FIP 124: Using Design Thinking in the Needfinding Process with Elizabeth Knight

On this podcast you will learn: How Andy and Elizabeth are dealing with the new world of COVID 19 - structured journaling with pen and paper. (3:55) What is needfind and why is it important? (4:30) It’s important because it’s a shift in terms of how we think about entrepreneurship and creating value as an entrepreneur; building a business or enterprise around a need (real problem) rather than a singular idea gives greater scope to produce value and to solve a problem in a sustainable way; it’s about core needs and what people are willing to pay for. If you take away the beginning pressure of having to come up with a business model that’s going to be profitable but focus on finding a real need that people are experiencing then you get to know that problem in a lot more intimate way and the more you become the expert on that problem the better; potential profitable is short-term thinking nowadays. (7:05) If we’re designing solutions for lower income people in informal settlements (11:03) Design thinking gives you a tool / framework to explore that problem in more detail. How design thinking has helped Elizabeth. (13:57) Helpful for simplifying her problem down into its core essence which helped in communicating to other people; but also challenged her biases, assumptions, etc. When does she know that enough is enough and when to move on? (20:20) There is a tipping point where you’ve done so much validation that it can become confusing; when you get to that point that is when strategic thinking is important particularly for early stage founders. Tools that people can use in this process: (25:52) Lean canvas - essentially a one page business plan which captures your assumptions, the problem you're trying to solve, your solution, your customers, revenue stream, unique value, etc. all on one page; does not account for the role of the individual and does not allow you to explore what you’re passionate about and your strengths. Empathy - not a bad thing to overcompensate; always put yourself back into your customers shoes. Resources from this episode: Company website: https://www.purposeful.org.au/ TEDxUWA https://www.ted.com/talks/elizabeth_knight_generation_z_this_one_is_for_you Connect with Elizabeth: LinkedIn https://www.linkedin.com/in/elizabeth-knight-009757149/