Course Outline for SPSD (updated)

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Course Outline for SPSD (updated)

  1. 1. SPSD: IDEA TOURNAMENTS IDEA GENERATION IDEASCALE SYSTEM OPPORTUNITY PITCHES MULTI-VOTE CONCEPTS MULTI-VOTE PREDICTION MARKET DATA COLLECTION BUSINESS CASE & POA EXPERIMENTATION SIMULATED CAPITAL MARKET INDEPENDENT PROJECTS ACCESS TO ANGEL INVESTORS P4-P5 EXIT BY JANUARY, 2013 TUESDAY 8TH FRIDAY 11TH JANUARY, 2011 FEBRUARY, 2011 SESSION #12+13 SESSION #15+16 THURSDAY 27TH JANUARY, 2011 THURSDAY, 20TH SESSION #8+9 JANUARY, 2011 SESSION #5+6 8TH – 13TH 14TH – 17TH JANUARY, 2011 JANUARY, 2011 SESSION #2-#4750+ opportunities ~250 Opportunities ~50 Opportunities ~25 Concepts ~12 Experiment Design ~12 Business Cases ~0-2 businesses identified by submitted by pitched by developed by and Reporting by by teams of 4 launched individuals Individuals individuals teams of 2 teams of 4
  2. 2. COURSE INFORMATIONFOR LATEST INFO: WWW.IDEATOURNAMENTS.COM WARNINGPROFESSOR KARAN GIROTRA Alumni describe this course as a twisted combination ofTECHNOLOGY & OPERATIONS MANAGEMENT, American Idol, The Apprentice and The Survivor. Outside ofKARAN.GIROTRA@INSEAD.EDU reality television, this is highly unusual. It is also totally andASSISTANT: CONNIE NG completely voluntary, and optional. It is not required for anyCOURSE STRUCTURE degree or major. More alumni feedback is on the next page.SPSD: Idea Tournaments is an experimental workshop that The techniques, tools and approaches followed in the course arecombines two novel approaches to Innovation/Entrepreneurship: all derived from recent and ongoing research. Like with any alphaRenaissance Innovation and Idea Tournaments. Renaissance product, the course structure and exercises may change duringInnovation is a novel technique to identify entrepreneurial the course.opportunities via innovating the business models in existingcompetitive industries. Idea Tournaments is a process that leverages COURSE WORKthe wisdom of the crowd for entrepreneurial opportunity The context of searching and refining an entrepreneurial ideageneration, selection and refinement. Taken together, these provides many rich problems with which to develop the tools andapproaches are in contrast to the conventional serendipitous methods in the course. Thus, all work for this course is focusedprocess of entrepreneurship and instead provide a systematic risk- on real problems related to advancing the business concepts welimiting pathway to realizing entrepreneurial outcomes. will generate. Each exercise will help us refine and help take our business concept to the next stage. There is no "make work“, orAs a class, we will follow these techniques and jointly start one or make believe exercises for this course. Of course, real work ismore new ventures. We will use the principles of renaissance often much more demanding than make-work, thus participantsinnovation to generate about 250 new business opportunities and should budget an exceptional workload from the course.through a variety of selection mechanisms, we will filter and GRADINGdevelop these opportunities until a handful of outstanding businessconcepts remain. Students who have entrepreneurial passions will The primary gain from the course is learning a systematic, risk-be encouraged to take these concepts forward with a team of limiting technique for entrepreneurship. Nevertheless, a gradingclassmates in P4/P5. The plan is illustrated on the preceding page. scheme is mandatory: ► Class participation and attendance (25%),Alumni of this course have gone on to develop multiple successful ► Simulated Capital Market Performance (10%)businesses and have realized significant financial gains from theideas generated and developed during this course. ► Individual work. Peer Evaluation (10%) + Professor Evaluation (5%) ► Group work. Peer Evaluation (30%) + Instructor Evaluation (20%) SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  3. 3. REPRESENTATIVE ALUMNI FEEDBACKCourse Objectives► “I took this to learn about a new way to manage innovation (from business/consulting objective). This was achieved but I also learnt how to be a better communicator (oral and written), idea generator, team manager, and ultimately discovered deep entrepreneurial desires that I had no idea I had in me before I did the course. Finally, through the competition I become a lot closer to my classmates, so much more than any other activity I have done at Insead (academic or otherwise)”Work Load► “As hard as you want to make it. Not as bad as ACF but it gets close. To be honest it was a pleasure to work on the pitches and prototypes”Relevance and Experience► “I learned quite a bit and think it is imperative to continue this class in the future. It is not an entrepreneurship class, but it touches on a lot that is relevant for entrepreneurs.”► “This course has further inspired me to pursue entrepreneurship in my career”Professor► “I enjoyed that the professor is sharing his insights fresh from his research activities, and appreciate that the material is still being developed in part based on the classroom experience.”