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  • Opening by SidIntroduce the various badges – Facilitators, mentors, participants, companies presentIntroduce Prof CC Hang (Dean of Department of Engineering & Technology Management) for words of inspirationLK add sponsored by Dow Chemical; Keppel and NUS Engineering
  • LK Add timings and EXPLAIN the structure - why did we put this together like this? What is the benefit for them?
  • If no one asks a Q, then you ask a Q
  • Order of teams
  • Add in business models (nespresso & coffee)

Innoventure Bootcamp Presentation Transcript

  • 1. InnoVenture Bootcamp 5th October 2013 1
  • 2. Why this competition? 2
  • 3. CC 3
  • 4. Overview of the Competition 4 Randall Sie
  • 5. Overview of the Competition Timeline 5
  • 6. Technopreneurshipand Incubation Programme (TIP) EG1603 and EG2603A *For FoE undergrad and graduate students MCs count towards UEM Attend all bootcamps (5,12,13 Oct) and pitch (31 Oct) 6
  • 7. Bootcamp Agenda 1. Overview of the Competition 2. Problem Statement Presentations 3. What makes a product a Success? 4. Interview Company Experts in Depth 5. Lunch 6. Solutions Generation & Feedback 7. Can you make money on your product? 8. Final remarks/announcements 7
  • 8. 8
  • 9. Problem Statement Presentations 9
  • 10. Break 10 10:00 – 10:30
  • 11. House Rules • Be on time and stay till we are done • It is a CREATIVE workshop – CREATE the right environment • Respect others • Entrepreneurship is – “Team sport” – “Contact sport” – ENGAGE! 11
  • 12. Break Instructions If you are a team: • Fill in your top 3 preferences of problem statements • Submit to organizing committee If you signed up as an individual: • Come to the front • We will help you find team members • Submit your top 3 preferences as a team 12
  • 13. Business Aspects 1 13 1. What Makes a Product Successful? 2. How to Interview? 3. Who is the customer? 4. What does the customer want? Luda Kopeikina
  • 14. What Makes a Product Successful? 14
  • 15. What is Wealth Creation?
  • 16. What is Wealth? WEALTH WEALTH MONEY
  • 17. What is Money? • Why do people exchange money for things? • … because they WANT these things, they are VALUABLE for them
  • 18. Wealth Creation • Common belief that businesses create moneyX  Businesses create WEALTH – they produce what people WANT Wealth creation = producing something that people want
  • 19. Successful Product Framework 19 Value Creation IMPACT 1. Unique? 2. Who Cares? 3. Can we make money? 4. Great team?
  • 20. Business Model Canvas 20 GUESS GUESS GUESS GUESS GUESS GUESS GUESSGUESS GUESS
  • 21. How do you find out about Value? 21 Get out of the building! INTERVIEW!!
  • 22. Time is precious… …Preparation is the KEY! 22
  • 23. Be Clear About the Meeting Intent As preparation: • Brainstorm and formulate a concise statement of intent and objectives • Per Objective: Prioritized list of questions (based on guesses) 23 It’s OK to state the intent and objectives at the start of the interview (!!!)
  • 24. Additional Tips… 1. Do not use “usually” in a question, ask about a specific occurrence 2. Encourage stories 3. Don’t be afraid of silence 4. Don’t ask binary questions, no leading questions 5. Always interview in pairs or RECORD the interview 24
  • 25. Are you satisfied with your toothbrush? 25
  • 26. Toothbrush Exercise • In pairs, interview eachother about your toothbrush preferences (2 min each) • Make a mock-up (10 min) – Draw or prototype using stationary available • Receive feedback on mock-up (3 min each) • Re-design/improve mock-up (5 min) • Final Product Presentation (2 min each) 26
  • 27. 27
  • 28. Who is the Customer? What does he/she want? 28
  • 29. Successful Product Framework 29 Value Creation IMPACT 1. Unique? 2. Who Cares? 3. Can we make money? 4. Great team?
