innovation in business presentation to aspiring entrepreneurs vit university 05 th march 2011

Innovation in Business

Presentation to

Aspiring Entrepreneurs

VIT University

05th March 2011

Innovation in Business 2April 11, 2023

Bharathi, Leonardo, Edison


Ideas / Innovation and Opportunity

• Ideas: are thoughts

• Innovation: application of an idea

• Opportunity: that which exists in the market place that can be exploited


The Egg and Archimedes


Epiphany

• Epiphany means “a sudden manifestation of the essence or meaning of something”

• Looking for the big, bright, brilliant new idea or “the kiss of the muse”

• Truth: The most useful way to think of epiphany is as an occasional bonus of working on tough problems


What is Innovation?

“The creation, development and implementation of a new product, process

or service, with the aim of improving efficiency, effectiveness or competitive

advantage”

“It is the process whereby ideas for new (or improved) products, processes or

services are developed and commercialized in the marketplace “

“It is an evolutionary process of increasing capability of technology, applying

in new contexts to improve product and services”


Innovation in business is

• Adapting an existing idea or solution to solve a different problem

• Creating new use for existing feature

• Creating a solution for an unknown user need


– Ideation Component• Place to source ideas• Method to elicit ideas• Culture to promote idea generation

– Selection Component• Method to identify THE idea• Method to verify THE idea

– Commercialization Component• Method to exploit THE idea for Profit

Innovation Components

Ideationvideo Time!


Ideation Techniques

• Brainstorm

• Introspection

• Sighting Trends

• Facilitating Insights

• Campaigns

• Creative Writing


Sources of Opportunities• The Unexpected

• The Incongruity

• Innovation Based on Process Needs

• Demographics

• Changes in perception, mood and meaning

• New Knowledge both scientific and non-scientific

• Wish Lists (Customers, Employees, Suppliers)

• External Environment


The innovation Venn

But there is something more fundamental – Imagine!



Commercializing Innovation

• Seeking and Recording Ideas

• Filtration of Ideas

• Conversion of Ideas into Opportunities


Employees

Vendor

R& D Academics

idealists

ConsultantsAgencies

Customers

Idea exchanges

Sourcing of Ideas


IDEAS

Light Filter

Strong Filter

Filtered Ideas

1. Prepare Business Plan

2. Presentation to Board / 3rd Party

3. Defend your Business Plan

4. Assign Resources and put metrics to measure

1. Prototype2. Piloting3. Detailed Feasibility4. Testing with customer markets

Constant Idea Capture


Cash Traps

• Startup costs or pre launch investment

• Speed or time to market

• Scale or time to volume

• Support costs including reinvestment


Business Plan – The Good Cook Book• Start with an “Opportunity”• Light up you “Idea” flame• Use “Research” to make a fine paste of customer

profile and value proposition• Chop finely “Competition” and throw it away• Add equal amounts of “Marketing Plan”, “Sales

Plan” and “Operational Plan”• Toss the content to check for “Risks”• Be sure to have the right measures of “financial”

and “non-financial” analysis• Neatly arrange the “Business Model”• Garnish with “Patience” , “Perseverance” and large

amount of “Passion”• Serve HOT!!


www.ichibanacademy.in http://ichibanthoughts.wordpress.com

http://rajshankar.wordpress.com

Being ichiban on FacebookSustainable and Green Enterprises (S.A.G.E.) Forum on Facebook

http://www.ichibanacademy.in/

http://www.ichibanthoughts.wordpress.com/

http://www.rajshankar.wordpress.com/


“Intelligence lies in recognizing opportunities”

- Chinese proverb

innovation in business presentation to aspiring entrepreneurs vit university 05 th march 2011

Documents

ideas innovation

innovation venn slide

business plan

incongruity innovation

commercializing innovation

thoughts innovation

business presentation

facebook slide