Design Thinking For Business, And How It Can Benefit SME’s

Every new business or new product initially starts as an idea. Unfortunately the statistics don’t show promising news with up to 95% of new products failing each year and reports stating that anywhere between 50 – 90% of new businesses fail in their first four years. Fortunately, design thinking is a methodology that can rescue many such cases.

SME’s, where the majority can be characterized as having a lack of available funds and resources when it comes to new service or product development, are under increasing pressure and financial strain, especially in the current economic climate, to deliver successful innovations. Following the Design Thinking Methodology, for the purposes explained above, can be a viable and less expensive option for SME’s than alternatives which can include hiring a consultant or simply introducing a new product and hoping that a good sized share of the market will purchase it.

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