once a product or service has been determined to be financially viable, the Assiduity Method of Innovation focuses on the business planning. This involves identifying the company's objectives, goals, and resources, and channels for activation and go-to-market. It identifies the areas where the business is well positioned while identifies gaps that need to be filled. The business planning process also involves identifying potential customers, their needs and preferences, and evaluating the feasibility of meeting those needs with new products or services.
With all of the information in the first three phases, the organization will have all the required information to complete the last and final step in the Assiduity Method of Innovation and identify product requirements. The focus in this step is to not only identify the functionality that will get the offering to parity with competitors, but also identify where areas of innovation can be exploited. This simple piece helps increase the likelihood of the new project's success and product-market fit. This step also calculates the development costs as well as the revenue potential.
With all of this information, the portfolio of products and features can be evaluated based on their potential costs and return. A portfolio analysis involves evaluating the potential impact of each innovation project on the company's financial performance and market position. This step also involves making trade-offs between short-term and long-term goals, balancing risk and reward, and ensuring that the innovation portfolio aligns with the company's strategic objectives.
By combining market analysis, financial analysis, business planning, and identifying differentiated product requirements, the Assiduity Method of Innovation helps develop profitable ideas that are well-aligned with the company's strategic objectives and financial resources. More importantly, it helps predict product-market fit and minimizes the risks associated with investing resources in unpredictable ventures. The approach helps companies identify and prioritize innovation projects that have the greatest potential for success, while minimizing risk and maximizing return on investment.
Today, platforms exist that help professionals apply this rigorous and systematic framework to ensure these elements are always included in the planning phase of product innovation.