IDEATION, INNOVATION, AND CREATIVITY

Great Business idea/ Evaluating an idea

Gap analysis/ Developing an idea

Protecting your idea/ Confidentiality Agreements

Patents/ Trademark/ copyrights

Entreprenuerial Creativity and Obstacles

Innovation concept

Ideation/ Where to get ideas

Impacts to innovation

Organizational motivation to innovate

What is ideation?

• Ideation represents the creative process of generating, developing, and communicating new ideas, where an idea is understood as a basic element of thought that can be either visual, concrete, or abstract[1]. As such, it is an essential part of the design process, both in education and practice[2].

• Business begins with IDEATION.

• IDEATION should be the first investment of anybody who seeks to be an entrepreneur.

• The single most important activity or any entrepreneur or small business manager is to generate business ideas.

Ideas are the fuel of any enduring

brand

WHERE TO GET IDEAS?

• SOOOOOOOOO MANY AVENUES!!!

Another means of finding

business ideas

GAP ANALYSIS

One that has market now and in the future

WHAT IS AN IDEA THAT IS WORTH A BUSINESS?

Totally Stupid Online Business Ideas That Made Someone Rich

• Million Dollar Homepage•1000000 pixels, charge a dollar per pixel – that’s perhaps the dumbest idea for online business anyone could have possible come up with. Still, Alex Tew, a 21-year-old who came up with the idea, is now a millionaire.

• LaserMonks •LaserMonks.com is a for-profit subsidiary of the Cistercian Abbey of Our Lady of Spring Bank, an eight-monk monastery in the hills of Monroe County, 90 miles northwest of Madison. Yeah, real monks refilling your cartridges. Hallelujah! Their 2005 sales were $2.5 million! Praise the Lord.

Totally Stupid Online Business Ideas That Made Someone Rich

Totally Stupid Online Business Ideas That Made Someone Rich

• PositivesDating.Com•How would you like to go on a date with an HIV positive person? Paul Graves and Brandon Koechlin thought that someone would, so they created a dating site for HIV positive folks last year. Projected 2006 sales are $110,000, and the two hope to have 50,000 members by their two-year mark.

• SantaMail •Ok, how’s that for a brilliant idea. Get a postal address at North Pole, Alaska, pretend you are Santa Claus and charge parents 10 bucks for every letter you send to their kids? Well, Byron Reese sent over 200000 letters since the start of the business in 2001, which makes him a couple million dollars richer.

Totally Stupid Online Business Ideas That Made Someone Rich

DEVELOPING AN IDEA

• Recognizing a need• Improving an existing product• Recognizing trend• Be aware of everything• Questioning assumptions• Identifying or naming it first, then

develop it

EVALUATING AN

IDEA

Is Your Great Idea A Real Business?Christopher Steiner, 06.11.10, 06:30 PM

• Twelve questions to help you separate the merely clever from the ideas that stand a true chance of succeeding.

• To sift out true business opportunities from the sand of merely bright ideas, would-be entrepreneurs can ask a series of questions.

Twelve Questions To Test If It's A Real Business

1. Are you filling a void?A clever idea is nothing more than a

science project if nobody actually needs the resultant product. "You

have to determine that there's something actually missing to a

specific market--something you're going to supply," says Tom Lane, founder of Propertyroom.com, an

auction site for recovered and seized items sitting in backrooms of police

departments.

2. Does the idea pass a live-fire test?

Many ideas lend themselves to an easy litmus test to determine if they'd be

needed or popular. A newfangled baked good, for instance, could be tested at a farmer's market before being pitched to retailers. If the sweet concoction

doesn't sell at all to the market crowd, the product may need to be

reexamined before getting pushed in bigger ponds.

3. Do industry experts hate your

idea? Good.

Just because so-called experts hate an idea doesn't mean it's bad. It can often prove to be a good thing. Entrenched players often don't see the harbingers of change until it's too late. "Industry experts, by definition, are often steeped in the orthodoxies of the industry; therefore they are also more likely to underestimate the importance of a novel business model or innovation coming from outside their industry," says Eric Noyes, a professor at the Arthur M. Blank Center for Entrepreneurship at Babson College.

