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The Process of Innovation

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Innovation is the process of introducing a new product or method into a market.

Rarely is an initial idea or solution going to corner the market. The process of innovation can mold and shape your idea into something people will value and ultimately purchase.

The innovation process cycles through 4 key steps:
1) Ideas and Solutions
2) Business propositions
3) Business feasibility
4) Business planning

Veröffentlicht in: Kleinunternehmen & Unternehmertum
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The Process of Innovation

  1. 1. Adapted from: Faley, T (2007). Innovation Process. Ann Arbor, MI: University of Michigan Price, J (2007). New Venture Creation. Ann Arbor, MI: University of Michigan The Process of Innovation November 2014
  2. 2. 2 Copyright©2014JoelWenger-AllRightsReserved What is “innovation”? It depends… Innovation is one of the most overused words in business world. As of 2014: @20 million+ ‘innovation’ search results from Google 65,000+ “innovation” books on Amazon.com It describes everything from incremental improvements in technology to revolutionary changes that impact society.
  3. 3. 3 Copyright©2014JoelWenger-AllRightsReserved Innovation is the “glue” between invention and investment Invent • Create new ideas and concepts Innovate • Match inventions with people’s problems to form solutions Invest • Commercialize solutions via businesses “Research is the transformation of money into knowledge. Innovation is the transformation of knowledge into money.” Dr. Geoffrey Nicholson, 3M
  4. 4. 4 Copyright©2014JoelWenger-AllRightsReserved The process of innovation transforms ideas into businesses Ad-hoc Gut-feel Disorganized Opportunistic Fortunate Individual Structured Disciplined Organized Purposeful Planned Scalable Invention Innovation Investment
  5. 5. 5 Copyright©2014JoelWenger-AllRightsReserved The Process of Innovation Is the business proposition strong enough to justify moving forward? Is the business feasible? Ideas and Solutions Business Proposition Business Feasibility Business Plan Is the idea strong enough to justify moving forward?
  6. 6. 6 Copyright©2014JoelWenger-AllRightsReserved The Process of Innovation Ideas and Solutions Business Proposition Business Feasibility Business Plan • Persona Mapping • Technology Mapping • What is the product or service? • Who are the users? • Why will they use the product? • How does your business make money? • Industry • Market • Product • Company • Team • Investor Pitch • In-Depth Planning
  7. 7. The Process of Innovation Step 1) Ideas and Solutions
  8. 8. 8 Copyright©2014JoelWenger-AllRightsReserved The Process of Innovation Ideas and Solutions Business Proposition Business Feasibility Business Plan • Persona Mapping • Technology Mapping • What is the product or service? • Who are the users? • Why will they use the product? • How does your business make money? • Industry • Market • Product • Company • Team • Investor Pitch • In-Depth Planning
  9. 9. 9 Copyright©2014JoelWenger-AllRightsReserved The first solution is rarely the best solution… Idea / Invention Concept Technology Map People Personas Community Map Affects & Effects Perceptions & Valuations Outcomes & Results Potential Solutions
  10. 10. 10 Copyright©2014JoelWenger-AllRightsReserved Deconstruct an idea to discover affects and effects Idea / Invention Concept Technology Map Describe the idea: • What does it do? • What is special about it? • What does it compare to? • What is its effect? • What allows it to do have an effect? • What is essential for it to do what it does? • What are the limits of what it does? Begin
  11. 11. 11 Copyright©2014JoelWenger-AllRightsReserved The best “market research” models how people think and choose People Personas Community Map Describe the community: • Who are the users, experts, and influencers? • What are their needs? • What outcomes do they desire? • What experiences do they desire? Begin
  12. 12. 12 Copyright©2014JoelWenger-AllRightsReserved Link technology & community to uncover novel solutions to people’s problems Idea / Invention Concept Technology Map People Personas Community Map Causes & Effects Perceptions & Valuations • Effects of technology push versus market pull • Results where most value is likely to emerge • Limits of technology and markets • Combinations of multiple technologies and/or markets Outcomes & Results
  13. 13. 13 Copyright©2014JoelWenger-AllRightsReserved Refine the idea until it is strong enough to merit deeper investigation Causes & Effects Perceptions & Valuations How can we do “it”? Who will value what “it” does? Remember, all innovations begin as inventions, but not all inventions are innovations. Similarly, commercialization starts with innovations, but not all innovations can be commercialized.
  14. 14. The Process of Innovation Step 2) Business Proposition
  15. 15. 15 Copyright©2014JoelWenger-AllRightsReserved The Process of Innovation Ideas and Solutions Business Proposition Business Feasibility Business Plan • Persona Mapping • Technology Mapping • What is the product or service? • Who are the users? • Why will they use the product? • How does your business make money? • Industry • Market • Product • Company • Team • Investor Pitch • In-Depth Planning
  16. 16. 16 Copyright©2014JoelWenger-AllRightsReserved Creating the business proposition is iterative Crafting the business proposition establishes the path to commercialization • What is the product? • Who is the customer? • Why do they buy? • How do you make money? Business Proposition Business Influences Business Offering Solutions
  17. 17. 17 Copyright©2014JoelWenger-AllRightsReserved Formulate an initial Business Proposition for your “solution” What is your product/service? • What does your business do? Who are your target customers? • Are their needs compelling enough to justify buying the product concept? Why will your target customers use your product? • Value proposition to the user? How does your company make money? • Company’s value capture mechanism • Is the product pricing consistent with the value created for the user?
