POCs that never end or die off are a sign that you are. Digital hubs that deliver ideas but not deployed product are another.
A long list of insurtechs, fintechs, healthtech, regtechs, blahblahtecs etc show that most trials, workshops and POCs will be one-offs. Failing the potential customer and the blahblahtech.
One key reason is that very few technology founders and developers ask the question WHY?
"Why would an insurer, a bank, a hospital group, legal firm, enterprise or government organisation want it?
Otherwise its the solution looking for a problem. Worse still it cannot be just a problem- it must be a compelling, urgent problem that if not sloved will cause considerable loss to the customer.
- Lost revenue
- Lost reputation
- Lost profit
- Lost customer renewal
- Lost future
It doesn't help when:-
- developers are often distant from business people.
- The customer doesn't know it has a problem
- Not knowing why you cannot define the what, where, when, how.
- Result- petting zoo but no practical innovation.
Answer?
Insist that the blahblahtech has mapped the why, has worked directly and successfully in your market with your kind of customers.
And you, of course have to have decided why before engaging with blahblahtechs.
Want to predict the future? Create a Wardley Map (https://leadingedgeforum.com/advisory-service/wardley-maps/)."Wardley Maps are a means of achieving this.
Or if you are an insurer try 360Globalnet.com which knows the why.
The last trap of the fintech petting zoo is a process that is doomed for suboptimal results. Scott Watson, the CIO of Cape Cod 5 Cent sums it up succinctly: “figuring out the problem is hard and not so much fun. It’s easier to start shopping for solutions and try to work backwards.” My partner JP equates this with going to the grocery store hungry. You end up with all the ingredients but don’t have everything you need to make a meal. This is how you end up solving a problem no one has with technology nobody wants.
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