The presentation used by Mr. David Wittenberg, CEO - The Innovation Workgroup, while conducting a Workshop on Idea Generation at MDI, Gurgaon on 22nd August, 2010.
The Workshop was organized by SEED, the Entrepreneurship Cell of MDI.
1. the innovation workgroup
the innovation workgroup
Entrepreneurship: What’s the Big
Idea?
Presented at MDI, Gurgaon
22 August, 2010
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2. the innovation workgroup
Agenda – Part 1
1. Four Levels of Entrepreneurial Success
2. Four Traits of Successful Entrepreneurs
3. Three Skills of Successful Entrepreneurs
4. Where Do We Go From Here?
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4. the innovation workgroup
Four Levels of Entrepreneurial Success
• Struggling
• Subsisting
SUBSISTING
STRUGGLING
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5. the innovation workgroup
Four Levels of Entrepreneurial Success
• Struggling
• Subsisting
• Prospering
PROSPERING
SUBSISTING
STRUGGLING
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6. the innovation workgroup
Four Levels of Entrepreneurial Success
• Struggling
• Subsisting
IMPACTFUL
• Prospering
• Making an impact
PROSPERING
SUBSISTING
STRUGGLING
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7. the innovation workgroup
What Traits And Skills Determine Your Entrepreneurial Success Level?
TRAITS SKILLS
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8. the innovation workgroup
Four Traits and Three Skills Of Successful
Entrepreneurs
TRAITS SKILLS
• Vision • Problem-Solving
• Ambition • Management
• Risk-Taking • Leadership
• Trustfulness
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9. the innovation workgroup
Four Traits Of Successful Entrepreneurs
TRAITS
• Vision • Imagination
• Time Horizon
• Scope
– Geographic
– Market Segments
– Product Line
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Four Traits Of Successful Entrepreneurs
TRAITS
• Vision • Personal Vision
• Ambition • Growth Target
• Motivation
– Economic
– Lifestyle
– Values
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11. the innovation workgroup
Four Traits Of Successful Entrepreneurs
TRAITS
• Vision • Need for Security
• Ambition • Desire for Gain
• Risk-Taking • Ability to Assess Risk
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12. the innovation workgroup
Assess Your Risk-Taking Profile
Which One Would You Choose?
A B
• A voucher from the • A raffle ticket with a
Govt. of India prize of Rs 5 lakh
• Value Rs 2 lakh • Only one other raffle
• Payable in two weeks’ ticket will be issued
time • Drawing in a fortnight
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13. the innovation workgroup
Assess Your Risk-Taking Profile
Which One Would You Choose IF YOU HAD TO PAY Rs 1 LAKH?
A B
• A voucher from the • A raffle ticket with a
Govt. of India prize of Rs 5 lakh
• Value Rs 2 lakh • Only one other raffle
• Payable in two weeks’ ticket will be issued
time • Drawing in a fortnight
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14. the innovation workgroup
Four Traits Of Successful Entrepreneurs
TRAITS
• Vision • Who Is Responsible for
My Success?
• Ambition
• View of Business
• Risk-Taking Relationships
• Trustfulness – Zero-Sum
– Win-Win
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15. the innovation workgroup
Three Skills Of Successful Entrepreneurs
SKILLS
• Problem-Solving • What Value Do I
Add?
– Knowledge
– Instinct
– Experience
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16. the innovation workgroup
Three Skills Of Successful Entrepreneurs
SKILLS
• Problem-Solving • How much
responsibility can I
• Management discharge
successfully?
– Self-management
– Managing others
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17. the innovation workgroup
Three Skills Of Successful Entrepreneurs
SKILLS
• Problem-Solving • How many people
can I inspire to
• Management support me?
• Leadership – Persuasion
– Motivation
– Communicating the
Vision
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18. the innovation workgroup
Profile of a Subsistent Entrepreneur
TRAITS SUBSISTENT ENTREPRENEUR
• Vision • Get Through the Day
• Ambition • A Little Extra to Save
• Risk-Taking • Low Tolerance for Risk
• Trustfulness • Trusts the System
SKILLS
• Problem-Solving • Immediate Problems
• Management • Self
• Leadership • None
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19. the innovation workgroup
Profile of a Prosperous Entrepreneur
TRAITS PROSPEROUS ENTREPRENEUR
• Vision • Short Horizon, Limited Scope
• Ambition • Satisfaction, Fulfillment, Luxury
• Risk-Taking • Situational, Depends on Personality
• Trustfulness • Trusts Self
SKILLS
• Problem-Solving • Tactical Problems
• Management • Self and 1-20 Others
• Leadership • Business Activity
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20. the innovation workgroup
Profile of an Impactful Entrepreneur
TRAITS IMPACTFUL ENTREPRENEUR
• Vision • Long-term, International or National
• Ambition • Unlimited
• Risk-Taking • Formalised, Depends on Analysis
• Trustfulness • Trusts Others
SKILLS
• Problem-Solving • Strategic Problems
• Management • Large Organisation
• Leadership • Global Enterprise
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21. the innovation workgroup
Assess Your Risk-Taking Profile
Which One Would You Choose?
A B
• A voucher from the • A raffle ticket with a
Govt. of India prize of Rs 5 lakh
• Value Rs 2 lakh • Only one other raffle
• Payable in two weeks’ ticket will be sold
time • Drawing in a fortnight
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22. the innovation workgroup
Assess Your Risk-Taking Profile
Which One Would You Choose IF YOU HAD TO PAY Rs 1 LAKH?
