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Pre-incubation First Session

Value and innovation
by

Enrique Diaz de Leon

on 12 August 2015

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Transcript of Pre-incubation First Session

Pre-incubation
DE 3013

Welcome!
Creativity
The process of having
original ideas that have value.
- Ken Robinson
Innovation
The process of creating a product
or service that delivers significant
new customer value.
- Anthony Ulwick
Creativity and Innovation
Creativity without value...?
The business model is based on value...

What is value?

Value and innovation and our class
Your business ideas need value. Can you clearly identify it? Can your customer?
Innovation = creativity + value.
Don´t lose sight of the final goal – high quality business ideas.
Activity for the class
Have a look at the web-page: www.entrepreneur.com/greatminds/timeline/index.html
Identify 3 companies and classify their innovations using the 10 types of innovation identified in class.
A business or marketing statement that summarizes why a consumer should buy a product or use a service. This statement should convince a potential consumer that one particular product or service will add more value or better solve a problem than other similar offerings.

Source - http://www.investopedia.com/terms/v/valueproposition.asp
First things first...
Boost you brain power
A business idea based on innovation should be:
DESIRABLE
VIABLE
FEASIBLE
ORIGINAL
Desirable: To create a successful business, you need to introduce a product or service that satisfies customer needs in a better way than competitors.

Key questions you should answer in this section:

Who are your customers?
Justify why there are enough customers who will want to buy your product or service?
Have you identified the key jobs that your customers are trying to get done?
What makes your product or service uniquely desirable? (What is your value proposition?)
Viable: Put simply, what potential does your business idea have of becoming a sustainable success?
Key questions you should answer in this section:

Describe how your business model is going to be successful? / How are you going to capture the value you are creating?
What is your distribution channel? / How do you get the value you are creating to your identified customer segment(s)
How are you going to maintain your customer relationships? (3)

Feasible: In basic terms, feasibility asks a very simple question “Can your idea be made with current technology and knowledge?”
Key questions you should answer in this section:

Describe the technology and knowledge that you are going to use to make your idea a reality.
How are you combining this technology and knowledge in unique ways that creates value?

Your business opportunity should satisfy needs, ease pains and/or create gains for a specific customer, who is willing to pay for your product or service in a way that nobody has offered before
Assignment 1

Individually, design a business proposal with the following characteristics:
Original
Desirable
Feasible
Viable

Maximum length: 1 page

Submit in dropbox of Blackboard
(Emailed assignments will not be considered)

Also:
Bring to our next class your results from the following test:

http://www.psychometrictest.org.uk/entrepreneur-test/
Full transcript