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2015-03-02
1
Value Creation LU INNOVATION SYSTEM SVEN OLSSON 2015-03-04
Disposition 2015-03-04 VCF WORKSHOP
1. Introduction 2. Business Plan, 5 disciplines 3. Presentation training, NABC
2015-03-02
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What is a good idea?
» Innovative
» Commercial potential
» Patentable
» Goods or Services?
» Hi scientific level
» Proximity to the Market
» Entrepreneur
Not very Important
Very important
Not very Important
Both!
Not Important
An advantage
Can join later © LU Innovation 2015, SOL
Everything starts with an idea • Nano robots that clean blood vessels
• Car tires that never wear out
• Powder that eliminates contaminations and salt from water
• Activated nano particles that eliminate virus
• Bacteria that produce snow
© LU Innovation 2015, SOL
2015-03-02
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Communicating
Your Idea If you don’t communicate your idea to others
You don’t have anything
© LU Innovation 2015, SOL
Business Plan
Market analysis
Market plan
Business concept
Business Idea
Financing
Production
Organization
Economy
© LU Innovation 2015, SOL
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Business plan
Business plan development Must be done in interaction with customers!
Concept Innovation
plan Venture
plan Business
plan
Champion NABC Value propostion Goal: POC Validation by customer Verification funding
Team Value Chain GTM plan Business model Goal: First investment
Inventor Idea Invention
Staff the company Process Production Goal: Commercialize
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Why do we need a business plan?
» Describe goals internally, externally
» Answer all kinds of questions
» Different target audience
» Dynamic document
» Helps in the decision-making process
Writing a business plan, makes you think through the business idea thoroughly.
© LU Innovation 2015, SOL
Five disciplines of innovation
1. Important customer needs
2. Value creation, NABC
3. Innovation Champion
4. Innovation Teams
5. Organizational alignment
=> Success
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Discipline 1: Important customer needs
» Important, not interesting
» Customer need, not customer wants
» Sense of urgency
Interesting ideas
Important needs
Curtis Carlson:
”Selecting an important unmet customer and market need at the right time is the critical starting point for all success.”
Innovation The Five Disciplines for …
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Discipline 2: Value creation
» Who defines value?
THE CUSTOMER!
NABC
A method developed by SRI to develop a value proposition.
Value proposition A compelling answer to the question: - “Why will we win?” - “Why will we succeed?”
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Discipline 3: Innovation Champion
» Drives the Value Creation process
» Assembles and motivates the Innovation Team
» Perseveres and drives to success
• Fail quickly to succeed sooner • Ask for ideas before asking for resources • Listen and learn • Surround yourself with enthusiastic volunteers • Thank the thinkers; praise the participants • Iterate
Discipline 4: Innovation team
» Different personalities
» Unique, complementary skills
» A shared strategic vision
» Shared rewards
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Discipline 5: Organization Alignment
» Align the team for Success
» Align the team with the innovation’s goals
» … and with the organization’s goals
Five disciplines of innovation
1. Important customer needs
2. Value creation, NABC
3. Innovation Champion
4. Innovation Teams
5. Organizational alignment
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Presenting your idea 2015-03-04 SVEN OLSSON
Pitching the idea » Before you write a Business play
» … or a project plan
» You need to pitch your idea to others
» … partners, investors, customers ….
© LU Innovation 2015, SOL
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The decision process » First an emotional decision… » …then ”Cognitive motivation”
» Nano robots that clean blood vessels
» Car tires that never wear out
» Powder that eliminates contaminations and salt from water
» Activated nano particles that eliminates virus
» Bacteria that produce snow
» The Elevator Pitch © LU Innovation 2015, SOL
The elevator pitch » Limited amount of time
» Seize the opportunity when it comes
» Create interest
» Communicate the essentials
» Give an easy-to-remember summary
© LU Innovation 2015, SOL
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Communicating what ? » Business ideas
– Customers
– Investors
» Applying for funds
» Making a scientific speech
» Applying for a job
» …
© LU Innovation 2015, SOL
The Elevator Pitch
The Elevator Pitch – three parts
Hook
Close
Core
The Hook - Create interest: Ex. “Are you having trouble hearing? You are not alone.” “More than two thousand ideas have been patented for new mousetraps and only two are really used.” Tell a story © LU Innovation 2015, SOL
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The Elevator Pitch The Core - your Value Proposition
Hook
Close
Core N B C A The Close - What is the request ? A new meeting? Funding? Additional partners? A reference to another person? …?
© LU Innovation 2015, SOL
NABC
» Important Need
– What problem do we solve ?
– Define the playing ground, state of the art
– Provide facts, scientific background
» Our unique Approach
– How do we solve the problem ?
– What is our approach for addressing the need
© LU Innovation 2015, SOL
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NABC
» Benefit per cost
– What is the user benefit ?
– What is the superior customer value ?
– How does it compare to the cost ?
» Competition and alternatives
– Who are the competitors ?
– What alternatives are available ?
– Now ? In the future?
© LU Innovation 2015, SOL
© LU Innovation 2015, SOL
Pitfalls » Do not concentrate on the approach
– nAbc
– NabC
» Do not just say “faster”, “cheaper”, “better”
– Be specific and quantitative
– If you don’t know, guess - take a “SWAG”
» Do not forget the Close
– What do you want to achieve ? Next step ?
» Iterate, iterate, iterate … N: What the world needs is a little red wagon A: Our approach is to build a little red wagon B: The benefits are that we will have a little red wagon C: There is no competition, since our wagon is a nice
shade of red.
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Creating value
» You define you project (what not to do)
» You learn how to present
– What is essential and not
– What works and not
» You will be prepared for ”odd” questions
» You learn how people react
Different perspectives
» Green hat Positive feedback
» Red hat Suggestions for improvement (no criticism!)
» Glasses Eye of the customer
» White hat Investors view
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Giving or Taking Energy
» There are persons that make you lose all energy
» … others that give you energy
» How do I become a person that gives energy ?
Hints
» Mention the positive things – there is always something
» Bring it home to you
» Don’t use “but”
– Use “and” but
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A process for training
» Pitch 4 minutes, NABC
» Feedback
– Positive, Improvements
– Different perspectives
– Only listen (No defence)
» Do it again
That’s it
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