One of the key differentiators of JFDI is that we don’t ‘commercialise ideas’. Instead, we turn that on its head and create ideas around commercial opportunities. Today we can announce that we’ve hooked up with innovation consultancy Propellerfish, so those opportunities should soon start reeling in.
Which comes first, the idea or the business? Sounds like we’re splitting hairs, doesn’t it. But it’s crucial. So often, we’ve seen young companies earnestly pushing brilliant solutions that are looking for problems to fix. As a mentor, it’s painful to watch, and a lousy way to try and worm your way into a customer’s hearts and wallet. So much better to start with something that keeps your customer awake at night (whether that’s pain or pleasure) and then satisfy that craving.
One of the ways we intend to ensure that a high number of spin-outs from JFDI.100 get funded is to make sure they are investment-ready. That means the folk going through the JFDI.100 bootcamp have got to demonstrate real ‘market traction’ in just 100 days. If they can do that, believe us, nothing encourages an investor to take a stake in a business faster than real revenue flowing through the door. It speaks so much louder than the words of a business plan or a silver-tongued team.
We like Alex and Steve, the big squids at Propellerfish, because they’re smart, fun and they have a great track record. They bring the discipline of market research to what could easily be a woolly, half-baked process. Best of all, they’re focused on generating real business opportunities, not wads of bogus paper “insights”. The fact that they’ve worked with Pepsi, Shell, WPP, Unilever, Time-Warner, Astra-Zeneca, LVMH, Hennessy, Levis, Hasbro and more says it all – they are trusted to generate innovation for some of the biggest brands in the world.
Working together we’ll be spotting fresh opportunities for growth in the marketplace and generate new ideas to make the world a better place, save baby bunnies and bring world peace. Alex gives great PowerPoint too, if you have ten minutes to spare.
Extreme Fish Fact: The world’s largest Giant Mekong Catfish was caught in May 2005. It was 9 feet long and weighed 646 lbs.