Genearating Idea

1. Generating Ideas

2. Solving a problem by merging a customer plan
with an emerging technology
Ashish Rangnekar, Ujjwal Gupta
6/5/22 Dr. Shobha Menon, Associate professor, SCMS,Cochin

3. Launched 1st
B2B program,
beginning ACT
partnership. This
is also known as
The Pivot.
2015
BenchPrep
reaches 3M
learners.
2017
BenchPrep
reaches 6M
learners.
2019
BenchPrep
launches various
iniatives to propel
the platform
forward to a more
self-service LMS.
BenchPrep also
reaches 8M
learners.
2021
6/5/22 Dr. Shobha Menon, Associate professor, SCMS,Cochin

4. Opportunity
An opportunity is a favourable set of circumstances that creates a need for a new product,
service or business.
Externally stimulated – Jeff Bezos
Internally stimulated – Benchprep- opportunity gap
Business opportunities are tough to spot
Key to opportunity recognition is to identify a product or service that people need and are
willing to buy
•
•
6/5/22 Dr. Shobha Menon, Associate professor, SCMS,Cochin

5. Window of Opportunity – 4 essential qualities
of an opportunity
Window of
Opportunity
Attractive
Timely
Durable
Anchored ina
product/service
that creates or
adds value for its
buyer or end
user
6/5/22 Dr. Shobha Menon, Associate professor, SCMS,Cochin

6. Sources of Innovative Ideas
Sources Observing Trends
Solving a Problem
Finding Gaps in the Marketplace
6/5/22 Dr. Shobha Menon, Associate professor, SCMS,Cochin

7. OBSERVING TRENDS
Opportunity
Gap
Economic forces
Social Forces Technological forces
Political/Regulatory
changes
6/5/22 Dr. Shobha Menon, Associate professor, SCMS,Cochin

8. Economic trends
Changing Trend Resulting Opportunity Companies that resulted
Search for alternatives to fossil
fuels
Solar Power, Wind power, ethanol Microtek Solar Solutions, Ather
electric scooters
Dual wage earner families Time savers, daycares T.I.M.E.Kids, Swiggy
6/5/22 Dr. Shobha Menon, Associate professor, SCMS,Cochin

9. Social trends
Changing Trend Resulting Opportunity Companies that resulted
Aging demographics Senior Living, Nursing services Bless Retirement homes, Guardian
Angels
Health & fitness growth Healthy menu restaurants, organic
foods
Azeezia Organic restaurant
Continuous learning Online courses Coursera, Hubspot
6/5/22 Dr. Shobha Menon, Associate professor, SCMS,Cochin

10. Technological Trends
• Mobile Technology
• Ecommerce
• Technology and Health and Wellness – Procter, Pharmeasy
• Miniaturization of electronics
• 5G technology -IoT (Internet of Things) ecosystem where
networks can serve communication needs for billions of
connected devices
6/5/22 Dr. Shobha Menon, Associate professor, SCMS,Cochin

11. Political/Govt. regulations
• Increased regulations
• Higher environmental standards
• Security threats
• Data security
• Prashanth Kishor – political strategist - Citizens for Accountable
Governance (CAG), a media and publicity company
6/5/22 Dr. Shobha Menon, Associate professor, SCMS,Cochin

12. SOLVING A PROBLEM
• Recognising problems and solving them – observing the challenges
people face in their daily lives
• Advances in technology create problems
• Frame a problem differently
6/5/22 Dr. Shobha Menon, Associate professor, SCMS,Cochin

13. SOLVING A PROBLEM
6/5/22 Dr. Shobha Menon, Associate professor, SCMS,Cochin

14. FINDING GAPS IN THE MARKETPLACE
• Products that consumers need or want that aren’t available ( Daisy
Rock Guitars)
• Product gaps potential viable business opportunities (aLL plus size
store)
• Create a new category by targeting a completely different target
market (PopCap games)
• Firm has to deliver on its promises ( Clearly Canadian)
6/5/22 Dr. Shobha Menon, Associate professor, SCMS,Cochin

15. Techniques for generating ideas
BRAINSTORMING
• Process of generating several
ideas about a specific topic
• Freewheeling sessions
• Formal and informal
6/5/22 Dr. Shobha Menon, Associate professor, SCMS,Cochin

16. Techniques for generating ideas
• A gathering of 5 to 10 people
who are selected because of
their relationship to the issue
being discussed.
• Guided by trained moderators
FOCUS GROUPS
6/5/22 Dr. Shobha Menon, Associate professor, SCMS,Cochin

17. Techniques for generating ideas - Research
ONLINE/LIBRARY RESEARCH
• Best ideas emerge when an
notion of an idea is merged with
research
• Provides insights
• Trade magazines, research
journals, industry reports
• Powerful search
engines,databases
6/5/22 Dr. Shobha Menon, Associate professor, SCMS,Cochin

18. References
• Entrepreneurship – Successfully Launching new ventures –
Barringer/Duane Ireland
6/5/22 Dr. Shobha Menon, Associate professor, SCMS,Cochin

19. Class exercise
• Each team – 20 things that ‘bug’ you
6/5/22 Dr. Shobha Menon, Associate professor, SCMS,Cochin