innovation basics
DESCRIPTION
PresentationTRANSCRIPT
![Page 1: Innovation basics](https://reader033.vdocuments.site/reader033/viewer/2022060117/55847432d8b42aca538b4d1e/html5/thumbnails/1.jpg)
Innovation basics
Fredrik Ljungberg+46 (0)733 311 100
![Page 2: Innovation basics](https://reader033.vdocuments.site/reader033/viewer/2022060117/55847432d8b42aca538b4d1e/html5/thumbnails/2.jpg)
Innovation
• New product/service
• Satisfied customers
• Successful business
![Page 3: Innovation basics](https://reader033.vdocuments.site/reader033/viewer/2022060117/55847432d8b42aca538b4d1e/html5/thumbnails/3.jpg)
Many innovation projects fail – why?
• Problem in product development?
• Problem to attract customers?
• Match customer needs and create new business– “Customer development” harder than “Product
development”
![Page 4: Innovation basics](https://reader033.vdocuments.site/reader033/viewer/2022060117/55847432d8b42aca538b4d1e/html5/thumbnails/4.jpg)
Unknown need and solution
• You fail in 98% of the cases • But late
• Stay focused, execute the business plan, etc.
Concept Finance Dev. Test Launch
![Page 5: Innovation basics](https://reader033.vdocuments.site/reader033/viewer/2022060117/55847432d8b42aca538b4d1e/html5/thumbnails/5.jpg)
Unknown need and solution
• First market, then product• Invest few resources, fail early• Learning through iterations
• Patent and NDA
Concept Finance Dev. Test Launch
![Page 6: Innovation basics](https://reader033.vdocuments.site/reader033/viewer/2022060117/55847432d8b42aca538b4d1e/html5/thumbnails/6.jpg)
• Paul Ahlstrom: “If you have an idea, don’t build anything.”
• Steve Blank: “Get the hell out of the building.”
• Randy Komisar: “Getting to Plan B.”
![Page 7: Innovation basics](https://reader033.vdocuments.site/reader033/viewer/2022060117/55847432d8b42aca538b4d1e/html5/thumbnails/7.jpg)
Before you start developing
• Customer hypothesis • Henry Ford: “If I had asked people what they wanted, they
would have said faster horses”
• Test hypotheses as early as possible • Identify “customer pain” and your solution
with customer
• Build a “minimal viable product”
![Page 8: Innovation basics](https://reader033.vdocuments.site/reader033/viewer/2022060117/55847432d8b42aca538b4d1e/html5/thumbnails/8.jpg)
Unique product
• It is probably not unique• “Nobody walks in here with a new idea. I’ve
seen all ideas 10 times.” • “For every decent idea there are 30-40 guys
working on it.”• Why is a unique product good? • Product only one piece of the business model
• Scalable and repeatable business model
![Page 9: Innovation basics](https://reader033.vdocuments.site/reader033/viewer/2022060117/55847432d8b42aca538b4d1e/html5/thumbnails/9.jpg)
How the business/company creates, delivers and captures value
![Page 10: Innovation basics](https://reader033.vdocuments.site/reader033/viewer/2022060117/55847432d8b42aca538b4d1e/html5/thumbnails/10.jpg)
Example
![Page 11: Innovation basics](https://reader033.vdocuments.site/reader033/viewer/2022060117/55847432d8b42aca538b4d1e/html5/thumbnails/11.jpg)
What to do?
• Formulate hypotheses of customer pains and solutions part of everybody’s day to day work
• Most resources to test customer hypotheses on the market (learning)
• Fewer resources spent on development of a minimal viable product (much spent later)
• Think business model, not product only• Promote iterative work and learning, not
delivering what you thought initially
![Page 12: Innovation basics](https://reader033.vdocuments.site/reader033/viewer/2022060117/55847432d8b42aca538b4d1e/html5/thumbnails/12.jpg)
Contact
• Fredrik Ljungberg • +46 733 311 100