How Innovation Gets Done
For SIX, innovation is not just a buzzword, it is an elementary component of our corporate culture. We not only operate the infrastructure of the Swiss financial center, we develop it further and take it to the next level. We do this by tapping directly into the knowledge of our specialists.
We put these ideas and suggestions through their paces and recognize the potential for real innovation. We develop promising approaches into marketable services and products as quickly as possible. The advantages for our partners and clients are obvious: We react quickly to changing needs and support the digitalization and sustainability of the entire market with broad expertise.
We drive the development of innovative solutions with motivated teams, realistic business cases and the application of the design thinking method. Once the product is ready, we integrate it into our traditional portfolio and develop it further from there.
Innovation Funnel of SIX
Ideas often arise spontaneously, innovation not. That’s why we follow a plan.
Anticipating the Needs of Tomorrow
In this phase, we focus extensively on research and trends to create a future szenario. We analyze industry market research and work closely with renowned universities. Our goal is to determine the future needs and problems for our clients. In consideration of technological and regulatory developments, we generate several future scenarios. We combine these into a “Picture of the Future” and use them to derive hypotheses for the next phase.
The Idea Emerges
From the hypotheses of the “Picture of the Future” we generate various ideas to anticipate future changes. The ideas are developed by employees or through challenges with external partners (universities, developers, FinTechs). We then check the list of ideas against our fields of innovation as well as the strategy of SIX and define a first priority.
Definition of Benefits and Necessary Means
The innovators carry out a so-called elevator pitch and show the need that is covered by the innovation. The elevator pitch also identifies the funds and resources required for further development. Depending on the idea, up to three months are invested into evaluating the relevant client need. If this hurdle is crossed, the innovation receives the status of an initiative and takes the next step to Experimenting & Testing (Gate 1).
From Initiative to Prototype
In this phase, the innovators not only prove the actual need, but also outline the innovation in the form of a prototype. In addition, there is the designation of possible partners or clients who could be considered for the solution. This is used to demonstrate the potential marketability at a very early stage. Because that is our goal: We develop for real needs. Once the innovator has successfully mastered this phase, the next step is Solution Finding (Gate 2).
Innovation Takes Shape
With the arrival at Gate 2, the innovation moves towards the market. This means that so-called early adopters of the solution are already on board and can influence the development. The prototype of the product is tested through a Proof-of-Concept (PoC) and prepared for market entry. This involves users or potential clients who give their opinion on the solution. If the innovation is also convincing here, the initiative moves on to Market Fitting (Gate 3).
The Prototype Becomes a Product
At this point, the innovation already presents itself as a so-called Minimum Viable Product (MVP). In other words, in a state in which it can already be used in its basic outline and is very easily recognizable in its final form. In this phase we sharpen the potential of the solution: by determining the scalability of the product. An essential part of this phase is the acquisition of a first paying client for the solution. If all these conditions are met, the initiative continues with scaling (Gate 4).
The Product Enters the Market
With the MVP and the first client on board, the product is developed further. A dedicated team now prepares everything for scaling. The sales activities are started, the marketing is set up, the roadmap is finalized and additional clients are brought on board.
Let’s Co-create Innovation
SIX is open to collaborate with companies to explore current business needs and find solutions together. We are happy to tell you more about co-creation opportunities in innovation.