  18. 18. 18 Copyright©2014JoelWenger-AllRightsReserved Create influence diagrams for the business by mapping the market Causal loop diagram of a model examining the growth or decline of a life insurance company https://en.wikipedia.org/wiki/Causal_loop_diagram
  19. 19. 19 Copyright©2014JoelWenger-AllRightsReserved Business influences define the offering as a Feature, Product, or Business Feature = Licensing or joint ventures are most likely business outcome • Can’t acquire complimentary assets • Don’t control ancillary IP Product = Product development effort that gets acquired is most likely business outcome • Market channel is unavailable • “Product” must be sold with other products (i.e. bundled) • Supply chain is non-existent or monopolized Small / Niche Business = Assets that get acquired by large business the most likely business outcome • The market small or narrow • Product line extensions non-existent or limited • Limited ability to cross into other markets Large business = IPO or acquisition is most likely business outcome • Control of Assets • Viable Supply Chain • Growing primary/secondary markets Feature, Product, Business (Faley, 2007)
  20. 20. 20 Copyright©2014JoelWenger-AllRightsReserved Is the business proposition strong enough to merit deeper investigation? Perceptions & Valuations Causes & Effects Business Proposition Overlapping the technology, community, and influence “maps” provides a clear picture of the business landscape. Refine the potential solution and business proposition by iterating through the process, knowing that you may have to revisit the technology and community maps to “regroup”
  21. 21. The Process of Innovation Step 3) Feasibility Study
  22. 22. 22 Copyright©2014JoelWenger-AllRightsReserved The Process of Innovation Ideas and Solutions Business Proposition Business Feasibility Business Plan • Persona Mapping • Technology Mapping • What is the product or service? • Who are the users? • Why will they use the product? • How does your business make money? • Industry • Market • Product • Company • Team • Investor Pitch • In-Depth Planning
  23. 23. 23 Copyright©2014JoelWenger-AllRightsReserved Business feasibility from a market, industry, and product perspective Market Attractiveness (Potential expansion to new segments, etc.) Target Segments, Benefits, & Attractiveness (Personas, Needs, & Wants) Industry Attractiveness (Porter’s 5-forces, etc.) Sustainable Advantage (Product Differentiation, Intellectual Assets) Market Domain Industry Domain Macro-levelMicro-level The New Business Road Test, John Mullins © 2003.
  24. 24. 24 Copyright©2014JoelWenger-AllRightsReserved Market Attractiveness (Expanding to new segments, etc.) Target Segments, Benefits, & Attractiveness (Personas, Needs, & Wants) Industry Attractiveness (Porter’s 5-forces, etc.) Sustainable Advantage (Product Differentiation, Intellectual Assets) Market Domain Industry Domain Macro-levelMicro-level Business feasibility from a company and team perspective The New Business Road Test, John Mullins © 2003. TEAM DOMAIN Cohesive value chain Ability to execute Missions, aspirations
  25. 25. Step 4) Business Planning The Process of Innovation
  26. 26. 26 Copyright©2014JoelWenger-AllRightsReserved The Process of Innovation Ideas and Solutions Business Proposition Business Feasibility Business Plan • Persona Mapping • Technology Mapping • What is the product or service? • Who are the users? • Why will they use the product? • How does your business make money? • Industry • Market • Product • Company • Team • Investor Pitch • In-Depth Planning
  27. 27. 27 Copyright©2014JoelWenger-AllRightsReserved Start with the investor presentation and use the graphics as exhibits in the plan Leverage the content retention hierarchy to make your presentation memorable IncreasingRetention • Generic Text • Text with clearly marked headings • Bullet points • Tables • Graphs • Diagrams & pictures
  28. 28. 28 Copyright©2014JoelWenger-AllRightsReserved Key elements of an investor presentation (pitch deck) Solution • Value proposition / Advantages Business Model • Value Capture Mechanism / Value Chain Market / Industry • Users / Size / Segmentation / Growth rate / Stage of development Competition • Relative comparison and competitive positioning Marketing and Sales • Go-to-market strategy Operations • Company-building timeline / Key value-building milestones Finance • Historical results / 5-year projections / Key milestones / Capital requirements Management • Bio’s of Key personnel / Org charts
  29. 29. 29 Copyright©2014JoelWenger-AllRightsReserved Key elements of an investor presentation (pitch deck) Solution Business Model Business Proposition (Steps 1 & 2) Feasibility Study (Step 3) Business “Planning” (Step 4) Market / Industry Competition Marketing & Sales Operations Finance Business Management
  30. 30. 30 Copyright©2014JoelWenger-AllRightsReserved The business plan is a living document Business planning is an ongoing activity. You’re never really done. Keep your plan alive by reviewing it regularly. Start each review by listing the assumptions in your plan and how well they’re holding up. At this stage, the goal isn’t to finish a business plan…the goal is to quickly adjust it as you move forward.
  31. 31. This publication provides general information and should not be used or taken as business, financial, tax, accounting, legal or other advice. It has been prepared without regard to the circumstances and objectives of anyone who may review it; therefore, you should not rely on this publication in place of expert advice or the exercise of your independent judgment. The author makes no representation or warranties of any kind regarding the contents of this publication, and accepts no liability of any kind for any loss or harm arising from the use of the information contained in this publication. The views expressed in this publication reflect those of the author and contributors and does not guarantee that the information contained in this publication is reliable, accurate, complete or current. The author and contributors assume no responsibility to update or amend the publication. http://www.linkedin.com/in/jwenger/ http://www.twitter.com/joelwenger Joel Wenger

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