4. Does the idea have shelf life?

Are there pending, sweeping changes in technology that could render your idea moot? Companies not on guard for changes in technology can be swept away while competitors move ahead, says Matthew Ammirati, president of Ammirati, a Manhattan advertising agency. Advertising agencies that didn't embrace social media as it emerged several years ago, for instance, are still struggling to catch up.

5. High barrier to entry?

The best ideas have high barriers to entry, says Kanchana Raman, CEO of Avion Systems, a telecommunications

company. If an idea is good but not patentable, bigger competition could

overrun you overnight.

6. Is the idea scalable?

The best business ideas incorporate plans that can be replicated and easily taught so they don't require the founder to be the business all on his or her own, says Susan Wilson Solovic, CEO of SBTV.com, a St. Louis-based online network focusing on small business. "If you are the business all alone, then you really haven't started a business, you've just created a job for yourself."

7. Can the idea be priced attractively?

Many daydreamers with good ideas don't run the numbers to determine if their bright insight can be offered to the market at a price the market is willing to pay. "There may be a reason why nobody else is already doing what you're thinking about--

they can't make any money doing it," explains Solovic.

8. How much funding will the idea need?

Financing has rarely been easy for entrepreneurs; today's tight market makes things even worse. Many business ideas initially get backed by the founder's own money with

contributions from family and friends. When it comes to specific ideas, entrepreneurs have to ask themselves, "How much money do you truly need to get the business off the

ground?" says Solovic. If the idea will take colossal VC funding, it may be more expedient to examine business ideas

with lower budgets.

9. How large is the market for the idea?

If a business plan requires that you sell to 60% of a potential market in order to make a profit, then the idea isn't realistic. Better business ideas can achieve profits by attaining a smaller market share of 5% to 10%.

10. Is the idea truly a stand-alone business, or is it an add-on

feature?

It's easy for an entrepreneur to mistake a feature for a solid company idea. Many good ideas can be useful to businesses

that already exist--for instance, a feature addition for a program such as Windows

or Photoshop, but don't make for a business by themselves. "A cupholder for

minivans does not beget a company," says Dave Kellogg, CEO of Mark Logic, a

Sequoia Capital-backed database software company in San Carlos, Calif.

11. If it weren't your idea, would you put

money into it?

This is a simple question and an important litmus test, says Michael Bechara, managing director of Granite Consulting Group, which advises its clients on corporate governance and risk. "If a stranger pitched this idea to you, how likely would it be that you'd buy in?"

James W. Klingler, a professor at Villanova's Center for Innovation, Creativity and Entrepreneurship,

makes students hone their ideas and explain their pitches again and

again. Many entrepreneurs, he says, never reach an elite level of clarity in explaining why their idea is a great

business. "If there isn't a good elevator pitch, there isn't a real

opportunity," Klingler says.

12. Can you pitch your idea as a business in 20 seconds

or less?

PROTECTING YOUR IDEA

COPYRIGHT LAW

FULL IMPLEMENTATION OF IP

PROTECTING YOUR IDEA

Other means of protecting an idea

• Record ideas, taking notes, diary• Secure notes (safety place)• Take note of phone calls, record

conversations, including date and time, keep copy of the bill & journal

• Send data thru certified couriers

CONFIDENTIALITY AGREEMENT

When is this necessary?

• While initial research and evaluation is going on• When you are manufacturing it or presenting to

companies to get it licensed• When it has reached the point of dealing with an investor

PATENTS

• A patent is a right granted for any device, substance, method, process which is new inventive and useful. Patents are legally enforceable and gives the owner the exclusive right to commercially exploit the invention for the life of the patent. The innovation patent is a protection option which is designed to protect inventions that are not sufficiently inventive.

Example: The Ipod range is protected under a patent.

PATENT

The value of patenting and licensing• The principal reason is not to protect

your idea or product from being ripped off, though that’s the nice side benefits

•The real reason is that no company is going to pay you royalty on idea that is not legally protected.

