We help you to quickly build products and services, that customer love, add value to your business and are able to scale
Our DT Ventures approach.
We offer a consulting and project management service tailored to create new business opportunities and turn them into revenue makers. This service is especially for companies that want to foster innovation and entrepreneurship within their realm and not (only) outsource this to external providers at high costs or depend on buying start-ups at high market evaluation.
Usually we get approached by the senior management of larger organizations. During the project phases we mostly support in the actual implementation and work very closely with the team. Nevertheless, we support in reporting functions to ensure that the project steering has the right information for their decision making.
Infusing an entrepreneurial spirit and mindset into an organization is difficult and time consuming. Most of the businesses today face problems to bridge their existing operations with innovations to create diverse ideas and ensure successful businesses. One solution is to outsource innovation to third party providers (company builders) or to buy existing start-ups. On the downside companies will likely lose the opportunity to include intrapreneurship and innovation into their DNA. Moreover, they will have issues dealing with IP and integrate external business into their organization. Yet, this is vital
ITMP can help by combining two of our core strengths. On one side we are experienced in the start up world: The team of ITMP was able to start or initiate new businesses in several industries. Among them are companies like ProGlove, Vimcar, Mimi.io, GetYourHero and many more. And sure we failed, too, which in turn resulted in a few closedowns as well but we know how to do it quick and dirty and we live this way. On the other side we bring the need background in infusing innovations into large organizations. We have created many desirable new products and services with our clients in many markets and consulted topics such as on digital transformation or classical IT management and are familiar in dealing with the complexity of a grown company.
Based on these practical findings we designed a staged method to ...
A) identify the right ideas based on human needs
B) start a small scale business to test it in the market and
C) to scale operations to achieve the desired business goals.
We call this DT (Design Thinking) Ventures. With this approach corporations can achieve the first market access with a new product, service or process and be able to test potential business models within 6-9 months.
This service is highly customized and needs previous consideration of the context. Interested? Get in touch.
Stage 1 - Ideate: Applying Design Thinking at it's Best
The Ideation phase is an orchestrated three month project. Aim of the three months is to verify a given opportunity area or gut feeling by applying user and customer field research and testing. In these 3 months we support you strongly to apply several design sprints to test different ideas and prototypes in the market. The core of our method work is Stanford’s Design Thinking cycle which we have adapted over the last 10 years specifically to service, process and business model design.
The results are validated (they are desirable, viable as well as feasible) prototypes of service, product, processes or platforms ideas. These prototypes are reference points for future market success. Or we’ll have learned that there is no opportunity and investment costs have been fairly limited.
Objective: Identifying market needs and opportunities by analyzing wicked and ill defined problems and rapid solution generation in the context of services, product, process and business model ideas. These prototypes are reference points for future market success.
Stage 2 - Incubate: Starting a Little Venture
Considering a positive outcome of phase 1 - during this 3-6 months period we support organizations to implement the first minimal viable product (MVP) out of the ideation phase. Based on our own experience to build successful startups and supporting organizations with innovation, we have designed a comprehensive method to steer the interplay between the implementation team (IT and operations) and the innovating team (design thinking and product development) in such a project. The objective in this phase is to tailor the full scope ideation prototype to a sizable MVP that can be quickly implemented and launched in the market. Thereby, we are experienced in orchestrating various companies that might be involved in this phase (e.g. an IT development partner, design agency and a local sales unit).
In this phase, clients often seek for advise how the new business can be aligned with the organization (sub-branded, spin off, transfer to an incubator etc.). We can support you with the decision making and have experience with most of the common possibilities to support you in the processes. Thereby, the request to outsource and grow into an own, separate company is often voiced by clients. With this procedure we can minimize market entrance risks and speed up time to market. Furthermore, we are able to leverage internal and external resources efficiently.
Objective: To tailor the full scope ideation prototype to a sizable MVP that can be quickly implemented and launched in the market.
Stage 3 - Growth: Scaling in a Healthy Way
Congratulations! Starting this phase the team already knows it can show a favourable product/market fit. Now it is time to move away from the initial traction phase, dealt with in stage 2, and scale for growth. Here we help with establishing demand among larger crowds, adapting process to accommodate increased demand and making sure the team itself grows into the right roles. ITMP is supporting its clients in various ways to grow and scale the new business. Our core strength is to strengthen the innovative processes to turn them into reliable operations where needed, ensure that user centricity remains a core element in business development and optimize the business model of the venture to ensure future growth. Based on our roots at the University of St.Gallen we are furthermore able to provide profound knowledge in transferring the likely still improvised IT architecture of the venture into a scaling solution as well as to optimize the usage of technologies and extend where needed.
Objective: Rolling out and turning the MVP into a scaling solution that ideally generates positive EBIT.
Insurance Case Study
Together with one of the largest insurances globally we set up a team of 8 people working, 3 days a week full time over 3 months, on an Innovation Sprint for an insurance product.
The team was based at the premises of the client. As part of our responsibility we coached and supported the local team to run three Design Sprints. By the end of the sprints the team conducted interviews and observations with over 80 clients in the respective market and identified more than 20 opportunity areas and insights. Resulting the team was able to successfully prototype and test two new main products for their business.
Utility Case Study
One of the largest global utility companies is facing the challenge of massively changing market environments as well as new arising technologies through digitalization.
Therefore, ITMP and the company started a comprehensive program together to discover new markets, new product and service categories. As part of the ideation phase we built and tested successfully a new digital platform for a specific end consumer market. Within the incubate phase we took this prototype and set up a team of around 20 people to bring this idea to life. The core phase required an interlink between product as well as technical development (such as Design Sprints and SCRUM sprints). This successful combination of both process models helped the team to quickly come up with a full marketable MVP.