By John Mathers, Chair, British Design Fund
The launch of the fourth British Design Fund lands just as McKinsey, the management consultancy, launches a new report on the importance of design.
It’s no secret that a healthy design team is critical to a healthy business and that design sits at the very heart of successful innovation. But simply having design resource within your team may not be enough.
The new report digs into that question, with some surprising findings. McKinsey found that the key to a successful design team has nothing to do with how many designers you have, but rather where you’re putting them to work.
McKinsey looked at data from 3 million designers and design leaders in more than 100,000 design departments, combined with their organisations’ financial performance. In addition, they ran an in-depth survey of over 250 business and design leaders and held interviews with 30 senior executives in leading design-driven companies.
They found that organisational integration was the hallmark of successful design. The key was embedding design (and designers) into cross-functional teams and giving them the training and the tools needed to collaborate and lead successfully.
Overall, there were three key integration themes they identified:
Get these three themes right and you will see benefits not only in financial performance but also through having happier employees, more evidence of innovation, and stronger environmental, social, and governance (ESG) impact.
Have a look at some of the recent companies we have invested in here and you will see how we have been embracing these very principles ourselves at the British Design Fund.
The fourth British Design Fund is currently open to investors and more information can be found here on the BDF4 investor portal.