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Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
Journey of the Innovator
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Journey of the Innovator

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Presentation to Juzar Motiwalla's class on Journey of the Innovator at NUS SoC

Presentation to Juzar Motiwalla's class on Journey of the Innovator at NUS SoC

Published in: Business, Technology
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  • Transcript

    • 1. MAKE SOMETHING PEOPLE WANT a few brief remarks on innovation @mengwong 20120821 for NUS SoC JoI
    • 2. Just your average dorky programmer entrepreneur angel investor incubator founder @mengwong
    • 3. PROGRESS The reasonable man adapts himself to the world;the unreasonable man persists in trying to adapt the world to himself. Therefore all progress is due to?
    • 4. ENTREPRENEURSHIPthe pursuit of opportunity without regard to resources currently controlled
    • 5. MNC Yourresources resources
    • 6. MNC Yourresourcefulness resourcefulness
    • 7. YOUR JOB
    • 8. MAKE SOME NEWTHINGPEOPLEWANT
    • 9. MAKE SOME NEW INNOVATIONTHINGPEOPLEWANT
    • 10. MAKE SOME NEW INNOVATIONTHING But if its new, howPEOPLE do I know people want it?WANT
    • 11. ORIGINALITY, PLEASE• Make something people didn’t want until now• Make something that people have always wanted, but that couldn’t be made until now• Or both.• Are you the kind of person who makes things?
    • 12. IM SCRATCHING MY OWN ITCH• Hey, at least I want it• Linux• Apache• Firefox• MySQL
    • 13. OOPS, I MADE AN ART PROJECT
    • 14. OOPS, I REINVENTED THE WHEEL I blame academia
    • 15. OOPS, I REINVENTED THE WHEEL I blame academia
    • 16. DOMAIN EXPERTISE, PLEASE• Is there a good fit between the idea and the team?
    • 17. WHY YOU? WHY NOW?• Are you riding some sort of disruptive wave?
    • 18. CROSSING THE CHASM• Geoffrey Moore• Learn to “pivot”
    • 19. LEAN INNOVATION• Steve Blank• Eric Ries• Ash Maurya
    • 20. DEVELOPMENT TIMELINE Fundamental Science Technical Innovation Productization User Manual White Paper Sales Brochure Ad Campaign First Customer
    • 21. DEVELOPMENT TIMELINE Fundamental Science Technical Innovation Productization User Manual White Paper Sales Brochure Ad Campaign First Customer
    • 22. DEVELOPMENT TIMELINE Fundamental Science Technical Innovation Productization User Manual White Paper Sales Brochure Ad Campaign First Customer
    • 23. WHY YOU? WHY NOW?• Why didn’t somebody try this and succeed three years ago?• Maybe they did, and they FAILED.
    • 24. WE HAVE NO COMPETITION
    • 25. WE HAVE NO COMPETITION
    • 26. COMPETITIVE RESEARCH• Crunchbase.com. ListIO.com. LMGTFY.com.• Don’tskate to where the puck is. Skate to where the puck will be.• Aninvention must make sense in the world in which it is completed, not the world in which it was begun.
    • 27. DO IT BACKWARDS Traditional Model The Epiphany• Build the Product, v1• Sell the Product, v1. No sales. • Sell the Product, v1. No sales.• Back to the Drawing Board • Back to the Drawing Board• Build the Product, v2. • Sell the Product, v2 • Build the Product, v2• Fail. • Win.
    • 28. CUSTOMER DEVELOPMENT• See also Eric Ries, www.startuplessonslearned.com
    • 29. bit.ly/cVYDeH
    • 30. IF I HAD ASKED MY CUSTOMERSWHAT THEY WANTED,THEY WOULD HAVE SAIDA FASTERHORSE HENRY FORD
    • 31. SOMETIMES YOU DO HAVE TO BUILD IT• Show, Don’t Tell; Paper Prototyping only goes so far• Business as Science Experiment• Does a Market Exist?• To Build the Minimum Viable Product,• Follow Lean Startup Methodology
    • 32. CUSTOMER DEVELOPMENT != PRODUCT DEVELOPMENT != BUSINESS DEVELOPMENT• Businesses build products.• Entrepreneurs build businesses.•A business is a machine that creates value.• Do you really want to build a business?
    • 33. FINDING FITI have an idea. How can I find funding? idea × team = solution × problem = product × market = revenue model × distribution channels = income × expenses = business model × exit strategy = investment proposition × pitch = deal × investor = funding Why Investors Look At So Many Deals & Make So Few Investments = Meng’s Drake Equation for Startups
    • 34. ONE LAST THING•! ∀ User = Customer• Users use• Customers pay• If you’re not the customer, you might be the product

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