Journey of the Innovator

513
-1

Published on

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

Published in: Business, Technology
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
513
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
22
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • Journey of the Innovator

    1. 1. MAKE SOMETHING PEOPLE WANT a few brief remarks on innovation @mengwong 20120821 for NUS SoC JoI
    2. 2. Just your average dorky programmer entrepreneur angel investor incubator founder @mengwong
    3. 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. 4. ENTREPRENEURSHIPthe pursuit of opportunity without regard to resources currently controlled
    5. 5. MNC Yourresources resources
    6. 6. MNC Yourresourcefulness resourcefulness
    7. 7. YOUR JOB
    8. 8. MAKE SOME NEWTHINGPEOPLEWANT
    9. 9. MAKE SOME NEW INNOVATIONTHINGPEOPLEWANT
    10. 10. MAKE SOME NEW INNOVATIONTHING But if its new, howPEOPLE do I know people want it?WANT
    11. 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. 12. IM SCRATCHING MY OWN ITCH• Hey, at least I want it• Linux• Apache• Firefox• MySQL
    13. 13. OOPS, I MADE AN ART PROJECT
    14. 14. OOPS, I REINVENTED THE WHEEL I blame academia
    15. 15. OOPS, I REINVENTED THE WHEEL I blame academia
    16. 16. DOMAIN EXPERTISE, PLEASE• Is there a good fit between the idea and the team?
    17. 17. WHY YOU? WHY NOW?• Are you riding some sort of disruptive wave?
    18. 18. CROSSING THE CHASM• Geoffrey Moore• Learn to “pivot”
    19. 19. LEAN INNOVATION• Steve Blank• Eric Ries• Ash Maurya
    20. 20. DEVELOPMENT TIMELINE Fundamental Science Technical Innovation Productization User Manual White Paper Sales Brochure Ad Campaign First Customer
    21. 21. DEVELOPMENT TIMELINE Fundamental Science Technical Innovation Productization User Manual White Paper Sales Brochure Ad Campaign First Customer
    22. 22. DEVELOPMENT TIMELINE Fundamental Science Technical Innovation Productization User Manual White Paper Sales Brochure Ad Campaign First Customer
    23. 23. WHY YOU? WHY NOW?• Why didn’t somebody try this and succeed three years ago?• Maybe they did, and they FAILED.
    24. 24. WE HAVE NO COMPETITION
    25. 25. WE HAVE NO COMPETITION
    26. 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. 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. 28. CUSTOMER DEVELOPMENT• See also Eric Ries, www.startuplessonslearned.com
    29. 29. bit.ly/cVYDeH
    30. 30. IF I HAD ASKED MY CUSTOMERSWHAT THEY WANTED,THEY WOULD HAVE SAIDA FASTERHORSE HENRY FORD
    31. 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. 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. 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. 34. ONE LAST THING•! ∀ User = Customer• Users use• Customers pay• If you’re not the customer, you might be the product
    1. A particular slide catching your eye?

      Clipping is a handy way to collect important slides you want to go back to later.

    ×