► “He conducted a very interested and engaging course in which the students were motivated to present their ideas and listen to other’s ideas. Everybody was there to learn and have fun in the process.”► “very effective”, “cogent”, “repetitive” Download full feedback here. Disclaimer: Students quoted above are all from class of J’09. Comments are replicated with no editing (except for spelling mistakes) SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  4. 4. COURSE STRUCTURE: TOURNAMENT AND CLASS SESSIONS IDEA GENERATION IDEASCALE SYSTEM OPPORTUNITY PITCHES MULTI-VOTE CONCEPTS MULTI-VOTE PREDICTION MARKET DATA COLLECTION BUSINESS CASE & POA EXPERIMENTATION SIMULATED CAPITAL MARKET INDEPENDENT PROJECTSCLASS ACCESS TO ANGEL INVESTORS P4-P5 EXIT BY JANUARY, Idea Generation Selection Refinement 2013 TUESDAY 8TH FRIDAY 11TH BUSINESS M ODEL PROTOTYPING AND JANUARY, 2011 FEBRUARY, 2011 TASK SESSION #15+16 SESSION #12+13EXPERIMENTATION ANALYSIS THURSDAY 27TH PRIORITIZATION JANUARY, 2011 THURSDAY, 20TH SESSION #8+9 JANUARY, 2011 SESSION #5+6 8TH – 13TH 14TH – 17TH JANUARY, 2011 JANUARY, 2011 SESSION #2-#4 RENAISSANCE INNOVATION AND INNOVATION TOURNAMENTS IN ORGANIZATIONS
  5. 5. TOURNAMENT EXERCISES STAGES KEY DELIVERABLES IDEASCALE SYSTEM • 5 Ideas Selected from 15 or More generated ideas • 120 second pitch of business opportunity OPPORTUNITY PITCHES • 1 page graphic describing business opportunity. MULTI-VOTE CONCEPT CLARIFICATION • 240 second presentation highlighting why your MULTI-VOTE opportunity is novel and value creating PREDICTION MARKET • Naming/Branding/Social Media exercise • Highlight Key Uncertainties PROTOTYPING • Prototype Demo EXPERIMENTATION • Experiment Design • Results from Experiment Salient elements in a 7 minute presentation BUSINESS CASE & POA SIMULATED CAPITAL MARKET • Business Case • Plan of Action • Valuation INDEPENDENT PROJECTS Investor Presentation SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  6. 6. COURSE POLICIES- I CLASS PRESENTATION POLICIES► You will get as many as 4 opportunities to convince your classmates of the potential of your business idea.► For each of these opportunities, we will follow a very strict time limit. Please bring your own timer, to help you stay within the limits.► You are required to submit powerpoints for these presentations the day before the class. We will integrate these powerpoints into 1 deck and announce a presentation schedule. Any other time you take to setup, will be deducted from your presentation time.► The classes will be in a standard INSEAD classroom. Take into account the available technology and reliability of INSEAD IT as you plan your class presentations.► You bear final responsibility for ensuring the presentation works, and dealing with any unexpected events.► I will strongly advise to not use proprietary software, animation, etc. in the early rounds of the tournament. In later rounds, when you have more time for presentation you are encouraged to use videos, role plays, etc.► Some pointers on making good presentations are provided in Appendix I.► It is equally important to attend presentations from other participants and give constructive and thoughtful feedback. OVERFLOW DEMAND- I COULDN’T GET INTO THE CLASS ► If you could not get into the class, you may still attend class sessions, tournament presentations (as long as there is physical space in the room). ► While in class, you are expected to follow all the same rules as those registered for class- i.e. show up on time, prepare, etc. ► We have limited class time, sufficient only to play the tournament with those registered for the class. This means you can not participate in the central class experience, the tournament. You will not be able to submit your ideas to Ideascale or in any further round of the tournament. You will also not be able to get feedback from others. ► I will try to make the class syllabus and readings as public as I can (as long as I don’t receive a violation of copyright notice.) SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  7. 7. COURSE POLICIES - II RESPECTING INTELLECTUAL PROPERTY AND ETHICAL BEHAVIOR ► The ideas generated and shared are assumed to be the property of those who submit them. The originator may enter any mutually agreed contract with other team members. ► Of course, basic ethical behavior is assumed. ► These ideas should not be shared outside of the class without the permission of the originator. ► No idea should be replicated within the class. ► In the event of a breach of these rules, disciplinary action under the rules prescribed by INSEAD student policies may be initiated. ► In my experience with similar courses at INSEAD and Wharton– I have not seen any breach of the above expectations; Nevertheless given the multi-campus structure and no judicial precedence with respect to a course like ours; I can not guarantee that if these expectations are breached there will be water-tight legal protection. TEAM FORMATION► The course starts with individual work, we re-organize in teams of two after session 5+6 and again into teams of four after session 8+9.