ENTREPRENEURSHIP
IDEA GENERATION & EVALUATION
CONTENTS
• INVENTION AND INNOVATION
• TYPES OF INNOVATION
• SOURCES OF INNOVATIVE OPPORTUNITIES
• PRINCIPLES OF SUCCESFUL ...
The difference between
Invention and Innovation
• Invention - is the creation of new products,
processes, and technologies...
The difference between
Invention and Innovation
DISCOVERY/INVENTION
• X-RAY
• LIGHT-SENSITIVITY OF
SILVER COMPOUNDS
• SEMI...
The difference between
Invention and Innovation
In a market driven economy, the real winner is the
company that can make ...
SCHUMPETER’S
TYPES OF INNOVATION
• Source of supply,
• Technology,
• Commodity (Product),
• Markets,
• Type of organizatio...
Drucker’s
Seven Sources
for Innovative Opportunities
1. The Unexpected
2. The Incongruity
3. Innovation based on process n...
DRUCKER’S
PRINCIPLES FOR
SUCCESFUL INNOVATION
1. Begin with an analysis of the opportunity.
2. Analyze the opportunity to ...
SCAMPER ~ TECHNIQUES FOR
INNOVATION
• SUBSTITUTE, SIMPLIFY
• COMBINE
• ADAPT
• MODIFY, MAGNIFY, MINIFY
• PUT TO OTHER USES...
“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
1. What important customer problem can you
solve?
2. How are you goin...
Screening an Opportunity:
5 Questions
1. What important customer problem can you
solve?
How valuable?
How painful?
Remembe...
Screening an Opportunity:
5 Questions
2. How are you going to do it?
Business model:
Product
Distribution
Location
Technol...
Screening an Opportunity:
5 Questions
3. How many customers are there that are willing
to buy from you?
How many customers...
Screening an Opportunity:
5 Questions
4. Why can only you provide the solution?
How are you unique?
What do you provide th...
Screening an Opportunity:
5 Questions
5. How can you defend against others?
Location,
Brand,
Patent (or other IP),
Great s...
BEST OF LUCK!
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Idea generation and evaluation

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Idea generation and evaluation

  1. 1. ENTREPRENEURSHIP IDEA GENERATION & EVALUATION
  2. 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. 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. 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. 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. Necessity is the mother of Invention Profit motive and Creativity are the parents of Innovation!
  6. 6. SCHUMPETER’S TYPES OF INNOVATION • Source of supply, • Technology, • Commodity (Product), • Markets, • Type of organization N E W
  7. 7. 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
  8. 8. DRUCKER’S PRINCIPLES FOR SUCCESFUL INNOVATION 1. Begin with an analysis of the opportunity. 2. Analyze the opportunity to see if people will be interested in using the innovation. 3. 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
  9. 9. SCAMPER ~ TECHNIQUES FOR INNOVATION • SUBSTITUTE, SIMPLIFY • COMBINE • ADAPT • MODIFY, MAGNIFY, MINIFY • PUT TO OTHER USES • ELIMINATE • REVERSE, REARRANGE
  10. 10. “SUBSTITUTE”- AN EXAMPLE
  11. 11. “COMBINE”- AN EXAMPLE + =
  12. 12. “ADAPT” – AN EXAMPLE
  13. 13. “MAGNIFY” – AN EXAMPLE
  14. 14. “MINIFY” – AN EXAMPLE
  15. 15. PUT TO OTHER USES
  16. 16. ELIMINATE
  17. 17. ‘REARRANGE’ EXAMPLE 1/2
  18. 18. “REARRANGE” EXAMPLE 2/2
  19. 19. IF YOU WISH TO LEARN MORE
  20. 20. BOOKS ON CREATIVE THINKING
  21. 21. Screening Ideas: Are they Opportunities? 5 Questions 1. What important customer problem can you solve? 2. How are you going to do it? 3. How many customers are there that are willing to buy from you? 4. Why can only you provide the solution? 5. How can you defend against others? Ask these questions BEFORE somebody else does!
  22. 22. Screening an Opportunity: 5 Questions 1. What important customer problem can you solve? How valuable? How painful? Remember, you need to change somebody’s behavior to buy your product.
  23. 23. Screening an Opportunity: 5 Questions 2. How are you going to do it? Business model: Product Distribution Location Technology/Innovation Service Brand
  24. 24. Screening an Opportunity: 5 Questions 3. 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?
  25. 25. Screening an Opportunity: 5 Questions 4. Why can only you provide the solution? How are you unique? What do you provide that nobody else can?
  26. 26. Screening an Opportunity: 5 Questions 5. How can you defend against others? Location, Brand, Patent (or other IP), Great service, great taste, great fashion sense….
  27. 27. BEST OF LUCK!
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