The Business Fit Framework® business intelligence software tool is nominated for the Edison Award in Innovation Services.
The founders, Drotar and Morrissey discovered that companies lack a strong grasp of the uncertainty and risk in their product development projects, and frequently take on projects that are riskier than perceived. Surprises cause delays, and projects that should already have been killed are a drain on time and resources that can easily amount to $millions for a single failed product.
The Business Fit Framework software tool leverages behavioral economics principles to root out uncertainties, while tracking risk reduction progress from idea through launch, and enhancing decision-making through data visualization. This tool is designed to help project teams to drive down and reduce the most significant product uncertainties and risks.
The Business Fit Framework is also a recipient of an NSF STEM I-Corp grant, and it enabled an expanded reach into the product development community to study commercial feasibility. Through interviews with more than 100 product development professionals, the grant-funded research facilitated the identification of existing product development solutions and minimum viable product (MVP) input that was instrumental in informing the design and development of the Business Fit Framework.
To learn more about the Business Fit Framework, please read this white paper/case study.