  • 30. Problem/Solution Validation 30 Solution Technology Problem Need CustomerProduct Customer Discovery Product Development Solution/Problem Validation Feedback Customer Discovery = CPSMVP
  • 31. Example – School in India
  • 32. Who is the Customer? 32 End User • Day to day users • May have zero influence in buying process • Preferences and decisions influence or impact buying decisions • The person who controls the money or is in charge of the budget • The buck stops here Influencer / Recommender Economic Buyer Decision Maker Customer Influence Map
  • 33. How bad is the Pain? 33 Your Customer
  • 34. How bad is the Pain? 34 Your Customer
  • 35. CPS: Customer – Pain - Solution 35 • Customer: • Pain/Problem/Need: Pain Level (1-5, 5 High): • Solution:
  • 36. CPS: Furniture for Rural Schools 36 Customer: • Users: students in rural schools • Buyer & Decision Maker: Principal Need: • Practical inexpensive furniture Solution: • Create new furniture out of old or broken furniture that could be re- designed & re-used
  • 37. 37
  • 38. Minimum Viable Product 38
  • 39. Problem/Solution Validation 39 Customer Discovery = Solution Technology Problem Need CustomerProduct Customer Discovery Product Development Solution/Problem Validation Feedback CPSMVP
  • 40. Minimum Viable Product • A product with a minimum set of features that solves a core problem for “early adopter” customers 40 Why is the MVP important? • MVP is the minimum set of features needed to learn from early customers • Allows Rapid Prototyping &FASTFeedback • Enables multiple iterations • Avoids building products nobody wants • Maximizes the learning per dollar spent
  • 41. CPS & MVP 41 Customer Pain/Problem/Need Minimum Viable Set of Features Good-to-havePain Level (1-5, 5 High)
  • 42. Use the chart for your interview preps 42 Test your ASSUMPTIONS!
  • 43. 43
  • 44. Team Matching • Have a matrix with team names assigned to which problem statement and the mentor with it 44
  • 45. Identifying Elements of Value 45 Randall Sie
  • 46. Break Out – Identifying Value Breakout: • Start preparing for your interviews – List assumptions on Value – List assumptions on MVP – Formulate questions • Each team will get 10 mins with the company to ask questions • Use the remaining time to start your research and work on CPS - MVP ~1 hour 46
  • 47. Brainstorm Rules • Produce as many ideas as possible • Produce ideas as wild as possible • Buildupon each other’s ideas • Avoid passing judgment on ideas • Leverage Individual Creativity – Individual Brainstorm – Discuss as a team & eliminate duplicates – Built on each other ideas 47
  • 48. Lunch 48 12:30 – 13:30
  • 49. Generating Solutions 49 Luda Kopeikina
  • 50. Innovation = Recombination • Innovation is RECOMBINATIONof technologies, people, ideas, objects in a novel way Twitter • Jack Dorsey, Biz Stone & Evan Williams were looking for opportunities in the world of vehicle dispatch Viagra • (UK-92480) Originally intended to treat Angina (chest pains) 50
  • 51. Bricks Exercise • Think of as many uses for a BRICK 51
  • 52. Product Differentiation 52
  • 53. Competitive Positioning Hypothesis High Low High Feature Performance ?Benefits
  • 54. Sources for you to use: • IP Search – Industry Liaisons Office (ILO) – PatSnap (access via website NUS Libraries) – Google Patent Search • University Departments/Institutes (Staff) • Look at possible competitors • … 54
  • 55. From MVP to User Specification • What is a user spec? • How to create a User Spec from MVP? • User Spec includes – Main Functions (what is the product expected to do?) – Features to perform main functions – Expected performance • User Spec is defined from the user’s perspective
  • 56. User Spec Categories • Functional requirements • User interface requirements • Usability • Performance • Manageability/Maintainability • System interface/integration • Security/Data management
  • 57. Break Out • Research solutions • Research people who you think can help you • Start brainstorming solutions! • At least 10 solutions per problem statement ~1 hour 57
  • 58. Feedback on Solutions 58
  • 59. Break Out – Feedback on Solutions • Continue researching your problem statement • Continue generating solutions • Each team has 10 min with the company for feedback ~1 hour 59
  • 60. Team Order for Companies • List the teams per problem statement/company and order them 60
  • 61. Break 61 15:30 – 15:45
  • 62. Adjusting Solutions 62
  • 63. Example: Barmaid • From concept to cash register – Barmaid Product • http://www.slideshare.net/rishi12/from- concept-to-cash-register-the-illustrated- prototyping-process-for-lime-tree-coves- barmaid?from=ss_embed 63
  • 64. User Spec Categories • Functional requirements • User interface requirements • Usability • Performance • Manageability/Maintainability • System interface/integration • Security/Data management
  • 65. Will Your Product/Company Make Money? 65 Luda Kopeikina
  • 66. Successful Product Framework 66 Value Creation IMPACT 1. Unique? 2. Who Cares? 3. Can we make money? 4. Great team?