A B
• A voucher from the • A raffle ticket with a
Govt. of India prize of Rs 5 lakh
• Value Rs 2 lakh • Only one other raffle
• Payable in two weeks’ ticket will be issued
time • Drawing in a fortnight
VALUE VALUE
Rs. 200,000 X Probability 100% = Rs. 500,000 X Probability 50% =
Rs 200,000 Rs 250,000
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23. the innovation workgroup
Look in the Mirror
My society: does it support entrepreneurship?
Reject tradition
Juniors know better than seniors
Don’t accept the world as it is
Be different from everyone else
Prefer risk to security
Take initiative instead of reacting only
Do what you want, not what your parents want
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24. the innovation workgroup
Where Do We Go From Here?
• Self-Assessment
• Knowledge Acquisition
• Personal Development
– Mentoring
– Coaching
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25. the innovation workgroup
Your Assignment for Today
Write down one action you will take to prepare yourself
for entrepreneurship
• Self-Assessment
• Knowledge Acquisition
– Problem-solving ability
• Personal Growth
– Mentoring
– Coaching
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27. the innovation workgroup
Agenda – Part 2
1. Successful entrepreneurial ideas deliver value
2. Breakthrough value comes from simple insights
3. Insights are gained through observation
4. Innovative ideas come from unexpected connections
5. New solutions can be assessed quickly and reliably
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29. the innovation workgroup
The Best New Concepts Meet Real Needs
B
• Economy
• Convenience
V=
• Entertainment
• Affiliation
P •
•
Self-Actualization
Productivity
How will it make someone’s life better?
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31. the innovation workgroup
What insights are required?
Innovative solutions that Innovative, desirable
few will accept solutions
Technical insights
Acceptable solutions
Unoriginal solutions with
subject to technological
no particular appeal
displacement
Customer insights
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32. the innovation workgroup
the innovation workgroup
Technology insight
• Client: Office technology firm
• Situation: Client’s key products included expensive printer
components. Client desired intellectual property (IP) to create
more leverage with printer component makers.
• Engagement: Structured innovation exercises, including
brainstorming and creative games.
• Results: One team member developed an insight. Base on the
insight, he invented a solution to enhance print quality. The
solution was patented. More than 15 years later, the client won a
45 crores dollars ($450 million) judgment against Hewlett-
Packard for patent infringement.
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33. the innovation workgroup
the innovation workgroup
What was the insight?
• All the dots are the same size (observed fact);
• There is a technology to make them different sizes
(technology insight)
Canon S520 ink jet printer - print head
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34. the innovation workgroup
the innovation workgroup
What was the idea?
• Before • After
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35. the innovation workgroup
Case Study: Customer Insight
• How can you sell a Rs. 20 cup of coffee for Rs. 100?
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36. the innovation workgroup
Case Study: Customer Insight
• The market for coffee
– Cheap coffee
– New flavors
– New sizes
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What was the Insight?
• Americans are pressurised
• Why was this important?
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What Was The Key?
• Customer Insight!
– Purchasing preferences
– Distributor needs
• Why did people choose Snapple?
“Snapple isn't about accomplishing an objective; it's about adding a little
whimsy to the humdrum and the everyday. The job's dull and the car is
more safe than sporty, but at least you can get a little wild at lunch with a
Mango Madness.”
-- Harvard Branding Professor John Deighton
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42. the innovation workgroup
Roles and Responsibilities in Innovation
Implementation Inquiry
Making Finding new
solutions work problems &
in the world opportunities
Improvement Invention
Turning solution Identifying causes &
concepts into real conceiving solutions
solutions
Adapted from Dr. Min Basadur
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44. the innovation workgroup
Indian Culture: What attitudes are rewarded?
INDIAN FAMILIES OBEDIENCE
• Who chooses the child’s profession?
• Who chooses the child’s mate?
INDIAN SCHOOLS
IMITATION
• What answers are expected on the test?
• What skills are rewarded with high marks?
INDIAN COMPANIES
• What does the manager expect from the employee? DEFERENCE
• What is basis for promotions?
INDIAN SOCIETY
• What is more important, relationships or results? ACCEPTANCE
• What are we willing to tolerate?
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45. the innovation workgroup
the innovation workgroup
Common Barriers To Creativity
• I’m not creative • I don’t like to be the center of
• It’s not my job attention
• It’s not what our company • I’ll be uncomfortable with
does other people’s reactions
• My boss will not let me • There’s always a reason why
• Everybody criticizes new ideas “we can’t do that”
• This company doesn’t handle • There’s no reward for new
new ideas well ideas here
• I can’t predict the return on • It’s too risky
investment • I don’t have the right
• We’ve never done it that way qualification
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46. the innovation workgroup
What is the Solution?
OBVIOUS LESS OBVIOUS
• New Product • Customer Service
• New Process • New Channel
• New Feature • Lower Price
• New Form Factor – May require lower
production or
• New Positioning
operations costs
• New Packaging
• New Customer
Experience
• New Business Model
• Alternative
Product!!!!!!!!
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50. the innovation workgroup
“Back of the Envelope” Gating
• How much would it take to develop this?
• How long would it take to develop this?
• How many people might benefit from this?
• How much benefit would they derive?
• What technologies are needed to develop this?
A SWAG is OK at this stage!
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51. Thank you the innovation workgroup
WE ARE GRATEFUL TO: David Wittenberg, CEO
the innovation workgroup
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Your feedback and enquiries are welcome at:
www.theinnovationworkgroup.com
Contact SEED – MDI:
Email: seed.mdi@gmail.com
Twitter: @seedmdi
Facebook: SEED – MDI
Website: www.seedmdi.org
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