An approach to leading teams is “leading by asking questions.” Think of it as the leader owning the questions and the team owning the answers . The leader is not expected to have all the answers but to ensure the team gets to a solution.
It is the leader’s responsibility to provide the necessary guidelines, so the team can make adaptable and fast decisions.
The first step in making your strategy adaptable to uncertainty is to identify current assumptions, the kinds of uncertainties to monitor and establish a feedback mechanism.
In everyday conversation we tend to think of “risk” as something negative to be avoided, and “assumption” as something we believe or find acceptable. Such generalities can get confusing, so Strategy 2 Market developed a cheat sheet for risk terminology.
How can established organizations be more nimble and adaptable? This is where entrepreneurial techniques, like experimentation and Exploratory PD, can be leveraged.
The Business Fit Framework’s value proposition is to help companies reduce product uncertainty and to build confidence in the pursuit of riskier, higher-return projects.
At the Society for Women Engineers (SWE) Annual Conference, recipients of the NSF STEM I-Corp Grant through the University of Chicago, Mary Drotar and Kathy Morrissey, Co-Founders of Strategy 2 Market, presented research involving multiple industries, ranks and disciplines in mid and large-cap companies.
One of the defining characteristics of product development is making decisions and judgements, in the face of uncertainty. Exploratory Product Development (ExPD) is based on the premise of reducing risks and uncertainty.
Understanding your business model is crucial for evaluating the ability of the company to support a new product idea.
Exploratory PD brings new ideas, but also incorporates some of the best thinking and practices from the different product development communities.