  • 67. How can we make money on it? is answered by the Business Model Business Model is Viable when the company makes money
  • 68. What is a Business Model? • “Business Model describes the rationale of how an organization creates, delivers and captures value” Alex Osterwalder, “Business Model Generation” • Business Model includes all activities to make, promote, sell, deliver and support your product
  • 69. Business Model Canvas Sell Promote Make Deliver Support Price Make Money? VIABLE BUSINESS Costs Revenue Valuable Product
  • 70. Example – Business Model Innovation 70
  • 71. Coffee Machines
  • 72. Nespresso Business Model
  • 73. Generating Business Models • Create 3-5 different ways to get your solution to market – Sell – Rent – Lease – … • Work out at least 2 business models – Use the Business Model Canvas ~45 mins 73
  • 74. Is Your Business Viable? 74
  • 75. Successful Product Framework 75 Value Creation IMPACT 1. Unique? 2. Who Cares? 3. Can we make money? 4. Great team?
  • 76. Business Model Canvas Sell Promote Make Deliver Support Price Make Money? VIABLE BUSINESS Costs Revenue Valuable Product
  • 77. Testing for Business Viability • A. Test for Profitability – High Unit Margin • B. Test for Scalability – Size of the market – Ease of spread – can it be viral? 77
  • 78. Unit Margin Calculation Unit Margin = Unit Price – Unit Direct Cost (Produce 1 unit) Unit Margin = Total Revenue – Direct Costs (Produce multiple units) Number of Units Sold 78
  • 79. Importance of High Margin Engine of Growth = Unit Margin Unit Margin = Money to Invest in Customer Acquisition 79
  • 80. Business at Ramp - Definition The Business is • Beyond break-even point (revenues cover costs) • Your products are selling well and • The business has stabilized 80 Start-up At Ramp Mature
  • 81. Testing Unit Margin Start-up • Producing small number of units • High cost • Most businesses require “seed” capital to fund costs Testing Unit Margin is better done “at Ramp” 81
  • 82. Costs • Direct Costs (to make your product) – Manufacturing Costs – Supplier Costs – Logistics Costs • Indirect Costs (to run your business) – Rental of space (office, lab, storage, etc.) – R&D costs – Sales, discounts, marketing – Free samples and trial products 82
  • 83. Direct Costs 83
  • 84. Example – Unit Margin 84 Unit margin tells you whether the business can make money
  • 85. Break Out – Testing Unit Margin Find the spreadsheet • Estimate Number of Units that your business will sell AT RAMP • Estimate Direct Costs • Compute Unit Margin For the spreadsheets: only alter the BOLD numbers. The sheets are linked with formulae 85
  • 86. 86
  • 87. Final Remarks/Announcements 87 Sid Rajgopalan
  • 88. Announcement • Venue next week: – NUS High School of Mathematics and Science – 20 Clementi Avenue 1 • Start at 9 AM !!! • NO sandals/slippers, long pants (no shorts or skirts) 88
  • 89. Install/Download Software • Add software that needs to be downloaded • Announce that we will send a mailer to everyone and to check the website/facebook for updates 89