► This process is designed to identify the most promising opportunities and to re-allocate our resources to these opportunities.► If your idea is not eliminated, you will be responsible for finding new members of your team. Put differently, you are now given the right to integrate more team members to work on your idea. if your idea is eliminated you will need to pair up with a surviving project/team.► For logistical and class-scheduling reasons all pairs must be formed within the same section. However if you can find a counterpart from the other section to swap your place, you can change your section to reach the section where your ideal teammates are based. Inform the secretary of the course swap, and cc me and all concerned students.► Learning Objective: I understand that some of you may not be able to find your ideal team mates and partners. However, I think the ability to recruit talent after your idea has been granted more resources, and the ability to become a productive and useful part of a new startup team are all necessary skills for any aspiring entrepreneur. This team formation exercise will help build these skills. Some alumni find hiring, working with and managing other individuals to be one of the most useful parts of the course experience.► Startups have far higher turnover than regular companies and successful leaders in startups work under all circumstances. You are unlikely to be able to assemble your dream team in your venture. I believe, the course experience is in fact a more pleasant team situation than at any startup that I have observed. SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  8. 8. SESSION OUTLINE: KEY TASKS AND DATES Detailed descriptions of the tasks, class dates and all readings for each session are available on www.ideatournaments.com. # Title Prior Preparation Follow up Work (Before Class) (After Class) 1 Idea Tournaments Course Outline, Prior Business Websites Start thinking of business Ideas (Th, 6th January) The Bakeoff, Malcolm Gladwell 2 Opportunity Generation I Where do the best ideas come from? Generate 5 Ideas (Sa, 8th January) Ch-2 from Why Not?; PoBronson, Hotmail 3 Opportunity Generation II Renaissance Innovation Generate 5 more Ideas (Tu, 11th January) (aka Business Process Inn.) Setup IdeaScale Account 4 Opportunity Generation III TBA Generate a further 5 ideas (Th, 13th January) Submit best 5 Ideas at Ideascale (24h, 14th Jan) Evaluate > 100 opportunities (24h, 17th Jan) 5+6 Opportunity Pitches Email graphic and pitch by 17h, 19th Jan. Organize into teams of 2 by 24h, 22nd Jan (Th, 20th January) 7 Business Model Analysis Better Place (Tu, 25th January) 8+ 9 Concept Pitches Powerpoint Slides, 9h 27th Jan Start trading on Prediction Market (ASAP) (Th, 27th January) Naming work, 9h 27th Jan Organize into teams of 4 (24h 31st Jan) 10 Tournament Design Hypios, Spinbrush, Wisdom of crowds (Fr, 28th January) 11 Experimentation How to design experiments 1 pg design of business experiment (24h 3rd Feb) (Tu, 1st February) Blockbuster case 12+13 Prototype Presentations Powerpoint slides, 17h 7th Feb Integrate Feedback and start planning for the final (Tu 8th Feb) stretch. 14 Evaluating Far Horizon Segway Case Opportunities (Th, 10th Feb) 15+16 Business Case Presentations Prepare Final Investor Presentation Course BBQ/ Party or Drinks (TBA) (Fr, 11th Feb) SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  9. 9. 1. IDEA TOURNAMENTSREQUIRED READING:1. Course Outline (latest version on the course website, www.ideatournaments.com)OPTIONAL READING:1. TheBakeoff-Gladwell-TNY.pdfPROJECT ASSIGNMENT (COMPLETED INDIVIDUALLY BEFORESTART OF CLASS):1. Visit the websites of some ventures that either came out of this class or were created by alums from the class (www.terrapass.com, www.smatchy.com, www.gordiancapital.com, www.pixily.com www.docasap.com, www.officedrop.com).2. Start thinking of some good ideas for new businesses for us to pursue this year. Although you should feel free to consider any compelling concept, for purposes of the course and for future plans, the most valuable businesses are those that: • Serve markets that include 25-35 year-old professionals (in part so you can "use yourselves" as representative customers). • Require relatively limited capital investment to get to a validated business concept. • Can be prototyped/demonstrated in some (limited?) way with a few weeks of effort. SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  10. 10. 