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Secrets to select & evaluate innovative ideas //by @nickdemey @boardofinno
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Secrets to select & evaluate innovative ideas //by @nickdemey @boardofinno

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Insights on how to filter and evaluate business concepts with your innovation team.

Insights on how to filter and evaluate business concepts with your innovation team.

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Secrets to select & evaluate innovative ideas //by @nickdemey @boardofinno Secrets to select & evaluate innovative ideas //by @nickdemey @boardofinno Presentation Transcript

  • - practical tips for your innovation team - The secrets to Select & Evaluate Innovative business ideas by boardofinnovation.comflickr cc bjacques innovation consulting office
  • In this slide deck: by boardofinnovation.comflickr cc bjacques innovation consulting office
  • OK, you had anotherwonderful brainstorm!But now what?
  • First of all, make sure everything is covered withpost-it notes. OK?
  • First of all, make sure everything is covered withpost-it notes. OK?Time to filter ideas!
  • - practical tips for your innovation team - The secrets to Select & Evaluate Innovative business ideas 1. by boardofinnovation.comflickr cc bjacques innovation consulting office
  • image urbanrealms.comJust innovate like a DemolitionBefore you started, you knew where to land, right?
  • image urbanrealms.comJust innovate like a DemolitionBefore you started, you knew where to land, right?You should define a landing zone upfront!
  • image urbanrealms.comJust innovate like a DemolitionAlways set your innovation criteria before your brainstorm,before you even start your innovation project!• E.g. Target new markets• +15% growth in revenue by year 4• No B2C - we will not pass by our retail partners• ...Invest a reasonable amount of time to define this list! Here for sure Maybe here Not here!!!
  • exDay 1 in your innovation project: sit together with your er cis emanagement team and draw this grid on a flip-chart.
  • ex er cisHave a quick post-it session to verify if everyone shares the esame ambition and if your innovation criteria are reasonable *Whatever* Zone Ideas that are too basic, only incremental. iPads for our Sales People
  • ex er cisHave a quick post-it session to verify if everyone shares the esame ambition and if your innovation criteria are reasonable Comfort zone Perfect fit with criteria everybody happy Launch Product X to market Y with partner Z Note: Most of the times your criteria will be too strict resulting in no ideas at all or only a few vague concepts. Don’t worry ;)
  • ex er cisHave a quick post-it session to verify if everyone shares the esame ambition and if your innovation criteria are reasonable Innovation zone Some will get nervous about these ideas. Stop Business Unit X & replace with digital service Note: “HQ wont allow this?!” “It will cannibalize our market!” Perfect Questions!
  • ex er cisHave a quick post-it session to verify if everyone shares the esame ambition and if your innovation criteria are reasonable Out of scope Too complex, not allowed,... We should start our own airline business! Note: Keep these ideas for inspiration later on. At this point, you just want to align the criteria with your Mgmt.
  • - practical tips for your innovation team - The secrets to Select & Evaluate Innovative business ideas 2. by boardofinnovation.comflickr cc bjacques innovation consulting office
  • Innovation is like Cooking 50% = Guidelines 50% = Gut feelingflickr cc reid-be
  • Innovation is like Cooking 50% = Guidelines 50% = Gut feeling Don’t hope to find an exact formula. If (A)x > B = C^2flickr cc reid-be
  • You can just follow your heart to cluster related topics.
  • You can just follow your heart Note: Do some dirty filtering based on your criteria. At this to cluster related topics. stage, that’s good enough.
  • - practical tips for your innovation team - The secrets to Select & Evaluate Innovative business ideas 3. by boardofinnovation.comflickr cc bjacques innovation consulting office
  • Make a basic template to elaborate on each interesting concept E.g. Describe customer experience E.g. Rate 2 criteria (L,M,H) Add more info if needed E.g.: Short description
  • Note:These templates* can be Just make sure all ideas are captured with the same level of detail when you want to made digitally as well. evaluate. You can’t compare a 1 word Post-it with a Pytchographic like this.*Format depends on the project & scope.
  • When voting, some people tend toBeware for the love the ideas of the boss more.I TheBoss Trap Anonymous voting helps!
