Thursday, October 22, 2015

Value Stream Discovery Workshop


Value Stream Discovery Workshop

Workshop led by Aaron Eden, former Innovation Catalyst at Intuit before founding Moves the Needle.
  
Value Stream Discovery is a framework for unlocking value for enterprises, in a scale-able manner.

Lean Innovation: How to eliminate waste in the discovery of new value.

Lean innovation is a blend of Design Thinking and Lean Startup.

This framework begins with concepts, then runs a series of lean experiments to prove desirability and viability in the market. Based on the learning of the experiments, the idea gets run by consumers quickly and often, in rapid cycles that reform and inform the changes to the concept based on actual customer behavior.

Here are the steps, as a basic overview: Customer Empathy>MVP (minimum viable product)> Market> Scale / Financials.

What is the Value Stream of this concept? All business activities necessary to create and deliver value to customers.

Focus on desired customer behavior.

For each state, hypothesize:
·      What is the desired customer behavior?
·      What must the business do to get the user there?
·      How can we measure?

The Value Stream Model:
Now, we move into the model.

Identify who is the right customer. Who is the ideal, perfect customer for your business? The highest-value customer?

Here’s the trick. We have a starting hypothesis, but the founding idea doesn’t matter at all.

Once we test this hypothesis, the ideas morph and adapt.

“The ideas that go in and not the ideas that come out.”

How do we test the right customer inexpensively? For example, AIRBNB tested potential interest via a Craiglist’s ad.

The highly iterative and adaptive nature of this framework gives it its value. You use the insights and human-centered approach from Design Thinking and test often and adapt per feedback cycle from Lean.

 This tool is ideal for organizations that need to narrow their focus to move quickly in a way that is validated by the market.


Michael Graber is the managing partner of the Southern Growth Studio, an innovation and strategic growth firm based in Memphis, TN. Visit www.southerngrowthstudio.com to learn more.

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