2. OPPORTUNITY GENERATION IFUN READING:1. "Where the best and worst ideas come from?", MIT Sloan Management Review Interview with KG. Contains synopsis of KG’s research on idea generation. Full paper available via SSRN2. "Good Ideas and How to Generate Them?", Chapter 2 from book "Why Not?: How to use everyday Ingenuity to solve problems Big and Small" by Barry Nalebuff and Ian Ayres. Buy book at Amazon. (Also available in the course- pack)3. "Could anyone have thought up Hotmail?" Book Excerpt from "The nudist on the late shift" by Po Bronson. Buy book at Amazon. (Also available in the course-pack) Sketch from one of Thomas Edison’s lab notebooks.HOMEWORK ASSIGNMENT (COMPLETED INDIVIDUALLY BEFORE START OF NEXT CLASS):1. Based on techniques learned in class today, generate *at least* five opportunities for a new business. An opportunity is a novel match between a customer need and a solution to that need. The novelty arises from identifying latent needs, new solutions or superior ways of “delivering” the solution to the need. We will use the opportunities generated today to feed the innovation process we operate in the course. Although you should feel free to consider any compelling concept, recall that for our purposes the most valuable businesses are those that: ► Serve markets that include 25-35 year-old professionals (in part so you can "use yourselves" as representative customers). ► Require relatively limited capital investment to get to a validated business concept. ► Can be prototyped/demonstrated in some (limited?) way with a few weeks of effort.2. For each of the opportunities, generate a descriptive title and an exciting 50 word description. The description should identify the novel element– the need, solution or delivery mechanism and make a strong pitch for the business opportunity. Save titles and description. You will be required to enter them into a web-based system in a few days. SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  11. 11. 3. GENERATION II: RENAISSANCE INNOVATION- BUSINESS ENVIRONMENTREQUIRED READING:1. “Business Process Innovation", Karan Girotra and Serguei Netessine, Forthcoming article in the Harvard Business Review. Alternate Title: Renaissance Innovation.HOMEWORK ASSIGNMENT (COMPLETED INDIVIDUALLY BEFORE START OF NEXT CLASS):1. Based on techniques learned in class today, generate *at least* five opportunities for a new business. We will use these opportunities to feed the innovation process we operate in the course. Although you should feel free to consider any compelling concept, recall that for our purposes the most valuable businesses are those that: ► Serve markets that include 25-35 year-old professionals (in part so you can "use yourselves" as representative customers). ► Require relatively limited capital investment to get to a validated business concept. ► Can be prototyped/demonstrated in some (limited?) way with a few weeks of effort.2. For each of the opportunities, generate a descriptive title and an exciting 50 word description. The description should identify the novel element– the need, solution or delivery mechanism and make a strong pitch for the business opportunity. Save titles and description. You will be required to enter them into a web-based system in a few days.3. You should have received an email invitation to our web-based high throughput idea screening system (http://spsd.ideascale.com). Reply to the invitation and The Coronation of the Virgin 1502-3, by Raphael setup your Ideascale account. Familiarize yourself with the interface. Note: Invitations will be sent to your INSEAD account. Only registered students will receive an invitation. SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  12. 12. 4. GENERATION III: RENAISSANCE INNOVATION –OPPORTUNISMFUN READING:1. TBAHOMEWORK ASSIGNMENT (COMPLETED INDIVIDUALLY AFTER CLASS):1. Based on techniques learned in class today, generate *at least* five opportunities for a new business. We will use these opportunities to feed the innovation process we operate in the course. Although you should feel free to consider any compelling concept, recall that for our purposes the most valuable businesses are those that: ► Serve markets that include 25-35 year-old professionals (in part so you can "use yourselves" as representative customers). ► Require relatively limited capital investment to get to a validated business concept. ► Can be prototyped/demonstrated in some (limited?) way with a few weeks of effort.2. For each of the opportunities, generate a descriptive title and an exciting 50 word description. Save titles and description. You will be required to enter them into a web-based system in a few days.3. You have now generated over 15 opportunities. Select the best 5 of these, and submit at http://spsd.ideascale.com. All Submissions should be completed before end of the day 14th January (Local Time). Do not rate opportunities now.4. Sometime after 14th February, visit http://spsd.ideascale.com again and vote on *at least* 100 different opportunities. You are encouraged to vote on as many opportunities as possible. All ratings should be completed before the end of day 17th January (Local Time). SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  13. 13. 5. OPPORTUNITY PITCHES PROJECT ASSIGNMENT (COMPLETED INDIVIDUALLY BEFORE START OF CLASS):. 1. Consider the IdeaScale data for the opportunities you identified. You can access this data by logging back into IdeaScale. Based on that data, your own beliefs and passions, and any additional investigation you have done, select one opportunity to pitch to the group in class today. THIS OPPORTUNITY MUST NOT BE ONE THAT SOME OTHER CLASSMATE HAS IDENTIFIED, UNLESS YOU OBTAIN PERMISSION FROM A CLASSMATE TO USE THEIRS. You are free to choose an entirely new opportunity that was not identified by any other classmate. 