Lot Fourteen business 11point2 is shaping the way for corporate companies to use modern strategies – and turn risks into entrepreneurial tools.
By Eva Blandis, Future Adelaide Intern
Innovation is key to creating a thriving business but – at times – requires innovators and creative thinkers to take risks and be prepared to fail forward.
That’s the view of Rajat Kulshrestha, co-founder of Lot Fourteen-based idea validation company 11point2.
He says while risks are generally avoided, entrepreneurial thinking can be used to improve the innovation process and company development.
11point2 is shaping the way for corporate companies to use modern business strategies and turn risks into innovation tools rather than avoiding them.
“Corporates have traditionally tried to eliminate risk out of everything they do,” Kulshrestha says.
“(You should) use risk as a superpower rather than something you need to eliminate out of the process.
“A lot of corporate innovation depends on designing and analysing solutions.”
Established in 2018 by Rajat Kulshrestha and George Freney, 11point2 encapsulates the innovation culture that is in full bloom at Lot Fourteen.
Managing director Mark Ogden says 11point2 started as an exploration of why corporations struggle to sustain innovation success.
“Our thesis was how to bring entrepreneurial agility and mindset into the large organisation environment and achieve a different outcome,” he says.
Based at Lot Fourteen within the Australian Cyber Collaboration Centre (A3C), the company develops an IdeaFIT Model to suit the varying businesses they work with.
The model consists of the “fuel”, “ignite” and “test flight” stages, which assist in the development of a viable product or business venture.
11point2’s process is unique to South Australia as the only business to use this framework.
The IdeaFIT Model allows for the identification of correct technologies and the creation of a “minimum viable demonstration” that can be collided with the market.
Ogden describes 11point2 as having an integral role in bringing companies together and creating a broader innovation community.
“We almost act like a link between organisations and the massive ecosystem that is the entrepreneurial community,” he says.
“One of the things we have deliberately done is play quite a niche role in the innovation ecosystem.”
Having previously worked with major companies such as RAA and communications company Codan, 11point2 successfully identifies the correct business frameworks to incorporate innovative thinking.
“Corporate businesses want to bring entrepreneurial capabilities into their business without disrupting it,” Ogden says.
Original article published on adelaidenow.com.au
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