The Golden Triangle of Innovation: desirable, feasible, and viable 💡

In the odyssey of innovation, we face the titanic task of validating and balancing three fundamental aspects of a solution: desirability, technical feasibility, and economic viability. Invalidating any of these three aspects might lead us to discard the development of a product 💀. Let’s delve into it:

1️⃣ Humanly Desirable Always start here! A product is useless if no one wants to use it. Therefore, it’s imperative that it meets a real need or solves a problem. We need to ask:

• Are there genuinely interested consumers? Who are they?
• What’s the best product/service to address this need?

2️⃣ Technically Feasible Now that we know what the customers need, can we build it?

• Can we develop, maintain, and evolve the product?
• Are there technical barriers?
• Can we hire the talent to execute it?

3️⃣ Economically Viable They want it, and it can be made, but can we construct a sustainable business model around this solution?

• Can we improve the business metrics of the sector?
• Can we protect the intellectual property?
• Can we secure financing to ensure the project’s economic viability?

Innovating is more than having a good idea: it’s validating that idea at the intersection of what’s desirable, technically possible, and economically viable. It’s crucial that none of these corners are neglected as it can prevent creating a virtuous cycle.

Don’t miss the table I’ve prepared on “tech-tattoos”, exemplifying the kind of questions we might ask in an innovation process to create tech-savvy tattoos 🔽

I look forward to your comments!

#innovation #leadership #entrepreneurship #productmanagement