2. Prepare a < 120-second pitch and a single PowerPoint slide for one opportunity. (The nice thing about a 120-second pitch is that you can practice it 15 times in just 30 minutes. Please do!). Use the presentation to convince your classmates that there is a legitimate, untapped, profitable business opportunity. Typically, at this stage you need not make a business case, but you just need to excite the class about the opportunity and your capabilities. A pitch could be direct advertisement of the product/service to the class. STUFF TO HAND IN A DAY BEFORE CLASS: 1. Email to ideatournaments@gmail.com no later than 5 PM Wednesday January 19th, 2011: A single Powerpoint slide (1 page graphic) describing your opportunity (.pdf, .ppt or .pptx formats only). We will integrate this slide into a single deck for use in class. (Please make sure to include your name on the slide and your last name in the file name.). PLEASE AVOID ANIMATION. Make sure your graphic is an attractive and appealing. It will be your main advertisement medium (point 2 below). The Appendix of this outline contains some resources to help you make good business presentations. There is no need to cc anyone else for any course homework submissions. SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  14. 14. 5. OPPORTUNITY PITCHES (CONTD.) CLASS LOGISTICS: 1. Please bring a timer or any other device that will help you pitch the opportunity to class in 120 seconds. You will have exactly 120 seconds and at the end of 120 seconds, you will be forced to stop. 2. At the end of class today, we will stick all one-page opportunity slides on the walls, and ask the class to vote on their favorite opportunities. The 24 opportunity- entrepreneurs that receive the most votes will be selected for further development. 3. If you are one of these 24 entrepreneurs, you are *required* to partner with another student registered for this section of the class. If you absolutely must partner with someone in another section, one of you will need to *swap* sections with a corresponding person in another section. Send an email to ideatournaments@gmail.com no later than end of the day January 22nd with your new team. If you cant find a partner, send me an email and I will try my best to find you a partner. 4. If your idea did not make it, you need to partner with someone whose idea makes it to the next round. If you can’t find a partner, send me an email and I will try my best to find you a partner. 5. The working unit from now on is the team and not the idea, thus you and your team-mate are free to pursue any idea whatsoever for the next stage. It will be the same after every elimination round. SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  15. 15. 7. BUSINESS MODEL CANVAS: BETTER PLACE INC.FUN READING:1. Is Better Place Really Better? INSEAD Case. (Download here)PREPARATION WORK:1. Visit the website of Better Place, www.betterplace.com and familiarize yourself with the concept of the business and the hype associated with the business.2. Analyze the business model of Better Place. What are the revenue streams, cost streams and what is the asset velocity?3. What are the risks in the business model, highlight environment risks, opportunism risks?4. What are the key uncertainties in this business model?5. What should be the valuation of Better Place?PROJECT WORK:1. Analyze the business model of your venture. What are the revenue streams, cost streams and what is the asset velocity?2. What are the risks in the business model, highlight environment risks, opportunism risks?3. What are the key uncertainties and threats to this business model? SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  16. 16. 8. BUSINESS MODEL CLARIFICATION “Will the dogs eat the dog food?” - Almost any venture capitalistHELPFUL READING:1. Girotra, Karan and Ulrich, Karl T., Empirical Evidence for the Role of the Domain Name Itself in Website Performance (November 25, 2010). INSEAD Working Paper No. 2010/98/TOM. Download from SSRNPROJECT ASSIGNMENTS (COMPLETED AS A TEAM OF TWO):1. Business Model Clarification: In the previous elimination round, you identified a business opportunity. In this round, you need to: 1. Clearly identify what makes your opportunity novel. List all potential competitors, incumbents, etc. and highlight what differentiates your business from them. You can use any of the tools learned in this or other classes, to contrast your business with the existing business . Possible tools include, SWOT analysis, Business Model Maps, Market Attribute Decomposition, Risk Maps, and Business Process Sequences. 2. Clearly outline your business model. At a minimum, you must analyze three aspects of the business model: 1. The revenue model (key market segments, size of the segments, the pricing policy in the segments, the willingness to pay of the customers), 2. The costs model (fixed, direct and indirect costs, per unit-cost at different levels of volume. 