New Product Innovation
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Presentation on how to think about new product innovation
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New Product Innovation
- 1. New Product Innovation M. Thiyagarajan Sr PM - QBO, Fellow iSPIRT twitter.com/mtrajan
- 2. What is Innovation What is Innovation ?
- 5. First step ? Idea !!!
- 6. It is the Journey
- 8. observe idea analyze & present decision design build launch & marketing users Traditional New Product Idea approach
- 9. observe idea analyze & present decision design build launch & marketing users Traditional New Product Idea approach
- 10. observe idea analyze & present Design Build Test decision design build launch & marketing users A better approach
- 11. To: Experimentation, Learning & Innovation Accounting From: Guesswork, Excel & PowerPoint observe idea analyze & present Design Build Test decisionusers A better approach
- 12. Innovation Accounting Critical Assumption(s) => Hypothesis => Learning Goal May 24 – June 6 ( 2 weeks) Overall Learning Goal Goal/Objective Learning Goal/Objective Customers Spoken/Experiment Validated Learning Surprise Learnt
- 13. Experiments = MVP smallest possible experiment to test a specific hypothesis, all the way up to the tangible realization of a product vision
- 14. Customer Interviews Paper Sketch Mockup Ad-wards Campaign Video Software Prototype Concierge MVP The Product Few Many Low High Customer Reach Fidelity http://stefanroock.wordpress.com/2012/08/05/lean-startup-a-classification-of-mvps/ Digital Wireframes MVP Fidelity
- 15. QUESTIONS
Editor's Notes
- Question on what do you think are good ideas ? When do you think as innovator or evaluate an idea is a good idea ? Synthesize the answers to share the succint summary of the entire presentation Our job as leader is to enable idea to find out for themselves how good they are and based on their own findings
- But before that lets get away something that bothers us many times on ‘What is Innovation ?’ How does one define innovation. Let me share a simple defintion that will help us anchor to relate to it in simillar light
- Innovation put simply is ‘Something Different’ Add examples Quote to different and Deep Impact Add Aravind Eye Care Add Quickbooks case Get numbers/figures on the impact
- That has impact Impact means measurable result in terms – whether it is business value – profit, improved performance of a process, a measurable effect on someon’s life or something else entirely. No impact means no innovation That way innovation is different from creativity, technology and discovery/invention Key aspect as may not is the ‘Doing is thing’ To illustrate I would like to share two examples Aravind Eye Care Eye surgey is a complex procedure and involves several subtleties to go well. The key difference in thinking of Aravin Eye care was to keep the unit costs low enough for a rural population they had standardized the operation in a factory like manner ( in a way similar to Ford assembly plant or a McDonald’s outlet) to create high volume production. The key is in the volumes, they conduct operations of around 200,000 in a year. It costs about $50 per operation while the same in a hospital in Indian city costs about $300 while the cost in US is about $1650 The other example that I can share is from Intuit experience. When we first released Quickbooks was the last product released and had the least number of features compared to any other competitor. But since it focussed on the benefit of the customer ( to help those do accounting even with an accounting knowledge) it went on to become the market leader in the personal finance software category.
- http://beyondphilosophy.com/getting-customer-innovation-wrong/
- Examples of big bang launch is WebVan and Iridium. WebVan is a classic case from the dotcom time which tried to sell groceries online. The problem with the model is by the time launch happens the user needs even if model right changes.
- Add a recent example in the last 5 years , an expensive failure Think of an example which used the big funnel model Think of an example of experimentation