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Idea generation and evaluation

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    Idea generation and evaluation Idea generation and evaluation Presentation Transcript

    • ENTREPRENEURSHIP
      IDEA GENERATION & EVALUATION
    • 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
    • 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.
    • 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
    • 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.
      • Necessity is the mother of Invention
      Profit motive and Creativity are the parents of Innovation!
    • SCHUMPETER’STYPES OF INNOVATION
      NEW
      Source of supply,
      Technology,
      Commodity (Product),
      Markets,
      Type of organization
    • 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
    • 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
    • SCAMPER~ TECHNIQUES FOR INNOVATION
      SUBSTITUTE, SIMPLIFY
      COMBINE
      ADAPT
      MODIFY, MAGNIFY, MINIFY
      PUT TO OTHER USES
      ELIMINATE
      REVERSE, REARRANGE
    • “SUBSTITUTE”- AN EXAMPLE
    • “COMBINE”- AN EXAMPLE
      +
      =
    • “ADAPT” – AN EXAMPLE
    • “MAGNIFY” – AN EXAMPLE
    • “MINIFY” – AN EXAMPLE
    • PUT TO OTHER USES
    • ELIMINATE
    • ‘REARRANGE’ EXAMPLE 1/2
    • “REARRANGE” EXAMPLE 2/2
    • IF YOU WISH TO LEARN MORE
    • BOOKS ON CREATIVE THINKING
    • 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!
    • 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.
    • Screening an Opportunity:5 Questions
      How are you going to do it?
      Business model:
      Product
      Distribution
      Location
      Technology/Innovation
      Service
      Brand
    • 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?
    • Screening an Opportunity:5 Questions
      Why can only you provide the solution?
      How are you unique?
      What do you provide that nobody else can?
    • Screening an Opportunity:5 Questions
      How can you defend against others?
      Location,
      Brand,
      Patent (or other IP),
      Great service, great taste, great fashion sense….
    • NOW
      YOU ARE READY
      TO MAKE YOUR MILLION
      BEST OF LUCK!