SEED - MDI: Workshop on Idea Generation

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The presentation used by Mr. David Wittenberg, CEO - The Innovation Workgroup, while conducting a Workshop on Idea Generation at MDI, Gurgaon on 22nd August, 2010.
The Workshop was organized by SEED, the Entrepreneurship Cell of MDI.

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SEED - MDI: Workshop on Idea Generation

  1. 1. the innovation workgroup the innovation workgroup Entrepreneurship: What’s the Big Idea? Presented at MDI, Gurgaon 22 August, 2010 world-class innovation 0
  2. 2. the innovation workgroup Agenda – Part 1 1. Four Levels of Entrepreneurial Success 2. Four Traits of Successful Entrepreneurs 3. Three Skills of Successful Entrepreneurs 4. Where Do We Go From Here? world-class innovation 1
  3. 3. the innovation workgroup Four Levels of Entrepreneurial Success • Struggling STRUGGLING world-class innovation 2
  4. 4. the innovation workgroup Four Levels of Entrepreneurial Success • Struggling • Subsisting SUBSISTING STRUGGLING world-class innovation 3
  5. 5. the innovation workgroup Four Levels of Entrepreneurial Success • Struggling • Subsisting • Prospering PROSPERING SUBSISTING STRUGGLING world-class innovation 4
  6. 6. the innovation workgroup Four Levels of Entrepreneurial Success • Struggling • Subsisting IMPACTFUL • Prospering • Making an impact PROSPERING SUBSISTING STRUGGLING world-class innovation 5
  7. 7. the innovation workgroup What Traits And Skills Determine Your Entrepreneurial Success Level? TRAITS SKILLS world-class innovation 6
  8. 8. the innovation workgroup Four Traits and Three Skills Of Successful Entrepreneurs TRAITS SKILLS • Vision • Problem-Solving • Ambition • Management • Risk-Taking • Leadership • Trustfulness world-class innovation 7
  9. 9. the innovation workgroup Four Traits Of Successful Entrepreneurs TRAITS • Vision • Imagination • Time Horizon • Scope – Geographic – Market Segments – Product Line world-class innovation 8
  10. 10. the innovation workgroup Four Traits Of Successful Entrepreneurs TRAITS • Vision • Personal Vision • Ambition • Growth Target • Motivation – Economic – Lifestyle – Values world-class innovation 9
  11. 11. the innovation workgroup Four Traits Of Successful Entrepreneurs TRAITS • Vision • Need for Security • Ambition • Desire for Gain • Risk-Taking • Ability to Assess Risk world-class innovation 10
  12. 12. the innovation workgroup Assess Your Risk-Taking Profile Which One Would You Choose? A B • A voucher from the • A raffle ticket with a Govt. of India prize of Rs 5 lakh • Value Rs 2 lakh • Only one other raffle • Payable in two weeks’ ticket will be issued time • Drawing in a fortnight world-class innovation 11
  13. 13. the innovation workgroup Assess Your Risk-Taking Profile Which One Would You Choose IF YOU HAD TO PAY Rs 1 LAKH? A B • A voucher from the • A raffle ticket with a Govt. of India prize of Rs 5 lakh • Value Rs 2 lakh • Only one other raffle • Payable in two weeks’ ticket will be issued time • Drawing in a fortnight world-class innovation 12
  14. 14. the innovation workgroup Four Traits Of Successful Entrepreneurs TRAITS • Vision • Who Is Responsible for My Success? • Ambition • View of Business • Risk-Taking Relationships • Trustfulness – Zero-Sum – Win-Win world-class innovation 13
  15. 15. the innovation workgroup Three Skills Of Successful Entrepreneurs SKILLS • Problem-Solving • What Value Do I Add? – Knowledge – Instinct – Experience world-class innovation 14
  16. 16. the innovation workgroup Three Skills Of Successful Entrepreneurs SKILLS • Problem-Solving • How much responsibility can I • Management discharge successfully? – Self-management – Managing others world-class innovation 15
  17. 17. the innovation workgroup Three Skills Of Successful Entrepreneurs SKILLS • Problem-Solving • How many people can I inspire to • Management support me? • Leadership – Persuasion – Motivation – Communicating the Vision world-class innovation 16
  18. 18. the innovation workgroup Profile of a Subsistent Entrepreneur TRAITS SUBSISTENT ENTREPRENEUR • Vision • Get Through the Day • Ambition • A Little Extra to Save • Risk-Taking • Low Tolerance for Risk • Trustfulness • Trusts the System SKILLS • Problem-Solving • Immediate Problems • Management • Self • Leadership • None world-class innovation 17
