Developing Innovative Ideas for Companies: The First Step in Entrepreneurship
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With strong economies presenting rich opportunities for new venture creation, and challenging economic times presenting the necessity for many to make their own job, the need to develop the skills to develop and act on innovative business opportunities is ever present. Using proven content, methods, and models for opportunity assessment and analysis, participants will learn how to enhance their entrepreneurial mindset and develop their functional skill sets to see and act entrepreneurially. The initial steps to creating a business plan are examined as well. Our goal is to help you build the skills needed to identify and act on innovative opportunities now, and in the future. At the end of this seminar, participants will be able to: a. Understand how great ideas can help develop companies. b. Learn how to identify opportunities based on customer needs. c. Explore steps that can help lead to creating a successful company.
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Developing Innovative Ideas for Companies: The First Step in Entrepreneurship
- 1. DEVELOPING INNOVATIVE IDEAS FOR NEW COMPANIES: THE FIRST STEP IN ENTREPRENEURSHIP Dr. Jeannice Fairrer Samani, MBA Global Business Accelerator Mentor/Professor/Fulbright Scholar @jeannice Friday, October 16, 2015
- 2. Political Economy of Industrial Societies +City & Regional Planning Minor & Masters PhD Business Administration MBA Management + Technology@jeannice U.S., Africa, Central Asia, Middle East 300+ Startups
- 3. Why Are We Here? Understand how great ideas can help develop companies. How to stimulate innovation in our organization and/or team? Learn how to identify opportunities based on customer needs. Explore steps that can help lead to creating a successful company. 3 Dr. Jeannice Fairrer Samani, Developing Innovative Ideas October 16, 2015
- 4. DEVELOPING INNOVATIVE IDEAS FOR NEW COMPANIES: What comes to mind when you are thinking about an improvement, enhancement or a new feature for an existing product or a new product? 4
- 6. What is Entrepreneurship? “Entrepreneurship is the pursuit of opportunity beyond resources currently controlled.” - Professor Howard Stevenson, HBS “Entrepreneurship is the development of a business from the ground up Coming up with an idea and turning it into a profitable business.” - Business News Daily Navigating ideas from your head to reality. - Babson College Entrepreneurship is cashing in your smart solutions to meet the needs of others. - 6
- 7. Entrepreneurship vs. Entrepreneur Entrepreneurship is the very engine of economic growth and the people we are counting onto fuel the engine. “One who organizes, manages and assumes the risks of a business or enterprise.” - Merriam-Webster A person with a vision, idea, and/or concept and passion that takes the risk to drive their mission into existence. - Dr. Jeannice Fairrer Samani 7 Driver of Innovation
- 8. Foundation: What is Intrapreneurship? • Any of the dreamers who do…Dream. Those who take hands-on responsibility for creating innovation of any kind. • Implementation of start-up practices within a large organization, producing valued innovation. • Intrapreneurs are therefore people who put new ideas into action within established businesses. 8 Foundation October 16, 2015
- 9. Framework for Intrapreneurs to Drives Successful Innovation • Foundation • People and Culture • Ideation • Validation • Scale up Grid 9
- 10. CEO’s & Intrapreneurship 10 People and Culture October 16 2015 “A third of CEO’s are pinning their hopes on new products or services, primarily to fuel organic growth in existing markets.” - PWC (2014)
- 11. People & Culture: Corporate Innovation Requires an Innovation Culture 11 Dr. Jeannice Fairrer Samani, October 16, 2015
- 12. Driving Ideation into Innovation 12 Dr. Jeannice Fairrer Samani, Developing Innovative Ideas October 16, 2015
- 14. 14 “Design Thinking is a human-centered approach to innovation that draws from the designer’s toolkit to integrate the needs of people, the possibilities of technology, and the requirements for business success.” - Tim Brown, president and CEO, IDEO
- 15. HACKING CORPORATE CULUTRE This is akin to waging psychological warfare on your own company. 1. It needs to be a careful, calculated process coordinated with HR and Finance. 2. Assess your company’s current values and beliefs as understood by the employees 3. Communicate the need for new values and moving employees to a new way of thinking, is hard. 4. Simultaneously with the creation of new culture, align the company’s incentive programs (compensation plans, bonuses, promotions, etc.) to the new values. 15
- 16. Case Study: Roadmap for Financial Service Software 16 October 16, 2015 Create an Agile Team Approach MGT & Funding Id. Resources Stage 1 Stage 2 Planning/Design Develop Prototype Plan of Record Test
Editor's Notes
- “A third of CEO’s are pinning their hopes on new products or services, primarily to fuel organic growth in existing markets” PWC (2014) Large companies typically struggle with Innovation. However, others actively promote intrapreneurship affording its employees 10-20 percent of their time on innovative.
- Hasso-Platner Institute of Design at Stanford University. There are a number of tools to stimulate innovation However I use: Design thinking it is a fully immersive method of problem solving that is centered on the user, that is, the person the solutions serve. Best learned by doing, design thinking involves a series of steps that are divergent (creative) and convergent (analytic). This method has been proven to crack complex ambiguous problems ranging from the development of new products and services to entire processes and strategies for private and public ecosystems.
