Back End of Innovation Conference
Pivoting Your Way to Profitability
Somik Raha, SmartOrg
There are many unforeseen hazards between concept and launch. Pivoting provides a unique opportunity to learn from experience and to change course at key development stages, making the difference between attaining mediocre results and achieving astounding success.
“I define innovation as being a participant in our collective evolution,” says Somik. “The method is a way to become who we aspire to be.”
Decision analysis is key in strategic thinking. The core question is “what does value mean?” Somik says you cannot actually measure value. The purpose of having a metric is to drive “productive action,” he says.
This insight gave birth to another one: “Quantitative analysis takes complexity off the table, so you can focus on who you want to be.”
Numbers are not about measuring the value of innovation, but rather about pivoting the actual market penetration. Using modeling techniques provides a value-creation lens that helps pivot a go-to-market strategy.
Insight Two: Executives do get innovation. They just need to know handoffs and the team’s understanding of the context.
Insight Three: Finance will support innovation if you provide a path to preserve existing revenue and increase customer loyalty.