Five words to Tame A Dragon
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Five words to Tame A Dragon
- 1. How do you Tame a Dragon? Dr. Andrew Maxwell Associate Professor, Entrepreneurial Engineering Director Bergeron Entrepreneurs in Science & Technology Andrew.maxwell@lassonde.yorku.ca
- 2. Five words that will calm a dragon?
- 3. Customers are buying my product
- 4. If customers are buying your product - you have persuaded them to: Change their behaviour Switch from an existing product, or Adopt an entirely new one Why is this so powerful?
- 5. 1. Provided knowledge 2. Persuaded of value 3. Fostered a decision to try 4. Enabled a decision to buy 5. Allowed to confirm You are providing evidence Adoption Trial Evaluation Interest Awareness
- 6. Five key questions How will you: • Increase awareness? • Motivate adoption? • Lower adoption costs/risks? • Persuade them benefits exceed costs? • Persuade of benefits over alternatives? 6
- 7. Relative advantage (over other technologies) Compatibility (with existing uses) Complexity (perceived degree of difficulty) Trialability (experimentation possible) Observability (results visible to others) A framework for adoption
- 8. Importance of experimentation What is the cheapest, simplest and fastest thing you can do: to get sales, or to get evidence sales will happen or to get evidence of interest 8
- 9. Remember dragons are fictitious Too many entrepreneurs lack evidenceBut these guys aren’t
Notas del editor
- Knowledge occurs when an individual (or other decision-making unit) learns of the innovation’s existence and gains some understanding of how it functions. Persuasion occurs when an individual (or other decision-making unit) forms a favourable or unfavourable attitude toward the innovation. Decision occurs when an individual (or other decision-making unit) engages in activities that lead to a choice to adopt or reject the innovation. Implementation occurs when an individual (or other decision-making unit) puts an innovation into use. Re-invention is especially likely to occur at the implementation stage. Confirmation occurs when an individual (or other decision-making unit) seeks reinforcement of an innovation-decision that has already been made, but the individual may reverse this previous decision if exposed to conflicting innovation.
- While some technologies are taken to market by existing companies, many require the creation of a new venture to achieve initial commercial success Existing companies are constrained by their traditional ways of doing business New companies are constrained by the liability of newness The liability of newness means that people see buying a product or service from a new company as risky How do we overcome this liability of newness?
- Knowledge occurs when an individual (or other decision-making unit) learns of the innovation’s existence and gains some understanding of how it functions. Persuasion occurs when an individual (or other decision-making unit) forms a favourable or unfavourable attitude toward the innovation. Decision occurs when an individual (or other decision-making unit) engages in activities that lead to a choice to adopt or reject the innovation. Implementation occurs when an individual (or other decision-making unit) puts an innovation into use. Re-invention is especially likely to occur at the implementation stage. Confirmation occurs when an individual (or other decision-making unit) seeks reinforcement of an innovation-decision that has already been made, but the individual may reverse this previous decision if exposed to conflicting innovation.
- Relative Advantage – over existing technologies - can be perceived, may be measured in economic terms, social prestige, convenience and satisfaction. Compatibility – with existing values, past experiences, needs of potential adopters (and their social system) Complexity - degree to which an innovation is perceived as difficult to understand and use. Trialability – degree to which an innovation may be experimented with on a limited basis. A trialable innovation represented less uncertainty to a potential adopter. Observability – Degree to which the results of an innovation are visible to others.