Last week, we had an interesting conversation with a bank's chief strategy officer. Honestly and directly, he asked:
Innovative technologies are necessary, and I understand the need for them. However, it carries a risk.
Is it worth taking the risk of working with startups? We learned from him about an unsuccessful experience the bank had with a specific solution.
So here are four steps we believe are crucial to startup validation, so that you can reduce your risk and increase your credibility with your organization.
To get a good start, you should define your basic criteria: What is the problem you're trying to solve? What are your technical requirements?
1. Basic Criteria Mapping - Prior to meeting the startup, check all the basic criteria you mapped.
2. Startup Meeting - Meet the startup, discuss the criteria that remained open, and ask for similar use cases from similar clients to yours.
3. Indirect Validation - speak with his clients, employees, and vendors.
4. PoC - Insist on a PoC and make sure it includes measurable KPIs that are relevant to your business.
Have any comments or questions? Do you want to find out which enterprise-ready fintech will meet your specific needs? Feel free to reach out!
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We are MPL Innovation, a boutique innovation consultancy.
Our mission is to empower our clients by propelling their corporate innovation initiatives to new heights.
With our specialized innovation consulting services, we assist organizations in surpassing their boundaries and unlocking unprecedented growth opportunities.
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