True or False: New product ideas primarily come from management in my organization.
Recently, Celerity’s Agile experts put together an interactive webinar on Mastering Agile Product Development – an area where many attempt to conquer but few succeed. Their first question to the audience was:
The audience was split 50/50 on their answers. The next question asked if securing funding for a product was difficult. Once again, the audience was split down the middle. The same respondents, however, who agreed that new ideas come from management also said that funding a product was not difficult.
The truth is that no matter how necessary a product may be to develop, often there will be many hoops to jump through to get that product made, especially if management is not bought into the idea from inception. Often, you will be asked questions like:
- How much is this going to cost?
- What is the ROI?
- How much do we know about it?
- What are the requirements?
- What are the risks?
Is spending lots of time analyzing and evaluating a new product even worth it?
Even after you get funding, you are facing issues in the development stage, such as:
- Taking too long to launch an MVP
- Building too many features before testing the product in production
- Dealing with downstream complexities
- Fighting through organizational red tape
Rather than stalling on development because the planning phase isn’t perfected, or putting a product into production before it is ready, use Agile Methodologies to help guide you along the way. Develop value-based, quantifiable objectives and drive to several, sequential, quick production releases. Using this method, you can swing your production in a different direction without having to scrap an entire product or waste funding. And if you need more funding, you can use the mini releases as evidence.
Many organizations are still learning that getting the funding you need to create useful and effective products is just one Agile sprint away. If you want to learn more from our webinar, you can view the on-demand version here.