Iterating for impact

Introduction

What is it and how does it align with traditional venture building?

Ideating and experimenting are a fundamental part of the venture building process and so this step is about layering in impact. Following an articulation of the core assumptions behind creating impact, the next step is to brainstorm ways to address pain points and test these for their potential to achieve the desired outcomes. The team should be able to measure impact-related outcome changes in some way, going beyond traditional venture metrics like NPS (e.g. health outcomes improved). Establishing who is benefiting from these outcomes is also key to ensuring equal access.

How does it drive impact?

Without ideating for impact, it is unlikely that the final product will create impact in a meaningful way. Experimenting for impact helps to refine those ideas by identifying the optimal way for impact to be delivered.

How does it drive commercial value?

Ideating and experimenting for impact will often generate unique ideas, underpinned by a more thorough understanding of the problem and customer needs. This can lead to reaching new customer groups, building better products, or innovative models which may be favourable from an economic perspective.

In practice

What does good look like?

To be honest, we don't know yet! Very few startups are talking about how they embed impact into experimenting and product design.

Fair By Design have published a practical guide for inclusive design which focusses on ensuring that markets are fair and inclusive especially for vulnerable customers.

Some examples:

1. Read more on how Ophelos’ mission is driving product design decisions.