3. The customer acquisition strategy (how will you acquire customers, and how much will it cost you to acquire them) You will have to convince your classmates of these analyses in less than 240 seconds.2. Naming/Branding Exercise: Identify a name/branding for your business. I need you to come up with a business name and a four letter ticker symbol, which we will use in our simulated capital market. Naming is a search problem very similar to our search for a good business idea (recall the metaphor of searching for the deepest point in an ocean). I would suggest that for finding a good name, you employ the same principles that are behind the idea tournament in our course: a) Generate a large number of ideas b) select c) refine d) iterate till you have an acceptable solution. I would encourage you to generate as many as 50-100 names and then sequentially select the winner. Some resources to help you with this: 1. Recent research by KG on what makes for a good name. Referenced above, Download from SSRN 2. Igor Naming guide 15-Igor+Naming+Guide.pdf (CONTD. ON NEXT PAGE) SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  17. 17. 8. BUSINESS MODEL CLARIFICATION (CONTD.)PROJECT ASSIGNMENTS (CONTD.) 3. www.lingzini.com , a website platform to help you generate names for your new businesses. (full disclosure: The website was created by my co-author, collaborator and mentor, Karl Ulrich) At this point, you may choose to buy a domain name, construct a wiki site, setup a business blog, establish a Facebook/Twitter platform. You are encouraged to use social media aggressively as you try to win over the hearts of your classmates3. Presentation Practice: Prepare a four minute presentation covering the most salient features of the above analysis on business concept clarification. Make sure that you consistently use and reinforce your newly created brand.4. A prediction market will open at the end of the class where you can “invest” in any of these businesses. Picking good ideas can be almost as valuable as generating new ideas.STUFF TO HAND IN:1. Before start of class, email your PowerPoint slides to ideatournaments@gmail.com. Also bring them to class on an USB Disk. You will have one minute to setup. (Please make sure that you include your names on the slide and your last name in the file name). Please provide only pdf/ppt/pptx formats. Keep in mind INSEAD IT technologies as you prepare your presentations. You will be responsible for the conduct of your presentations.2. Email an excel sheet/text file with all names that you considered for your business, no later than start of the concept pitches class. Note if you use Lingzini, you can export your lists.CLASS LOGISTICS:1. Please bring a timer or any other device that will help you pitch the opportunity to class in 240 seconds. You will have exactly 240 seconds and at the end of 240 seconds, you will be forced to stop.2. After the pitches by teams of two, we will have a detailed survey covering the business prospects of the presented ideas. Based on the results of the survey, we will select only half of the projects to go forward. The results of the survey will be announced at end of the day 29th of January. CONTINUED ON NEXT PAGE…. SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  18. 18. 8. BUSINESS MODEL CLARIFICATION (CONTD.) CLASS LOGISTICS (CONTD.) 4. At the end of class, a prediction market will open that will allow you to bet on the survival of all 24 businesses. Use the time between end of the class and the announcement of the results to make some bets in the prediction market and realize some early gains! 5. If you are one of these 12 winning teams, you are *required* to partner with two other students registered for this section of the class. If you absolutely must partner with a student in another section, the student must find another person to swap sections with in the section he/she wants to join. Send an email to ideatournaments@gmail.com no later than end of the day January 31st with your new team. If you cant find a partner, send me an email and I will try my best to find you a partner. 6. The working unit from now on is the team and not the idea, thus you and your team are free to pursue any idea whatsoever for the next stage. It will be the same after every elimination round. 7. If your idea did not make it, you need to partner with someone whose idea makes it to the next round. If you can’t find a partner, send me an email and I will try my best to find you a partner. ACCESSING THE PREDICTION MARKET: Visit the prediction market at www.spsdmarket.com . Register for a new account using access code “ideatournaments” . This market will allow you to buy or sell contracts whose value is contingent on the performance of different business concepts demonstrated today. Specifically, you will be able to bet on the probability of a company surviving to the round of last 4 . You will have an initial cash allocation of 50,000 Monetary Units. You can put in buy or sell orders for any of the available contracts. The contracts will pay out as the tournament progresses. Recall that a significant fraction of the course grade depends on the value of your portfolio at the conclusion of this market. SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  19. 