I recently had a chance to read the book: “The Innovator’s Method” by Nathan Furr and Jeff Dyer. It is a great read, and I recommend it to anyone who is in the journey of launching a new business, product, or service. Below are my summations on some of the key points that the author makes:

What is the Innovator’s Method?

The author uses 5 steps to describe the innovator’s method:

  1. Insight:
  2. Problem
  3. Solution
  4. Business Model
  5. Scale It

What are three types of uncertainties that influences a firm’s ability to create a customer?

  1. Demand Uncertainty (will customers buy it)
  2. Technological Uncertainty (can we make a desirable solution)
  3. Environmental Uncertainty (macroenvironment, and government enablement)

Businesses with a high ratio of uncertainty should utilise the innovator’s method, or some lean start-up framework. Whereas, firms with a low uncertainity ratio should focus on classical and traditional management framework.

What are the six components of a business model snapshot?

  • Value Proposition: what value are you giving to your target customer
  • Pricing Strategy: what are you pricing your product to create profits; what are you customers reservation value (buyer reservation value: how much will they pay?); how do they prefer to pay (terms, method, etc.)
  • Customer Acquisition – relationships:  how will you communicate your value proposition, and how will you convince a purchase/action?
  • Customer Acquisition – channels: how will you reach your customers?
  • Cost Structure – Activities: what key activities do you need to perform
  • Cost Structure – Resources: what key resources or assets do you need to perform

 

You can check the book out on Amazon:

Get a Quote info@websitetoon.com