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Idea generation and evaluation

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  • 1. ENTREPRENEURSHIP
    IDEA GENERATION & EVALUATION
  • 2. CONTENTS
    INVENTION AND INNOVATION
    TYPES OF INNOVATION
    SOURCES OF INNOVATIVE OPPORTUNITIES
    PRINCIPLES OF SUCCESFUL INNOVATION
    “SCAMPER”- A METHOD FOR IDEA GENERATION
    EVALUATING A BUINESS IDEA
  • 3. The difference between Invention and Innovation
    Invention - is the creation of new products, processes, and technologies not previously known to exist.
    Innovation - is the transformation of creative ideas into useful applications by combining resources in new or unusual ways to provide value to society through improved products, technology, or services.
  • 4. The difference between Invention and Innovation
    DISCOVERY/INVENTION
    X-RAY
    LIGHT-SENSITIVITY OF SILVER COMPOUNDS
    SEMI-CONDUCTORS
    STORAGE OF DATA ON MAGNETIC SURFACES
    LASERS
    E=MC^2
    INNOVATION
    MEDICAL X-RAY
    PHOTOGRAPHY&
    CAMERA
    RADIO
    MAGNETIC TAPE ,
    CASSETTES & DISKETTES
    CDs , DVDs
    NUCLEAR POWER
  • 5. The difference between
    Invention and Innovation
    • In a market driven economy, the real winner is the company that can make something valuable through innovation–
    not the inventor who happens to come up with something that THE MARKET may or may not want.
    • Innovation happens when you figure out how to make money from an invention.
    • 6. Necessity is the mother of Invention
    Profit motive and Creativity are the parents of Innovation!
  • 7. SCHUMPETER’STYPES OF INNOVATION
    NEW
    Source of supply,
    Technology,
    Commodity (Product),
    Markets,
    Type of organization
  • 8. Drucker’s Seven Sources for Innovative Opportunities
    1. The Unexpected
    2. The Incongruity 
    3. Innovation based on process need 
    4. Changes in industry or market Structure
    5. Demographics
    6. Changes in perception, mood and meaning
    7. New Knowledge
  • 9. DRUCKER’S PRINCIPLES FOR SUCCESFUL INNOVATION
    Begin with an analysis of the opportunity.
    Analyze the opportunity to see if people will be interested in using the innovation.
    To be effective, the innovation must be simple
    and clearly focused on a specific need.
    4. Effective innovations start small
    5. Aim at market leadership
  • 10. SCAMPER~ TECHNIQUES FOR INNOVATION
    SUBSTITUTE, SIMPLIFY
    COMBINE
    ADAPT
    MODIFY, MAGNIFY, MINIFY
    PUT TO OTHER USES
    ELIMINATE
    REVERSE, REARRANGE
  • 11. “SUBSTITUTE”- AN EXAMPLE
  • 12. “COMBINE”- AN EXAMPLE
    +
    =
  • 13. “ADAPT” – AN EXAMPLE
  • 14. “MAGNIFY” – AN EXAMPLE
  • 15. “MINIFY” – AN EXAMPLE
  • 16. PUT TO OTHER USES
  • 17. ELIMINATE
  • 18. ‘REARRANGE’ EXAMPLE 1/2
  • 19. “REARRANGE” EXAMPLE 2/2
  • 20. IF YOU WISH TO LEARN MORE
  • 21. BOOKS ON CREATIVE THINKING
  • 22. Screening Ideas: Are they Opportunities?5 Questions
    What important customer problem can you solve?
    How are you going to do it?
    How many customers are there that are willing to buy from you?
    Why can only you provide the solution?
    How can you defend against others?
    Ask these questions BEFORE somebody else does!
  • 23. Screening an Opportunity:5 Questions
    What important customer problem can you solve?
    How valuable?
    How painful?
    Remember, you need to change somebody’s behavior to buy your product.
  • 24. Screening an Opportunity:5 Questions
    How are you going to do it?
    Business model:
    Product
    Distribution
    Location
    Technology/Innovation
    Service
    Brand
  • 25. Screening an Opportunity:5 Questions
    How many customers are there that are willing to buy from you?
    How many customers are there? (Market size)
    How many will buy from you? (Market share)
    Who will be your first customer (besides your Mom)?
    Who will be your 100th?
  • 26. Screening an Opportunity:5 Questions
    Why can only you provide the solution?
    How are you unique?
    What do you provide that nobody else can?
  • 27. Screening an Opportunity:5 Questions
    How can you defend against others?
    Location,
    Brand,
    Patent (or other IP),
    Great service, great taste, great fashion sense….
  • 28. NOW
    YOU ARE READY
    TO MAKE YOUR MILLION
    BEST OF LUCK!