How fast is fast? To answer this question we first need a frame of reference. In the past new breakthrough products, or category killers emerged every ten to fifteen years, now it's every five to seven. Meanwhile imitators who originally took five years to imitate a product and undercut the market are now taking less than two and the overarching impact of this on the market leader is inevitably stagnating growth and declining returns.
In a recent 311 Institute survey seventy eight percent of CFO's told us that innovation programs with a 12 to 18 month Return on Investment were ninety percent more likely to secure investment than those with a 24 or 36 month ROI so once an idea or trend has become public knowledge this potentially leaves teams with just six months to conceive, design, prototype, test, market and sell their new blockbuster and maximise returns before other companies cannibalise the market. In many larger companies it can take six months just to get the resources together.
A company's ability to innovate, test, and if necessary fail at speed is crucial to capturing and sustaining its competitive advantage. At the 311 Institute our methodologies help organisations conceive, prototype and test new concepts within as little as five days and have a marketable offering within as little as twelve weeks.