Business Idea Generation

Description
explains the processes that go behind successful idea generation. It explains the six sources of Ideas and also where to look for idea

? Emergence

of ideas ? Six sources of ideas ? How management can encourage new ideas ? Four idea generation techniques

? Ideas

can be original ? Ideas can be accidental ? Porter: ideas can also come from purposeful search for new opportunities or solve specific problem

? 1.

New knowledge: new knowledge, breakthrough technology, opens doors for variety of uses ? DNA molecule technology- agriculture, animal husbandry, medicine ? Robotics – mines, chemicals, automobiles ? Computer programming, IT technology- vast impact ? Advantage: far reaching impact, long lasting advantage ? Disadvantage: take longer time to convert invention into innovation

? 2.

customers’ ideas: customers find the weakness of the product/services- size, comfort, usability, fitness, etc ? Different ways: direct customer participation through surveys, focus group discussion, forming customer communities, eg. ? Eg: My Starbucks Idea, SAS ? Advantage: quick implementation ? Dis-advantage: sticking too close to your customer may fail to understand the technical possibilities of the product or service.

? 3.

Learning from lead users: around 10 to 40 % of the consumer modify the final products to fit to their requirements. They always search for better products. ? Sports- professional athletes ? Aircraft- military pilots ? Hotel industry- wealthy people ? Investment – high net-worth individuals

? 4.

Empathetic design: customers generally identify incremental improvements – faster speed, change in size, use of less fuel, etc. ? To go beyond that empathetic design – trying to observe how people actually use the product in their own environment is necessary ? Harley Davidson, Honda (Element – SUV) ? Steps to follow: observe, capture data, reflect and analyse, brainstorm and develop solution prototypes

? 5.

Invention factories: ? Formal: corporate level- to bring radical inventions eg – Bell Labs ? Business level: to bring incremental changes ? Non-formal or temporary – idea workshops, ideas contests, focus group projects, etc. ? Eg. Siemens – Corporate Technical Department brought out 245 ideas within 4 months

? 6.

Open Market Innovations: either importing or exporting ideas ? Using various techniques such as licensing, jt collaboration, strategic alliances, etc. ? Importing ideas- multiplying ideas ? Exporting ideas – creating value for ideas ? Steps- identify customer needs, identify resources, leverage network, distribute and screen ideas

? Wherever

new technology and customer needs intersect – GPS technology developed for military navigation ? Either or proposition – when customer have to face the option of going either for value or for price ? Demographic change ? Market change ? Fundamental pricing shifts – change in fuel pricing, input costs, etc

? Rewards

– 3M ? Creating climate for innovation – sense of entitlement, outward looking policies, benchmarking, analysing competitors, etc. ? Hire innovative people ? Encourage cross pollination of ideas – across departments, positions, invite outsiders, experts, customer visits, field visits, formal and informal networking with scientisits ? Support innovators with providing sufficient time, resources, space, etc.

? 1.

Brainstorming: focusing on problem and creating as many ideas as possible by using various techniques. ? Visioning: finding out a long term, ideal solution ? Modifying: bringing out changes in current technology or process ? Experimenting: combining different elements in various ways.

? 2.

Nominal Group Technique (NGT): To evoke response from everybody, NGT asks people to write down ideas on paper and circulate them with anonymity. Then it asks people to rate each idea. ? This enables everybody’s participation, and higher democratic process to choose idea.

? 3.

TRIZ – Theory of Inventive Problem solving- In order to remove the randomness of thinking in brainstorming and NGT, TRIZ deliberately identifies and tries to eliminate technical contradictions. ? Eg. Before Edison, it was know that passing electricity through conducive medium is possible. But contradiction was wire itself would burn. Edison placed wire within vacuum tube and developed Incandescent lamp

? 4.

Catchball: ? It is a tool to develop cross functional interaction for idea enrichment or improvisation. ? The idea is tossed from one person to another for improvisation. ? It helps in creating shared ownership and bringing gradual improvement. ? It also brings commitment of everybody to the idea.



doc_291978565.pptx
 

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