  • - practical tips for your innovation team - The secrets to Select & Evaluate Innovative business ideas 4. by boardofinnovation.comflickr cc bjacques innovation consulting office
  • Prepare concept cards for your top 10 ideas It’s an excellent tool to guide discussions with your core innovation team.
  • Describe the (neg.) consequences Summary, why will of this concept for the company. Biggest obstacles this idea Win or Fail? (e.g. Fire x amount of people)Give it a ‘sexy’ name not CT_04_v1 Add visuals Check with criteria & fit Competitors or with scope. related concepts What is this concept? Exact format will differ Benchmark between Add emotions in your conclusion. depending on the project. your concepts Why do we need to That’s up to you! (e.g. Innovation level) love this idea?
  • Use ball park figures to build up a first business caseDepending on the phase within your innovation project you will need more info in order to evaluate & filter. Do Your Home Work!
  • Focus discussions on Note: Humans need reference points. Base your decisions on 2 concepts at the same time. relative comparisons.flickr cc billzimmerman
  • - practical tips for your innovation team - The secrets to Select & Evaluate Innovative business ideas 4. by boardofinnovation.comflickr cc bjacques innovation consulting office
  • Innovate like American Idol?Just keep this in mind:Attracting lots of votes = future commercial success?
  • Innovate like American Idol? Keep an eye on ‘cute faces’,Just keep this in mind: drivers with a disproportional impact.Attracting lots of votes = future commercial success? Hell no! Votes are only indicative. Use more tools & insights to base your filtering on!
  • ex er cisDue to internal politics you might be asked for a rational evoting approach. Be very careful about this! Idea A Idea B Idea C Idea Dcriteria Acriteria Bcriteria Ccriteria D
  • ex er cis Due to internal politics you might be asked for a rational e voting approach. Be very careful about this! Idea A Idea B Idea C Idea DBrand Awareness 4 7 9 2Revenue potential 3 3 3 6 Market fit 9 8 3 2 Tech feasibility 2 4 7 7 Don’t you think that Market Fit should be a 7?
  • ex er cis Due to internal politics you might be asked for a rational e voting approach. Be very careful about this! Idea A Idea B Idea C Idea DBrand Awareness 4 7 9 2Revenue potential 3 3 3 6 Market fit 9 87 3 2 Tech feasibility 2 4 7 7 Don’t you think that Market Fit should be a 7? Hmm, I don’t know... what about .... a 7.5?
  • ex er cis Due to internal politics you might be asked for a rational e voting approach. Be very careful about this! Idea A Idea B Idea C Idea DBrand Awareness 3 4 7 9 2Revenue potential 1 3 3 3 6 Market fit 3 9 7.58 7 3 2 Tech feasibility 2 2 4 7 7 Don’t you think that Market Fit should be a 7? Hmm, I don’t know... what about .... a 7.5? OK.... hmm But what if we add Weights to each criterium? Yeah, Awesome So sophisticated!
  • ex er cis Due to internal politics you might be asked for a rational e voting approach. Be very careful about this! Idea A Idea B Idea C Idea DBrand Awareness 3 4 7 9 2Revenue potential 1 3 3 3 6 Market fit 3 9 7.58 7 3 2 Tech feasibility 2 2 4 7 7 Warning: Don’t get lost in this type of discussions.
  • ex er cis Due to internal politics you might be asked for a rational e voting approach. Be very careful about this! Idea A Idea B Idea C Idea DBrand Awareness L H H LRevenue potential * L L L M Market fit H H L L Tech feasibility L M H H Warning: Don’t get lost in this type of discussions. Score Cards are just a guide, nothing more. Keep it plain and simple: Low, Medium & High are just fine!
  • - practical tips for your innovation team - The secrets to Select & Evaluate Innovative business ideas 5. by boardofinnovation.comflickr cc bjacques innovation consulting office
  • Innovate with The Joker Remember, You, the innovation manager, can always pull the Joker Card
  • Innovate with The Joker Remember, You, the innovation manager, can always pull the Joker Card You’re the Innovation Expert It’s your job to protect precious, fragile ideas! Save them from corporate conservatism, ignorance, biasses,...
  • Backup needed? Our structured innovation process might help you out.Based on a Hollywood theme to inspire! More info in the slide deck below:
  • Download as PDF > Pay With A TweetInnovation Training & Courses Our innovation consulting • Business Model Innovation • Next gen business models • Methodology, innovation tools • Better revenue streams • Creativity techniques • Disruptive & inspiring trends Order Training Hire us coffee@boardofinnovation.com @nickdemey @philderidder