Experiment Cycle Time is a measure of how long it takes for an idea to go through the innovation process, from acceptance to rejection after testing. This metric is used to assess the efficiency of the process for quickly, cheaply, and safely determining which ideas are not viable. It is not typically used as a primary goal, but rather as a secondary metric to complement other measures such as time to market or time to volume, which are used to evaluate successful ideas.
Here are some examples of Experiment Cycle Time in action:
- A company that develops new products has a process for evaluating and testing new ideas. They receive a suggestion for a new type of kitchen gadget and begin the innovation process. After conducting market research, prototyping, and testing the product, they determine that it is not viable due to low demand. The Experiment Cycle Time in this case would be the length of time it took to go through the entire process and make the decision to reject the idea.
- A tech start-up has a process for rapidly prototyping and testing new software features. They receive a suggestion for a new feature and begin the innovation process. After conducting user testing and analyzing the results, they determine that the feature is not viable due to low adoption rates. The Experiment Cycle Time in this case would be the length of time it took to go through the entire process and make the decision to reject the idea.
- A pharmaceutical company has a process for evaluating and testing new drug candidates. They receive a suggestion for a new medication and begin the innovation process. After conducting extensive clinical trials, they determine that the drug is not effective and decide to reject it. The Experiment Cycle Time in this case would be the length of time it took to go through the entire process and make the decision to reject the idea.
In all of these examples, Experiment Cycle Time measures the speed at which the innovation process can identify and reject ideas that are not viable, allowing the company to focus resources on more promising opportunities.
