Innovation & Entrepreneurship
Prototyping to Product Development
ABRAHAM LINCOLN
KARL MARX
CHARLES DARWINWALL STREET
FLORENCE NIGHTINGALE
How to identify a Successful Technology Innovator ?
One who possesses:Great Technology SkillsGreat Track Record Great Product IdeaGreat Backers
RIGHT ?WRONG
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SEGWAY : Learning From Failure
Dean Kamen: Great Innovator Personified
Segway : Jan 2001, the buzz around the world
Anticipated to sell 10000 units per week (to date have managed to sell 30,000 units around the world)
Still hanging in there but definitely not the innovation that changed the world
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So what went wrong?
Focused on Invention rather than Innovation
Invention focuses on Technical Superiority while Innovation is an Iterative process
Paul Graham feelsIt was too easy for themthey were too successful in raising moneyThey should have gradually grown the product by listening to their customers
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What Else was wrong?Expectations were too high
Being a product not a solution
Inventors tend to think of a product and then go about finding a market for it
Some simple questions were not askedWhere should I park it?How do I charge the battery ?Sidewalks are designed for pedestrians and roads for cars
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And Some more reasons
No Clear need of target marketAssumed FEDEX , US POST , Police Dept will BuyAt 5000$, no compelling need for anyone
Regulatory issues with countries banning it on sidewalks as well as roads
User training needed ,how do you do it for product sold on web?
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but most importantly...
Dean Kamen had experience of building products but not building companies….
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So how do you innovate for profit and growth ?
Start by asking a Simple Question: “What are my customers really buying ?”
Pleasure giving
Problem solving
Want satisfying
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Minimum Viable Product (MVP)" The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort."
ERIC RIESA popular Lean Start-up TechniqueIt is all about customers and listening to them before developing a full fledged product and going to marketThis requires a lot of energy invested in talking to customers, metrics and analytics but helps to avoid bigger mistakes like Dean Kamens’
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National Entrepreneurship Network
Minimum Viable Product (MVP)
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Traditional
Minimum Viable Product – An Iterative Process
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Week 1 - Day 1: Fill your Lean Worksheet with Guesses Week 1 - Day 2: Contact your Users Week 1 - Day 3: Sketch your Experiment / prototype Week 1: Interview/Experiment your Users Week 2 - Day 6: Update your Lean Worksheet with Facts Week 2 - Day 7: Repeat everything until find 5 Early Adopters Week 3 - Day 1: Sketch your MVP Week 3: Build your MVP Week 4: Experiment your MVP with Users Week 4 - Day 5: Measure MVP Satisfaction Week 4 - Day 6: Analyze MVP Metrics and Results
Week 4 - Day 7: Update your Lean Worksheet with Facts
Lean Worksheet and Steps
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1.Define your Value Proposition.2. Contact 3 to 5 persons and schedule an in-person conversation with each of them.3.Ask them what they think about your solution.
MVP Exercise–Step 1
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MVP – References:
Lean startup in 4 stepshttp://leansteps.co/11-2/minimum-viable-product/516-2/
http://econsultancy.com/in/blog/10441-the-what-and-how-of-minimum-viable-products
http://theleanstartup.com/#principles
http://www.startuplessonslearned.com/2009/08/minimum-viable-product-guide.html
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