The challenge for many businesses in the food industry, particularly Small & Medium Enterprises (SME), is that traditional methods of taking new products and services to market are too slow, expensive and high risk, with consumer or customer needs not adequately embedded in the final solution. Additionally, many SME’s lack the resources or time for on-site Research & Development, Market Research or training available to larger companies.
This problem is exacerbated by the consolidated nature of the grocery market in Australia which makes it more difficult to reach shoppers without significant initial investment.
On recognising that there was an opportunity to provide a solution to address this need, we designed a course with input from Food Innovation Australia Ltd (FIAL), specifically for SME’s in the Food and Agribusiness sector, who needed to improve their ability to create and commercialise innovative solutions to problems or opportunities they had identified in the market.
‘Fast ‘n Furious Innovation’ is a unique, 4 stage, highly interactive short course, which combines business coaching and a full day workshop that is designed to identify a Minimum Viable Product (MVP) for a specific opportunity and rapidly get it to market. It also builds capabilities that can be embedded into the business to sustain future innovation success.
The Principals of the Short Course are:
- Identify the role of innovation in delivering the business
- Drives URGENCY and COMMITMENT
- Benchmark current capabilities best in class
- Identifies priority CAPABILITY gaps in business to address
- Clearly articulate a specific innovation challenge
- ACTION outcomes improve learning and FAST TRACK business benefits
- Utilise a Fast n Furious Innovation framework
- CONSISTENT but FLEXIBLE to improve productivity & likelihood of success
- Consumer/ Customer at the heart of everything we do!
- INCREASED likelihood of solving the Consumer/ Customer problem
Built around Design Led Innovation & Lean Canvas principals derived from the software and technology sector and based on over 50 years of combined consumer packaged goods experience, adapted to the specific needs of the food industry.
STAGE 2 | BRIEFING SESSION
During a one-hour call or webinar with each participating company the XPotential™ program leader introduces the program fundamentals, reviews and identifies priority opportunities from the capability survey, and uses the XPotential Business Challenge tool (click here to website tool) to identify a specific ’live’ innovation challenge– that the project the team works on during the the programme to accelerate commercialisation.
STAGE 3 | ONE DAY WORKSHOP
The XPotential™ program leader follows the Lean Canvas principals to identity Minimum Viable Product (MVP) launch opportunities within the workshop. It covers the following key elements
- Target Customer/ Consumer – The Early Adopter
- Identification of the core Consumer Problem
- Developing the deep Consumer Insight
- Springboard to the Value Proposition & ‘Minimum Viable Product’
- Key Commercialisation Steps
During the workshop participants keep track of progress through our on-line platform that provides a digital report on completion to help fast-track the plan
STAGE 4 | FOLLOW UP MENTORING SESSION
The post workshop mentoring call or webinar held 6 – 8 weeks after the workshop is key as it irons out any further challenges, keeps the process on track and provides further advice as required.
FAST N FURIOUS ALUMNI
Between June 2016 and August 2017, XPotential™ conducted 9 Fast n Furious Innovation short courses across 5 states in Australia – 118 individuals from 59 companies. A Net Promotor Score of 39 showed significant support for the program with weighted averages on all key statements all sitting between AGREE and STRONGLY AGREE.
Post – workshop over 85% of respondents felt they would be able to deliver their ‘Minimum Viable Product’ to market within 6 months of finishing the course.
WHO SHOULD ATTEND?
The Ideal Company and Individual Participants
A business who seeks to rapidly commercialise a food or agribusiness innovation opportunity, ideally with 2 – 4 people from different functions. Cross-functional involvement and alignment is a proven success factor for rapid innovation and feedback. Indications from course participants show it delivers the best results.