Innovation is exciting, but did you know that 90% of innovation fails? The solution is simple: fail early, test early. And do it in an agile way. Use the RAT (Riskiest Assumption Test) method to define every possible risk in your innovation process. There are two types of RAT to use:
Testing desirability is all about testing the success of your business. It’s easy to come up with new ideas, but what if no one is interested in them? When you develop a new concept, examining the potential market is crucial. That’s where the desirability RAT comes in: get your stakeholders involved at the beginning of your innovation process and tell them about your product or service. By doing so, you can test possible fail factors on the market before you launch your new project.
How do you include future buyers and investors in the process – and how do you determine whether they are interested in your product or not? The key is to present your product or service to your market as if it already exists: create a website or a one-pager about it and use different call-to-action buttons, from “Keep Me Informed” to “Order Now”. This lets you track your consumers’ online behaviour and find out your product’s level of desirability. Whether people want to buy your product/service or are just looking for more information, one thing is certain: if you’re getting a lot of clicks, your new product could be a hit.
2. Technical feasibility
Apart from the risks linked to your stakeholders’ interests, it’s essential to take possible technical risks into account. Testing the technical feasibility is the second type of RAT: by systematically analysing various aspects of the product, you can establish a detailed understanding of its feasibility. There are several agile RAT tests you could use.
As an example, we’ll zoom in on the Maxi-Cosi case. Maxi-Cosi wanted to develop a new service: a Safety Contract for Children. This service turns the car seat into a connected device and indicates when the seat no longer lives up to the safety requirements – this could happen after a car accident, for example. But how can we at Bagaar detect an accident? How do we avoid situations where the car seat indicates a crash every time
the vehicle crosses a speed bump? The first idea that came to mind was to imitate the effect of an accident: by carrying out crash detection tests, we wanted to find out if the connected car seat would perform as desired.
To conclude: dealing with risks like this at an early stage in your innovation project reduces the risk of losing time and money. Pinky promise: no more unpleasant surprises.