Patent pending

•Status of patent application•Review stage at the patent

office•Product already sold in the

market marked as patent pending

TRADEMARKS

• A trademark can be a letter, number, word, phrase, sounds, smell, slogan, logo, picture, aspect of packaging or any combination of these.

• Trademarks are used to distinguish goods and services of one trade from those of another. You don’t have to register your trade mark to use it, however registration is advisable because it can be an expensive and time consuming exercise to take action under common law.

• A registered trade mark gives you exclusive legal rights to use, license or sell it within your country (laws vary within countries) for the goods and services for which it is registered.

Example: Cadbury Schweppes have a trademark on their specific purple color

TRADEMARK

Registered Design

• refers to the configuration, pattern, or ornamentation which when applied to a product gives the product a unique appearance. You can register a design but it must be new and distinctive.

Example: The Coca Cola bottle, even without any text or branding was recently registered in Japan being the first of its kind.

•Protects the creative work of composers, authors, writers, artists, filmmakers, and others.

•Endures during the lifetime of the creator and for 50 yrs after his death

COPYRIGHTS

COPYRIGHT

Example: The specific character, and material relating to Batman is protected under copyright

ENTREPRENUERIAL CREATIVITY

Motivation

Expertise

Creative

Thinking Skills

Creativity

technical, procedural & intellectual knowledge

intrinsic is more effective than extrinsic

how flexibly and more imaginatively people approach problems

IT IS ABOUT COMING UP

WITH INNOVATIVE IDEAS AND

CONVERTING THEM INTO

VALUE-CREATING

PROFITABLE BUSINESS ACTIVITIES

COMPONENTS OF CREATIVITY

Environmental stimulants to creativity

• Freedom• Good project management• Sufficient resources• Encouragement• Various organizational characteristics• Recognition• Sufficient time• Challenge• Pressure• Outside organization

Environmental obstacles to creativity

• Various organizational characteristics• Constraint• Organizational disinterest• Poor project management• Evaluation• Insufficient resources• Time pressure• Overemphasis on status quo• Competition

The concept of INNOVATIONDoing

something different

Innovation is a process of taking new ideas to satisfied customers.

•Effecting a new policy

•Finding new opportunities

•Designing a new structure

•Devising a fresh method

Lamp-Proxima-Futuristic-Car

New-Innovative-Architectural-Balenciaga-Shoes.jpg

dutchess-county-guest-house-wooden-matrials

Modern Loft

Notebook-Acer-Aspire-AS8940G-6865

coffee-machine-design-technology

Organizational motivation to

innovate

Innovation Lessons

Innovation lessons from Pixar: An interview with Oscar-winning director Brad Bird

What does stimulating the creativity of animators have in common with developing new product ideas or technology breakthroughs? A lot.

By: McKinsey & Company

Background

• McKinsey & Company is a global management consulting firm that focuses on solving issues of concern to senior management. McKinsey serves as an adviser to the world’s leading businesses, governments, and institutions. It is widely recognized as a leader and one of the most prestigious firms in the management consulting industry.[3] It has been ranked No.1 for 6 consecutive years in the Vault.com list of top consulting firms,[4] and has been a top employer for new MBA graduates since 1996.[5]

McKinsey & Company

• If there’s one thing successful innovators have shown over the years, it’s that great ideas come from unexpected places. Who could have predicted that bicycle mechanics would develop the airplane or that the US Department of Defense would give rise to a freewheeling communications platform like the Internet?

• Senior executives looking for ideas about how to make their companies more innovative can also seek inspiration in surprising sources. Exhibit One: Brad Bird, Pixar’s two-time Oscar-winning director. Bird’s hands-on approach to fostering creativity among animators holds powerful lessons for any executive hoping to nurture innovation in teams and organizations.

Brad Bird

Bird at the Venice Film Festival, September 2009

BornPhillip Bradley BirdSeptember 11, 1957 ) (age 52)Kalispell, Montana, U.S.

Occupation

ActorAnimatorFilm directorScreenwriter

Years active 1979–present

Spouse(s) Elizabeth Canney (1988-present)

THANK YOU!!!