A whopping 90 percent of new ideas fail, according to consulting firm Fahrenheit 212. To see better odds of success, companies should consider adopting the Lean Development Process to better understand customers and get ideas in front of users more quickly.
That advice is according to Chris Howard, CIO of Slingshot, a mobile-based software and product development company based in Louisville, KY.
In a session at the 2018 Code PaLOUsa conference in Louisville, Howard explained how the Lean process can help companies get to market sooner and take on less risk.
The high failure rate of new products is often due to the fact that "companies often focus on the 'wow' rather than the 'how,'" Howard said.
Take the Snapchat Spectacles, which came out in 2017. As it turned out, only 0.08% of Snapchat users bought them, and even those that did stopped using them quickly, Howard said.
It turned into a $40 million loss for the company, as thousands of the Spectacles now sit in warehouses.
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