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Ideation and Innovation Things covered • Definition • Process of Ideation • Entrepreneurial Case Study • VOC - The Product Triangle Redefined • Characteristics of Innovators • Types of Innovation • Trends in Innovation • What Next ?? • Ideation & Innovation Resources2
Ideation and Innovation What is the definition?? Ideation - the process of forming and relating ideas. Innovation - the use of pre-existing or emergent ideas and technologies in new and creative ways never used before. The Entrepreneurial Context: The successful exploitation of ideas generated at the intersection of invention and insight, which leads to the creation of social or economic value. Or Simply put: Innovation is the profitable implementation of Ideas.3
Ideation and Innovation The Process of Ideation • Brainstorming • Mind Mapping • Word Cloud • Scamper …. Product/ Ideation Innovation Market Fit Ideation is a Structured and Reiterative Process4
Ideation and Innovation Entrepreneurial Case Study 1. $200K seed funding - Cryptography “No one really needed it” Max Levchin 2. $4.5M VC funding - PDA Payments People preferred web demo (100X users) 3. $1.5B sale to eBay – Web Payments Peter Thiele Co-Founder PayPal – Angel Investor in Facebook, Linked In, Friendster etc. Max Levchin Co-Founder PayPal – Founder of Slide – sold to Google for approx 200M “Life of any startup can be divided into two parts - before Product/Market fit and Marc Andreessen after Product/Market fit” Founder Netscape, Opsware, Ning5
Ideation and Innovation Changing Customer Expectations • The Product Triangle Fast Good Fast Good Cheap Cheap Conventional wisdom – Pick any two Breakthrough Innovation – All three And I will tell my entire 100K+ social network about you!!!6
Ideation and Innovation Characteristics of Innovators 1.Child like Curiosity 2. Vivid Imagination 3. Unconventional Intuition 4. Inquisitive Inventiveness 5. Incorrigible Passion 6. Creative Flexibility 7. Relentless Persistence 8. Supercharged Energy A constant desire to challenge the Status Quo7
Ideation and InnovationTypes of Innovation Demographic Innovation • Different market segments • Race, Age, Gender, Geo • Cultural, ethnic and market fit Efficiency Innovation • Reduce expenses • Faster, Cheaper, Better • Process Transformations Evolutionary Innovation • Add/Modify Functionality • Lateral Product Suite • Extend brand/product line/life Disruptive/Revolutionary Innovation • Create New Markets • Create New Strategic Assets • Launch New Businesses8
Ideation and Innovation Trends in Innovation How long does it take to get to 50 million users? Phone 74 years Internet 2 years Radio 38 years Blogs 1 year TV 13 years Farmville 9 MonthsFacebook crosses 500 Million Users in August 2010 – Within a period of 5 Years!9
Ideation and Innovation What Next • Prototyping • Funding • Market Fit • Sustainability • Growth Prototype a lot, fail often, and fail early10
Ideation and Innovation Ideation & Innovation Resources “If youre not failing every now and again, its a sign youre not doing anything very innovative. - Woody Allen11
Ideation and Innovation About me Avinash has close to two decades of rich experience in the areas of Global Cross Border Collaboration, Software Product Development, Offshore Outsourcing and Professional Services. He has a deep understanding of Viral Marketing, Search Engine Optimization, Mobile Applications, Semantic Web Frameworks, Health 2.0 Concepts and their application to socio-behavior patterns of various customer demographics. Avinash is currently the CEO and Founder of Healthji, India’s premier Health and Wellness Portal leveraging Web 2.0 concepts and frameworks. Healthji offers innovative products, services and content to the Global Indian Community as well as to Corporate India for improving the Health and Wellness of Employees. He is an Investor/Advisor in Destar Inc.; a premium Integrated Advisory Services firm based in the US. He provides Go-to-Market Strategy, Organizational Growth Strategy, M&A Advisory, Change Management, Leadership Transformation and Consulting Services as part of this. Avinash also serves as the MD of Excel Ventures, an early stage Incubation fund which invests in the Technology, Healthcare and Education segment primarily in the Indo-US Corridor. Prior to this, Avinash was a founding member and Chief Operating Officer of Birlasoft where he ran the global sales and operations. Avinash is a BS in Electronics & Electrical Engineering and a qualified Chartered Financial Analyst (CFA). He is an alumnus of the Harvard Business School (HBS) where he completed his Advanced Management Program (AMP) and is the elected Secretary of his Class.12