How Venture Studio Does Product Innovation | Adil Faisal | #2
In this conversation, Adil Faisal, a product innovation coach and founder of the 8126 Venture Studio, discusses the concept of product innovation and the work he does with his studio. He shares examples of product innovations and highlights the key principles and practices that contribute to successful product innovation. Adil also explains the difference between a venture studio and an incubator, and how they support startups. The conversation concludes with a discussion on the challenges of transitioning from a project to a product mindset. In this conversation, Adil Faisal discusses the challenges and strategies for transitioning from a project to a product mindset. He highlights the resistance that can arise during this transition and emphasizes the importance of addressing it by creating peace of mind and clarifying roles within the new product-focused structure. Adil also emphasizes the need for a clear north star and problem-solving approach in product development. He suggests using OKRs as a lightweight tool to align teams and ensure a clear focus. Additionally, Adil discusses the importance of separating innovation management from the main mission and establishing a crisp, clear innovation management process.
Takeaways:
Product innovation involves finding new ways of solving problems or improving existing solutions.
Successful product innovation requires following principles such as lean startup and design thinking, and practices like iterative development and continuous learning.
A venture studio focuses on developing in-house ideas and nurturing them into successful products, while an incubator supports external startup founders.
Transitioning from a project to a product mindset involves thinking about the long-term value and continuity of a solution.
Challenges in transitioning from project to product include maintaining focus on the problem, avoiding the project mindset, and ensuring continuity of service. Address resistance to the project to product transition by creating peace of mind and clarifying roles within the new product-focused structure.
Ensure a clear north star and problem-solving approach in product development to maintain focus and drive innovation.
Use OKRs as a lightweight tool to align teams and measure progress towards goals.
Separate innovation management from the main mission to enable disruptive innovation and establish a crisp, clear innovation management process.
Connect with Adil:
Website: https://8126.ventures/
LinkedIn: https://www.linkedin.com/in/adilfaisal/
Caravan Funds: https://caravanfunds.com/
Careerverse: https://careerverse.co/
Connect with Vit:
Website: https://vitlyoshin.com/
LinkedIn: https://www.linkedin.com/in/vit-lyoshin/
Other: https://linktr.ee/vitlyoshin
Timestamps: (00:00) Intro (02:32) Adil's Background and Venture Studio (09:28) Product Innovation and its Definition (10:16) Examples of Product Innovations (15:19) Principles and Practices for Successful Product Innovation (19:10) Venture Studio vs Incubator (23:22) How Ideas Get Generated (29:20) Transitioning from Project to Product (35:04) Challenges with the Project to Product Transition (42:42) Separating Innovation Management from the Main Mission (48:43) Connecting with Adil Faisal
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