- •The basic steps in our approach are as follows: •Clarify the core challenge •Uncover the context underlying the challenge •Design an innovative and sustainable approach to the challenge •Formulate a make-it-stick plan _______________________________________ Absence Thinking: Think about what is not there. •Art streaming: Keep creating until you get through the blocks. •Assumption Busting: Surfacing and challenging unconscious assumptions. •Attribute Listing: Listing attributes of objects and then challenging them. •Brainstorming: The classic creative method for groups. •Braindrawing: Good for reticent groups. •Brainmapping: Combining brainwriting and mind-mapping. •Brainwriting: Group doodling for non-verbal stimulation. •Breakdown: Careful decomposition to explore the whole system. •Challenge: Challenge any part of the problem. •Crawford Slip Method: Getting ideas from a large audience. •A Day In The Life Of...: Building creative tension from contextualized situations. •Delphi Method: Explore ideas or gain consensus with remote group. •Doodling: Let your subconscious do the drawing. •Essence: Looking elsewhere whilst retaining essential qualities. •Forced Conflict: Using conflict to stimulate the subconscious. •Guided Imagery: Letting your subconscious give you a message. •How-How Diagram: Break down problem by asking 'how'. •How to: Frame statements as 'How to' to trigger focused thinking. •Incubation: Letting the subconscious do the work. •The Kipling method (5W1H): Ask simple questions for great answers. •Lateral thinking: Thinking sideways to create new ideas. •Lotus Blossom: Unfold the flower of extended ideas. •Chunking: Go up and then down elsewhere. •Mind-mapping: Hierarchical breakdown and exploration. •Modeling: For the artist in everyone. •Morphological Analysis: Forcing combinations of attribute values. •Nominal Group Technique: Getting ideas with minimal personal interaction. •Pause: Think more deeply for a minute. •Post-Up: Brainstorming with Post-It Notes. •Provocation: Shake up the session by going off-piste. •PSI: Problem + Stimulus = Idea! •Random Words: Using a random word as a stimulus. •Rightbraining: Combine incomplete doodles around the problem. •Role-play: Become other people. Let them solve the problem. •Remembrance: Remembering solutions not yet discovered. •Reversal: Looking at the problem backwards. •Reverse Brainstorming: Seek first to prevent your problem from happening. •Rubber-ducking: Get someone else to listen to your talk. •SCAMPER: Using action verbs as stimuli. •Six Thinking Hats: Think comfortably in different ways about the problem. •Storyboarding: Creating a visual story to explore or explain. •Take a break: When creativity is fading. •Talk streaming: Just talk and talk and talk until you unblock. •TRIZ Contradiction Analysis: Use methods already used in many patents. •Unfolding: Gradually unfolding the real problem from the outside. •Value Engineering: Deep analysis to understand and innovate in areas of key value. •Visioning: Creating a motivating view of the future. •Wishing: State ideas as wishes to expand thinking. •Write streaming: Write and write and write until you unblock.
- this creative approach to Innovation is being used by leading public and private organizations worldwide. •Dell Inc. •SAP Ireland – Mark Brennan, VP Development •Fidelity Investments – Una McGrath, Innovation Catalyst •Darrell Mann – CEO – Systematic Innovation • Fáilte Ireland, IBM, Kerry Group and Medtronic
- _________________________________________________________For innovation to happen by design not by exception, companies need to hack their corporate culture. This is akin to waging psychological warfare on your own company. It needs to be a careful, calculated process coordinated with HR and Finance. Assess your company’s current values and beliefs as understood by the employees Communicate the need for new values and moving employees to a new way of thinking, is hard. It starts with thinking through the new values and beliefs the company wants to live by Plan a concerted effort to create a new set of stories, heroes and rituals around those values Simultaneously with the creation of new culture, align the company’s incentive programs (compensation plans, bonuses, promotions, etc.) to the new values. Failure to realign incentives doom any new culture change. _____________________________ Hacking a Corporate Culture For innovation to happen by design not by exception, companies need to hack their corporate culture. This is akin to waging psychological warfare on your own company. It needs to be a careful, calculated process coordinated with HR and Finance. Assess your company’s current values and beliefs as understood by the employees Communicate the need for new values and moving employees to a new way of thinking, is hard. It starts with thinking through the new values and beliefs the company wants to live by Plan a concerted effort to create a new set of stories, heroes and rituals around those values Simultaneously with the creation of new culture, align the company’s incentive programs (compensation plans, bonuses, promotions, etc.) to the new values. Failure to realign incentives doom any new culture change. To create an innovation culture a company needs heroes and stories about employees who created new business models, new products and new customers. Stories about new product lines created out of a crazy idea. Or heroes like an old-guard manager who kept sending the best teams to the corporate incubator; or division general managers who adapted and adopted an acquired product and built it into a successful product line, or engineering teams who got out of the building, saw a customer need and built a product to serve it – and ended up with a new division. And the rituals and rewards need to support this type of innovation ( not just existing execution. Culture change almost always runs into problems – resistance to change (we’ve always done in this way), obsolescence (the world changed but not our values), inconsistency (we give lip service to our values, but don’t really implement them). But the combination of hacking the culture and reinforcing it by changing the incentives can make it happen. The result of an innovation culture is a large company with a unified purpose that can move with speed, agility and passion.
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