  19. 19. the innovation workgroup Profile of a Prosperous Entrepreneur TRAITS PROSPEROUS ENTREPRENEUR • Vision • Short Horizon, Limited Scope • Ambition • Satisfaction, Fulfillment, Luxury • Risk-Taking • Situational, Depends on Personality • Trustfulness • Trusts Self SKILLS • Problem-Solving • Tactical Problems • Management • Self and 1-20 Others • Leadership • Business Activity world-class innovation 18
  20. 20. the innovation workgroup Profile of an Impactful Entrepreneur TRAITS IMPACTFUL ENTREPRENEUR • Vision • Long-term, International or National • Ambition • Unlimited • Risk-Taking • Formalised, Depends on Analysis • Trustfulness • Trusts Others SKILLS • Problem-Solving • Strategic Problems • Management • Large Organisation • Leadership • Global Enterprise world-class innovation 19
  21. 21. the innovation workgroup Assess Your Risk-Taking Profile Which One Would You Choose? A B • A voucher from the • A raffle ticket with a Govt. of India prize of Rs 5 lakh • Value Rs 2 lakh • Only one other raffle • Payable in two weeks’ ticket will be sold time • Drawing in a fortnight world-class innovation 20
  22. 22. the innovation workgroup Assess Your Risk-Taking Profile Which One Would You Choose IF YOU HAD TO PAY Rs 1 LAKH? A B • A voucher from the • A raffle ticket with a Govt. of India prize of Rs 5 lakh • Value Rs 2 lakh • Only one other raffle • Payable in two weeks’ ticket will be issued time • Drawing in a fortnight VALUE VALUE Rs. 200,000 X Probability 100% = Rs. 500,000 X Probability 50% = Rs 200,000 Rs 250,000 world-class innovation 21
  23. 23. the innovation workgroup Look in the Mirror My society: does it support entrepreneurship?  Reject tradition  Juniors know better than seniors  Don’t accept the world as it is  Be different from everyone else  Prefer risk to security  Take initiative instead of reacting only  Do what you want, not what your parents want world-class innovation 22
  24. 24. the innovation workgroup Where Do We Go From Here? • Self-Assessment • Knowledge Acquisition • Personal Development – Mentoring – Coaching world-class innovation 23
  25. 25. the innovation workgroup Your Assignment for Today Write down one action you will take to prepare yourself for entrepreneurship • Self-Assessment • Knowledge Acquisition – Problem-solving ability • Personal Growth – Mentoring – Coaching world-class innovation 24
  26. 26. the innovation workgroup BREAK TIME! world-class innovation 25
  27. 27. the innovation workgroup Agenda – Part 2 1. Successful entrepreneurial ideas deliver value 2. Breakthrough value comes from simple insights 3. Insights are gained through observation 4. Innovative ideas come from unexpected connections 5. New solutions can be assessed quickly and reliably world-class innovation 26
  28. 28. the innovation workgroup Entrepreneurship: What’s the Big Idea? Part 2 Point 1: Successful entrepreneurial ideas deliver value world-class innovation 27
  29. 29. the innovation workgroup The Best New Concepts Meet Real Needs B • Economy • Convenience V= • Entertainment • Affiliation P • • Self-Actualization Productivity How will it make someone’s life better? world-class innovation 28
  30. 30. the innovation workgroup Entrepreneurship: What’s the Big Idea? Part 2 Point 2: Breakthrough value comes from simple insights world-class innovation 29
  31. 31. the innovation workgroup What insights are required? Innovative solutions that Innovative, desirable few will accept solutions Technical insights Acceptable solutions Unoriginal solutions with subject to technological no particular appeal displacement Customer insights world-class innovation 30
  32. 32. the innovation workgroup the innovation workgroup Technology insight • Client: Office technology firm • Situation: Client’s key products included expensive printer components. Client desired intellectual property (IP) to create more leverage with printer component makers. • Engagement: Structured innovation exercises, including brainstorming and creative games. • Results: One team member developed an insight. Base on the insight, he invented a solution to enhance print quality. The solution was patented. More than 15 years later, the client won a 45 crores dollars ($450 million) judgment against Hewlett- Packard for patent infringement. world-class innovation 31
  33. 33. the innovation workgroup the innovation workgroup What was the insight? • All the dots are the same size (observed fact); • There is a technology to make them different sizes (technology insight) Canon S520 ink jet printer - print head world-class innovation 32
  34. 34. the innovation workgroup the innovation workgroup What was the idea? • Before • After world-class innovation 33
