Why you need Design Thinking and Proofs of Concept to level up your business

The race is on. Since the introduction of social distancing measures earlier this year, the market has suddenly become a real life version of “the floor is lava”, with startups and even large enterprises jumping from idea to idea, and competing for funding, customers, and survival.   Whether their whole business model needs a reset or they need to develop new growth-focused features, many are in an innovate-or-die situation.  The latest Startup Ecosystem Report by Startup Genome found that four out of ten startups have less than three months of capital runway.  To add to this, Startup Genome found that since the beginning of the coronavirus crisis, VC funding has taken a hit with startups receiving 20% less in investment globally.  Investors are going to be more conservative with their funds and even tougher when scrutinizing a startup’s potential. Three out of every four startups have experienced disruptions in funding rounds with 18% being canceled altogether and 54% being delayed. And the outlook isn’t much better from the corporate side. McKinsey found that, while executives agree that COVID-19 will have a significant impact on customer needs and could present new opportunities, only 21% feel they have what’s needed to innovate their…  

 

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