Global Innovation Mangement Final Project VeMBA 2018

The Project in Brief Projects will be graded by group For your target customers and product / service Prepare a 25 minute presentation summarizing your innovations, business model and why investors should invest.

Describe your Customer Business is about creating a customer (Peter Drucker) Describe the target customer for the company’s product (age, income, medical history, and other demographics What will differentiate your product from competitors’ in the customer’s minds? List the three features that are important to the target customer, and rank them from most to least important.

Quizzing Detailed look at target customer usage and decision making regarding your product Who, What, When, Where, How …. Looks for ideas to Change the Customer’s Experience (i.e., redifferentiate your product) Remember: Experience is dynamic So are the questions in quizzing Over a time period prior to the first time customer is exposed to the product To a time well after the customer has stopped using it

Design a Product or Service Select a Product or Service that you are interested in turning into a business You can choose any product or service that might interest you, whether it innovates on an existing product or is something entirely new. You can get ideas for the innovations, presentation and ‘investibility’ from https://www.kickstarter.com

Overview of Feature Set Demanded by Customers Prioritize and choose the major features of your innovation from the main branches of the Mind Map Review the main innovation features with a feature-attribute map for the entire innovation Basic Discriminator Energizer Positive Nonnegotiable Differentiator Exciter Negative Tolerable Dissatisfier Enrager Neutral So What? Parallel

Define your Market and Logistic Channels Determine the main steps in marketing and logistics Each step on the consumption chain has a fixed annual cost of operation … you need to estimate this. You should only list the 3 or 4 most important steps

Profitable Business Model Tell a good story Part of selling your strategy / investment Tying Narrative to Financial Numbers Strategy becomes less philosophy More performance and outcome When business models don’t work It’s because the fail either The ‘Financial Narrative’ test Or the ‘Story’ test Your financial statements should be summarized in terms of: Revenues (what is the marginal revenue from each of your 2-3 discriminators) Minus Variable Costs (landed CGS … where will you make this + labor?) Minus Fixed Costs ( from the consumption chain) For the next 5 years (quarterly or annually)

Market Entry Define how you will measure the usefulness or attractiveness of each of these features to the target customer. This performance metric should be a numerical measure Define your product’s top competitor in each of these 3 features A company marketing a competitive product or service Are these companies profitable? How big (approximately) is their business? How will you compete with these companies?