Written by Yelena Melamed, Co-Founder and Head of Product at Catchlight.
As a long-time product geek, I can proudly say that some of the best products built, and teams behind them, fail many times before they hit it out the park. The key to success does not come from luck, it comes simply from taking more swings at the plate. Since we all work with limited resources, like time, ruthless prioritization and the application of the Crawl-Walk-Run approach is essential for solving any problem, well beyond building products.
The Crawl-Walk-Run Philosophy
The Crawl-Walk-Run approach is a metaphor for an iterative, experimental problem-solving methodology. It’s about starting small, learning fast, and scaling wisely. It’s about embracing the journey of progression, where each step is a calculated experiment that brings us closer to our goals.
How Catchlight Is Built
We started simply, with appreciating the growth problem in wealth management. It’s hard, it’s multi-dimensional, and firms have different facets of this problem they are trying to solve. Full stop (yes, you must take time to appreciate the beauty of this problem!). We wrote out this problem, and all it’s components, and ruthlessly prioritized. Our first solution was fully hand cranked, and…it was wrong.
We ‘crawled’ again, and again. With feedback from tremendous advisor-partners, like XML Financial, until we started to see that the solution resonated and built our first piece of software to continue to gather more feedback. It was still the minimum viable product (MVP), the simplest version of the product that solves the problem at its most basic level.
Next, we ‘walked’. We tested our MVP, gathered data, and learned from it. We iterated on the design, made improvements, and gradually added more features based on feedback and observed user behavior.
Finally, we ‘ran’. As we continue to scale the product, armed with insights gleaned from extensive testing and iterations, we continue to work through the same crawl-walk-run loops for any new solution/feature.
The Startup Ecosystem and Incubators
This approach is not unique to us. It’s the lifeblood of startups and incubators, like Fidelity Labs. Startups begin with an idea (crawl), develop a prototype, and validate the concept (walk), then scale the business (run). Incubators foster this process by providing resources and guidance at each stage. Startups have the advantage of being small, nimble organizations, it’s important that they embrace this advantage to find success.
Same Methodology, Different Application
Our most successful clients are masters at iteration and testing. The same iterative, experimental problem-solving approach, is common at financial firms consistently demonstrating growth. In a rapidly evolving landscape, agility and adaptability are key. But remember, this is not a one-size-fits-all methodology. Building a culture of innovation will probably look different for every organization based on its size, age, and structure. By embracing the Crawl-Walk-Run approach, our clients continuously innovate, adapt, and stay ahead of the curve.
The Crawl-Walk-Run approach is more than a methodology; it’s a mindset. It’s about acknowledging that the path to success is not always linear, but a series of iterative steps, each offering a valuable opportunity to learn, adapt, and grow. As we continue to innovate and push the boundaries of fintech, we invite you to join us on this exciting journey of continuous learning and growth (as always, feedback is encouraged and welcome!).