19. 10. IDEA TOURNAMENTS: THEORY AND PRACTICEFUN READING:1. Hypios INC. INSEAD Case, Karan Girotra and Christian Terwiesch.2. BusinessWeek article on P&G-spinbrush3. Book Review, "The Wisdom of Crowds" by James Surowiecki4. IdiocyofCrowds.pdf, David H. Freedman in INC. MagazinePREPARATION QUESTIONS/HOMEWORK1. What would be some of the challenges in running these idea tournaments in an organization? Should organizations run these tournaments or not? Map of the Dusty Mac Gold Mine SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  20. 20. 11. LIMITING VENTURE RISKS: EXPERIMENTATION ON THE CHEAPFUN READING1. How to design smart business experiments? Tom Davenport, Harvard Business Review, February, 2009.2. From Blockbuster to Video on Demand, INSEAD Case, (not related to class, but a fascinating story)PROJECT WORK:1. Think of the key uncertainties that your venture faces. Can you design experiments to test them in some limited way?2. Design small experiments to test out the key uncertainties. You are encouraged to develop a prototype of your product and service offering, ideally a functional prototype; but at the very least a prototype that enables testing. It is compulsory to get your hands dirty at this stage. This means you need some real prototyping and data. Arm chair analysis can lead to disqualification from the tournament.3. Email to ideatournaments@gmail.com a 1 page summary of your proposed experiment design no later than end of the day 3 rd Feb.4. Over the next week, you are required to run some of these experiments and report on the results of these to convince your classmates of the viability of your business.5. Useful Resources 1. Mechanical Turk: Human Intelligence Tasks 2. Google Adwords: Use for evaluating costs of acquiring customers 3. Google Analytics: Use for analyzing customer behavior on websites 4. Rent-a-coder : Outsource software development. Warning: may take more time than the course permits 5. 99designs.com: Outsource design/branding tasks. SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  21. 21. 12. PROTOTYPING AND EXPERIMENTATION PRESENTATIONPROJECT WORK1. Prototype Development: Prepare a proof-of-concept prototype of your product or service. A prototype could be a webpage, a physical device, or even a powerpoint presentation. However, it must be developed enough so that you can do a real-life test of the key uncertainties. For instance if the key uncertainty arises from the market potential of the product, you must design a prototype that can enable market testing, i.e. it should give the customer a "near life experience" with the product or service.2. Experimentation and Limiting Risk: Use your prototype to obtain some real-life data on the key uncertainties in your business. For instance- if you think the key innovation/uncertainty is in the market addressed, then you may do a rigorous market analysis. Key questions to answer with rigorous data would be a) How big is the market for this product? b) What are the costs of acquiring customers for this market? c) What is the average revenue per user from this market? Note: The uncertainty in your business may be in the technology or the business model, instead of the market. In which case, you will need to do a different kind of prototype..3. Prepare a 7-minute presentation highlighting the key uncertainties, then provide a demo for your classmates of your prototype and finally show us the results from your experimentation.STUFF TO HAND IN:1. Email by 5 PM, 7th February, 2009: Any Powerpoint slides you wish to use in class for your prototype presentation (.ppt/.pptx format only). We will integrate these into a single deck for use in class. (Please make sure to include your names on the slides and your team name in the file name.) You need not use Powerpoint if, for example, you will do a demo of website, physical prototype, etc. Please make sure that any weblinks, files, etc. that you may need for your presentation are easily accessible within seconds on the Amphi computers. You should arrive well in advance of class to set this up. After class starts you will have a maximum of 60 seconds of setup time and 420 seconds of presentation time.2. Note that after the prototype presentations, each of you will be able to provide comments to other teams in the session. We will use a form for that purpose and then cut and distribute them immediately after class. For reference, here is the form I have used before.... Proto-Feedback-2008.doc SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  22. 22. 14. PRIORITIZATION AND PLANNINGFUN READING:1. Vanity Fair article on Segway. 14-segway-vanityfair.pdf2. Steve jobs talk at Stanford. 