Design Fast, Sprint Faster: New Business Idea Development using Design Thinking Approach

The objective of this thesis was to develop a new business idea focused on the financial and purchasing behaviour of millennials using the design thinking process. The design thinking process consists of empathizing with the target audience, designing a prototype and testing the prototype in order to obtain relevant feedback for evaluating the potential business. A business model, a value proposition and a rapid prototype in the form of a landing page were created. That was followed by testing and feedback gathering that allowed for the overall analysis and conclusion of the effectiveness and relevance of design thinking for business idea development. The results suggested that design thinking is a viable process for creating human-centred business ideas and new solutions that satisfy the current or latent needs of customers.