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Ideation and Innovation September 3 rd , 2010 AKKA 6 th WORLD CONFERENCE Keys to Entrepreneurship in the New World

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An entrepreneur's perspective on Ideation and its various dimensions, characteristics and evolution.

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Page 1: Ideation conference final

© 2008 RVP Confidential

Ideation and Innovation

September 3rd, 2010

AKKA 6th WORLD CONFERENCE

Keys to Entrepreneurship in the New World

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Ideation and Innovation

Things covered

• Definition

• Process of Ideation

• Entrepreneurial Case Study

• VOC - The Product Triangle Redefined

• Characteristics of Innovators

• Types of Innovation

• Trends in Innovation

• What Next ??

• Ideation & Innovation Resources

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Ideation and Innovation

What is the definition??

Innovation - the use of pre-existing or emergent ideas and technologies in new and creative ways never used before.

The successful exploitation of ideas generated at the intersection of invention and insight, which leads to the creation of social or economic value.

Ideation - the process of forming and relating ideas.

The Entrepreneurial Context:

Or Simply put: Innovation is the profitable implementation of Ideas.

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Ideation and Innovation

The Process of Ideation

• Brainstorming

• Mind Mapping

• Word Cloud

• Scamper ….

Ideation is a Structured and Reiterative Process

Ideation Innovation Product/Market

Fit

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Ideation and Innovation

Entrepreneurial Case Study

1. $200K seed funding - Cryptography“No one really needed it” Max Levchin

2. $4.5M VC funding - PDA PaymentsPeople preferred web demo (100X users)

3. $1.5B sale to eBay – Web PaymentsPeter Thiele Co-Founder PayPal – Angel Investor in Facebook, Linked In, Friendster etc.Max Levchin Co-Founder PayPal – Founder of Slide – sold to Google for approx 200M

“Life of any startup can be divided into two parts - before Product/Market fit and

after Product/Market fit” Marc AndreessenFounder Netscape, Opsware, Ning

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Ideation and Innovation

Changing Customer Expectations

• The Product Triangle

Fast Good

Cheap

Conventional wisdom – Pick any two

Fast Good

Cheap

Breakthrough Innovation – All three

And I will tell my entire 100K+ social network about you!!!

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Ideation and Innovation

Characteristics of Innovators

1.Child like Curiosity

2. Vivid Imagination

3. Unconventional Intuition

4. Inquisitive Inventiveness

5. Incorrigible Passion

6. Creative Flexibility

7. Relentless Persistence

8. Supercharged Energy

A constant desire to challenge theStatus Quo

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Ideation and Innovation

Types of Innovation

Efficiency Innovation• Reduce expenses• Faster, Cheaper, Better• Process Transformations

Evolutionary Innovation• Add/Modify Functionality• Lateral Product Suite• Extend brand/product line/life

Demographic Innovation• Different market segments• Race, Age, Gender, Geo• Cultural, ethnic and market fit

Disruptive/Revolutionary Innovation• Create New Markets• Create New Strategic Assets• Launch New Businesses

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Ideation and Innovation

Trends in Innovation

How long does it take to get to 50 million users?Phone 74 years

Radio 38 years

TV 13 years

Internet 2 years

Blogs 1 year

Farmville 9 Months

Facebook crosses 500 Million Users in August 2010 – Within a period of 5 Years!

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Ideation and Innovation

What Next

• Prototyping

• Funding

• Market Fit

• Sustainability

• Growth

Prototype a lot, fail often, and fail early

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Ideation and Innovation

Ideation & Innovation Resources

“If you're not failing

every now and again, it's a sign you're not doing anything very innovative.

- Woody Allen

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Ideation and Innovation

About me

Avinash has close to two decades of rich experience in the areas of Global Cross Border Collaboration, Software Product Development, Offshore Outsourcing and Professional Services.

He has a deep understanding of Viral Marketing, Search Engine Optimization, Mobile Applications, Semantic Web Frameworks, Health 2.0 Concepts and their application to socio-behavior patterns of various customer demographics.

Avinash is currently the CEO and Founder of Healthji, India’s premier Health and Wellness Portal leveraging Web 2.0 concepts and frameworks. Healthji offers innovative products, services and content to the Global Indian Community as well as to Corporate India for improving the Health and Wellness of Employees.

He is an Investor/Advisor in Destar Inc.; a premium Integrated Advisory Services firm based in the US. He provides Go-to-Market Strategy, Organizational Growth Strategy, M&A Advisory, Change Management, Leadership Transformation and Consulting Services as part of this.

Avinash also serves as the MD of Excel Ventures, an early stage Incubation fund which invests in the Technology, Healthcare and Education segment primarily in the Indo-US Corridor.

Prior to this, Avinash was a founding member and Chief Operating Officer of Birlasoft where he ran the global sales and operations.

Avinash is a BS in Electronics & Electrical Engineering and a qualified Chartered Financial Analyst (CFA). He is an alumnus of the Harvard Business School (HBS) where he completed his Advanced Management Program (AMP) and is the elected Secretary of his Class.