Startups in Silicon Valley use this Innovation Methodology to attain Venture Capitalist funding.
Certainly this is the Innovation methodology to use if you are a startup or a company that’s interested in focused, one product innovation.
Subsequently the Methodology has these specific characteristics including:
- Success metrics
- Innovation funding
- For instance, Intelligent Risk
- Innovation Accounting
- Above all the Minimum Viable Product (MVP) concept
- Intelligent Learning
Silicon Valley Innovation Methodology Cycle:
Iteration Velocity is an important metric for the Silicon Valley Methodology Cycle and will accelerate and learning it attained.
The Silicon Valley methodology keeps you connected with your customers, diminishes Innovation time and is a tried-and-true methodology. For example It is a rapid development process that:
- stays connected with customers
- firstly limits Innovation costs
- enables rapid concept testing
- minimizes risk
- in addition focuses on learning
- intelligent risk – benefits outweigh costs
- not a best fit for all Innovation needs
In addition Innovation requires strategy, a program, a methodology, an accounting system, and the correct metrics. Eric Ries in his book “The Lean Startup” chronicles the best practices of using Lean principles to Innovate.
Eric Ries’s book is linked here: “The Lean Startup” by Eric Ries. It is a great book and every innovator should read it. If you wish to engage me you can by clicking this button:
Innovation is a powerful tool that all companies should consider. Lots of innovations are a natural followup of technology advancement such as blade computing that followed circuit miniaturization. Others are a large stretch such as Toyota’s andon system (stops a process if defect is found) or Tesla’s batteries. Innovations can be large and impactful like those aforementioned or small but strategic in aggregate such as Toyota’s Continuous Improvement Program. You can review it by selecting this button: