Narjeet Singh is the CEO and Co-Founder, LeanApps. Narjeet is passionate about experimentation and he is helping companies to learn how to test new business ideas and take them to product-market-fit.
CEO and Co-Founder, LeanApps
How would you establish an experimentation mindset?
For innovation to be successful, a company ought to think like a VC – and VC data shows that it takes more than 250 ideas to create a multi-billion $ business. This means if you are exploring only 10 new ideas every year in your corporation, it will take you 25 years to create a billion-dollar case. So to get there you should make small bets in 100s of ideas and test them at a fast pace to identify the ones that solve real problems and could have a scalable business model. This way you would de-risk your innovation investments early on, with a small in-vestment – and also obtain data to help you decide which ideas to move further. Our experience shows that 70-80% of ideas tested, fail. But you can’t get to winners without investing in losers [ ... ]
Read the complete answer and 122 more responses from 60 leaders on 22 questions: download the free eBook