What is Design Thinking and why is it better?

Business Innovation with Design Thinking

Before I give examples of use of Design Thinking for Business Innovation, it is important to give a quick overview of Design Thinking.

TRADITIONAL APPROACH

In traditional approach, for evaluating any business proposition, the two most important aspects that are taken into account by business executives are (1) Viability, and (2) Feasibility. This approach looks at the business benefits of a proposal (viability) and then evaluate whether it is doable in a practical manner (with through own resources or partnering with some) in a timely fashion or not (feasibility). The initiative which ranks the highest on these two metrics, is blessed with funding and kicked off. It seems like a very reasonable way of solving problems. Then why do more than 95 % of these initiatives do not live up to their expectations? There are several reasons:

  1. Both viability and feasibility projections are based on assumptions about the future.
  2. The approach follows

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