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Design Innovation Strategies

Overview

  • Type: Elective
  • Goal: Become familiar with design innovation strategies by means of (i) a case study and (ii) by developing a valuable business model for one of your past projects.
  • Final grade: 8
  • Competencies: BE | DRP | US | TR

Key learning points

1. The difference between value proposition and actual success of a product.
2. Approaching stakeholders to learn about services that we could offer.
3. Appling hypothesis driven entrepreneurship.

Deliverables

final report

Explanation

Finances at a Glance offers financial awareness at a glance. By using data of banking apps the finances are sorted and shown on the device. During the elective, the concept of Finances at a Glance was formed into a business plan, by engaging in various strategic activities, such as expert interviews, trend research, business paper research, a minimum viable product test and various reflection sessions with experts.

Reflection

First of all, I learned that it is very important for an innovation to time it well as it then will be able to make use of existing infrastructure. This made me very aware of the importance of key partners for our concept, as I knew it could possibly work on the already existing infrastructure of PFM (Personal Financial Management) applications. By interviewing the different company representatives, it became easier to speak their language and to place ourselves within the financial field and understand the privacy and safety concerns we were handling with.


Due to this elective I became more aware of the difference that can exist between the value proposition you offer and the actual success of the whole product or service. During my Final Bachelor Project, the aim was to support the use of an existing digital application by designing a physical addition. However, as a big amount of people’s life is spent on screens, these can’t be excluded when investigating the market value of a concept. Once the initial value proposition was extracted in four sub values, it became clear that the visualization could exist without the physical properties and I realized that the initial vision was not so commercially viable as anticipated.


The elective introduced hypothesis driven entrepreneurship, which to me feels as the chain between design research and business. Creating iterations, similar to a design process, but direction is created with another way of measurement: it is not only vision and user input, but also business strategic factors that stir the process. Therefore, the concept you create is actually valuable in the market.