  35. 35. the innovation workgroup Case Study: Customer Insight • How can you sell a Rs. 20 cup of coffee for Rs. 100? world-class innovation 34
  36. 36. the innovation workgroup Case Study: Customer Insight • The market for coffee – Cheap coffee – New flavors – New sizes world-class innovation 35
  37. 37. the innovation workgroup What was the Insight? • Americans are pressurised • Why was this important? world-class innovation 36
  38. 38. the innovation workgroup What was the idea? • The “third place” world-class innovation 37
  39. 39. the innovation workgroup The source of Starbucks’ success Source: Booz Allen Hamilton world-class innovation 38
  40. 40. the innovation workgroup What Was The Key? • Customer Insight! – Purchasing preferences – Distributor needs • Why did people choose Snapple? “Snapple isn't about accomplishing an objective; it's about adding a little whimsy to the humdrum and the everyday. The job's dull and the car is more safe than sporty, but at least you can get a little wild at lunch with a Mango Madness.” -- Harvard Branding Professor John Deighton world-class innovation 39
  41. 41. the innovation workgroup Entrepreneurship: What’s the Big Idea? Part 2 Point 3: Insights are gained through observation world-class innovation 40
  42. 42. the innovation workgroup Roles and Responsibilities in Innovation Implementation Inquiry Making Finding new solutions work problems & in the world opportunities Improvement Invention Turning solution Identifying causes & concepts into real conceiving solutions solutions Adapted from Dr. Min Basadur world-class innovation 41
  43. 43. the innovation workgroup Entrepreneurship: What’s the Big Idea? Part 2 Point 4: Perspective shifting can spark original ideas world-class innovation 42
  44. 44. the innovation workgroup Indian Culture: What attitudes are rewarded? INDIAN FAMILIES OBEDIENCE • Who chooses the child’s profession? • Who chooses the child’s mate? INDIAN SCHOOLS IMITATION • What answers are expected on the test? • What skills are rewarded with high marks? INDIAN COMPANIES • What does the manager expect from the employee? DEFERENCE • What is basis for promotions? INDIAN SOCIETY • What is more important, relationships or results? ACCEPTANCE • What are we willing to tolerate? world-class innovation 43
  45. 45. the innovation workgroup the innovation workgroup Common Barriers To Creativity • I’m not creative • I don’t like to be the center of • It’s not my job attention • It’s not what our company • I’ll be uncomfortable with does other people’s reactions • My boss will not let me • There’s always a reason why • Everybody criticizes new ideas “we can’t do that” • This company doesn’t handle • There’s no reward for new new ideas well ideas here • I can’t predict the return on • It’s too risky investment • I don’t have the right • We’ve never done it that way qualification world-class innovation 44
  46. 46. the innovation workgroup What is the Solution? OBVIOUS LESS OBVIOUS • New Product • Customer Service • New Process • New Channel • New Feature • Lower Price • New Form Factor – May require lower production or • New Positioning operations costs • New Packaging • New Customer Experience • New Business Model • Alternative Product!!!!!!!! world-class innovation 45
  47. 47. the innovation workgroup Let’s try it! world-class innovation 46
  48. 48. the innovation workgroup Entrepreneurship: What’s the Big Idea? Part 2 Point 5: New solutions can be assessed quickly and reliably world-class innovation 47
  49. 49. the innovation workgroup Apply Gating Criteria • Market size (external) • Impact (internal) • Technological feasibility • Corporate fit • Intellectual property issues • Cost • Time world-class innovation 48
  50. 50. the innovation workgroup “Back of the Envelope” Gating • How much would it take to develop this? • How long would it take to develop this? • How many people might benefit from this? • How much benefit would they derive? • What technologies are needed to develop this? A SWAG is OK at this stage! world-class innovation 49
  51. 51. Thank you the innovation workgroup WE ARE GRATEFUL TO: David Wittenberg, CEO the innovation workgroup world-class innovation Your feedback and enquiries are welcome at: www.theinnovationworkgroup.com Contact SEED – MDI: Email: seed.mdi@gmail.com Twitter: @seedmdi Facebook: SEED – MDI Website: www.seedmdi.org world-class innovation 50

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