14-JobsTalk-Stanford-2005.pdfPREPARATION QUESTIONS:1. What did the Segway team do well in creating the Segway Human Transporter?2. What concerns do you have about the Segway approach to innovation? SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  23. 23. 15. INVESTOR PRESENTATIONSPROJECT ASSIGNMENT (COMPLETED IN TEAMS OF 4 BEFORE START OF CLASS):1. Prepare a presentation communicating the results of your team’s work and seeking angel financing for the next phase of development. (If you don’t expect to need funding, then just pitch the business more generally.) Your presentation must be less than 7 minutes long. You may choose to leave some time for Q&A.2. Recommended deliverables for your team (not all of which need to be covered in your 7-minute presentation). 1. market analysis 2. prototype/demo of product/service offering 3. competitive analysis 4. branding and identity 5. articulation of business model 6. plan for next steps 7. valuation (i.e., how much of the venture would be owned by an investor giving you seed capital). After class today, we will conduct an in-class investor survey. For reference purposes, here is the raw survey form, that I have used before: InvestmentSurvey-Fall2008.doc . (Note to SEC Lawyers: This form does not represent any binding offer for sale or purchase of securities.) The top 4 “What a puny plan.” businesses based on committed investments will be publicly announced over the next few weeks. - The Humungus in Mad Max: The Road Warrior STUFF TO HAND IN: ► Email your final presentation to ideatournaments@gmail.com. Please make sure to include your names on the first slide and your team name in the file name. SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  24. 24. Used with permission from copyright holder, Jessica Hagy, http://indexed.blogspot.com, 2008.SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  25. 25. APPENDIX IINFORMATION DESIGN
  26. 26. INFORMATION DESIGNHELPFUL READINGS:1. Chapters 4-6, from the Visual Display of Quantitative Information by Edward Tufte (I do recognize the irony of giving you a bloated, lousy B&W scan of these pages. You really should buy the Tufte book.)2. WIRED_Essays_On_Powerpoint.pdf Tufte on Minard: Napoleon’s March to MoscowFURTHER READINGS:1. Interview with NYT graphics editor, for those really interested in information design.2. Wikipedia article on Edward R. Tufte: http://en.wikipedia.org/wiki/Edward_Tufte3. Stanford alumni magazine article on Tufte: http://www.stanfordalumni.org/news/magazine/2007/marapr/features/tufte.html4. The Cognitive style of Powerpoint, Edward Tufte. Download hereSTUFF TO CHECK OUT:1. Pecha-Kucha ("puh-cotcha") ppt format2. Dick Hardts OSCON keynote in the "Lessig Style" (several hundred ppt slides...really)3. Malcolm Gladwells TED talk (excellent talk, but without a single ppt slide and lots of "ums")4. Steve and Bill presentation style comparison.5. Hans Roslings interesting TED talk using data graphics.6. Roslings software now on web as Google Gapminder.7. Richard Trumka (Secretary-Treasurer of the U.S. labor union AFL/CIO) talk on Obama and race. (Trumkas talk is an archetypal political speech. Putting aside the specifics of the politics, the speech is undeniably powerful and unquestionably moved the audience. What are the key elements of his approach? Could this approach be used in a business presentation?) SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
  27. 27. INFORMATION DESIGN (CONTD.) SLIDES FROM OLD CLASS 03-Information Design.pdf ADDITIONAL INFORMATION DESIGN RESOURCES: 1. An excellent example of visual representation of time-events: http://www.askdrmike.com/bestgrf.jpg More info on this graphic: http://www.edwardtufte.com/tufte/posters 2. Some examples of competently done graphics: 1. http://www.nytimes.com/imagepages/2008/02/29/multimedia/PRESENTATION_GRAPHIC001.html 2. http://www.nytimes.com/ref/sports/20070731_BONDS_GRAPHIC.html 3. http://www.nytimes.com/packages/html/national/2005_NEWORLEANS_GRAPHIC/index_01.html 4. http://graphics.nytimes.com/packages/pdf/weekinreview/20070225_MARKEL_GRAPHIC.pdf 5. http://graphics8.nytimes.com/images/2008/01/06/opinion/06opchart.large.gif 3. Graphic designers often use different kinds of Graph papers to ideate and brainstorm about their graphics. I am also trying to use graph paper for all my writing needs. It keeps writing neat and thoughts coherent. You can print custom graph papers here: http://incompetech.com/graphpaper/ 4. Check out the graphic of the day section on Edward Tufte’s website http://www.edwardtufte.com/tufte/newet 5. www.gimp.org : A freeware substitute for Photoshop. When I have to do a data graphic, I typically create some basic charts from excel (with Tufte principles), and then use them as sub-components of my data-graphic. Gimp is a good software to put together the different elements: charts from excel, relational diagrams from a drawing software, (I use PowerPoint’s rudimentary drawing abilities), maps/backgrounds and other visual elements. Also, excel 2010 provides some cool new charting tools … SPSD: IDEA TOURNAMENTS KARAN GIROTRA INSEAD
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