Innovation in Business Presentation to Aspiring Entrepreneurs VIT University 05 th March 2011

Innovation in Business 2June 14, 2014 Bharathi, Leonardo, Edison

Innovation in Business 3June 14, 2014 Ideas / Innovation and Opportunity Ideas: are thoughts Innovation: application of an idea Opportunity: that which exists in the market place that can be exploited

Innovation in Business 4June 14, 2014 The Egg and Archimedes

Innovation in Business 5June 14, 2014 Epiphany Epiphany means a sudden manifestation of the essence or meaning of something Looking for the big, bright, brilliant new idea or the kiss of the muse Truth: The most useful way to think of epiphany is as an occasional bonus of working on tough problems

Innovation in Business 6June 14, 2014 What is Innovation? The creation, development and implementation of a new product, process or service, with the aim of improving efficiency, effectiveness or competitive advantage It is the process whereby ideas for new (or improved) products, processes or services are developed and commercialized in the marketplace It is an evolutionary process of increasing capability of technology, applying in new contexts to improve product and services

Innovation in Business 7June 14, 2014 Innovation in business is Adapting an existing idea or solution to solve a different problem Creating new use for existing feature Creating a solution for an unknown user need

Innovation in Business 8June 14, 2014 –Ideation Component Place to source ideas Method to elicit ideas Culture to promote idea generation –Selection Component Method to identify THE idea Method to verify THE idea –Commercialization Component Method to exploit THE idea for Profit Innovation Components

Ideation video Time!

Innovation in Business 10June 14, 2014 Ideation Techniques Brainstorm Introspection Sighting Trends Facilitating Insights Campaigns Creative Writing

Innovation in Business 11June 14, 2014 Sources of Opportunities The Unexpected The Incongruity Innovation Based on Process Needs Demographics Changes in perception, mood and meaning New Knowledge both scientific and non-scientific Wish Lists (Customers, Employees, Suppliers) External Environment

Innovation in Business 12June 14, 2014 The innovation Venn

But there is something more fundamental – Imagine! Innovation in Business 13June 14, 2014

Innovation in Business 14June 14, 2014 Commercializing Innovation Seeking and Recording Ideas Filtration of Ideas Conversion of Ideas into Opportunities

Innovation in Business 15June 14, 2014 Employees Vendor R& D Academics idealists Consultants Agencies Customers Idea exchanges Sourcing of Ideas

Innovation in Business 16June 14, 2014 IDEAS Light Filter Strong Filter Filtered Ideas 1.Prepare Business Plan 2.Presentation to Board / 3 rd Party 3.Defend your Business Plan 4.Assign Resources and put metrics to measure 1. Prototype 2. Piloting 3. Detailed Feasibility 4. Testing with customer markets Constant Idea Capture

Innovation in Business 17June 14, 2014 Cash Traps Startup costs or pre launch investment Speed or time to market Scale or time to volume Support costs including reinvestment

Innovation in Business 18June 14, 2014 Business Plan – The Good Cook Book Start with an Opportunity Light up you Idea flame Use Research to make a fine paste of customer profile and value proposition Chop finely Competition and throw it away Add equal amounts of Marketing Plan, Sales Plan and Operational Plan Toss the content to check for Risks Be sure to have the right measures of financial and non-financial analysis Neatly arrange the Business Model Garnish with Patience, Perseverance and large amount of Passion Serve HOT!!

Innovation in Business 19June 14, 2014

Innovation in Business 20June 14, Being ichiban on Facebook Sustainable and Green Enterprises (S.A.G.E.) Forum on Facebook

Innovation in Business 21June 14, 2014 Intelligence lies in recognizing opportunities - Chinese proverb