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L10 The Innovator's Method

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In today’s business environment, there is constant need to look for new opportunities. The risk of doing business as usual means failure. How can we take advantage of new emerging technologies? We get overload of new products and services, but it is not easy to see the real trends.

In this lecture we look at how to spot trends and how to recognize shift in people’s behaviour. We also explore some tactics we can apply to find new business models and introduce the Innovator's Method, a framework for starting a business in a lean way.

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L10 The Innovator's Method

  1. 1. Lecture L10 THE INNOVATOR’S METHOD
  2. 2. Reading: •IBM 1100100 and counting •Competition is for Losers •Understanding the Job Clayton Christensen, professor at Harvard Business School talks about the job to be done •The Innovator´s Method
  3. 3. ...a kind of shadow future, 
 hovering on the edges of 
 the present state of things, 
 a map of all the ways in 
 which the present can 
 reinvent itself Steven Johnson Adjacent Possible
  4. 4. Why is IBM still alive and thriving after so long, in an industry characterised perhaps more than any other by innovation and change? Economist:  1100100  and  counting Case Study
  5. 5. Tabulating machines Electronic machines Mainframes Mini-computers PC computers Economist:  1100100  and  counting Platform Shifts
  6. 6. Economist:  1100100  and  counting Platform Shifts
  7. 7. “IBM is not a technology company, but a company solving business problems using technology”
 – George Colony Economist:  1100100  and  counting Platform Shifts
  8. 8. Economist:  1100100  and  counting Platform Shifts
  9. 9. 1. Maintain connection to customers 2. Less hierarchical and more open 3. Business relevant research 4. Globally integrated 5. Financial planning – get out of commoditized business Economist:  1100100  and  counting Platform Shifts
  10. 10. WHAT IS THE SECRET TO BE SUCCESSFUL ENTREPRENEUR?
  11. 11. "There is no real formula." - Peter Thiel Author: Zero to One
  12. 12. Innovation In the history of business, things happen only once
  13. 13. Economist:  1100100  and  counting Against the Norm TRUTH IS SOMETHING EVERYBODY AGREE ON MAY NOT BE RIGHT
  14. 14. Economist:  1100100  and  counting Against the Norm WHAT GREAT BUSINESS IS NOBODY STARTING?
  15. 15. Peter Thiel
  16. 16. Definition of Losers PEOPLE THAT ARE NOT GOOD ENOUGH OR
 PEOPLE JUST DOING THE WRONG THING?
  17. 17. "All happy companies are different because they found something unique to do, all unhappy companies are alike, because they failed to escape the sameness that is competition." - Peter Thiel
  18. 18. The Nature of Progress 0 to 1 1 to n Technology doing new things Vertical Globalisation copying existing things Horizontal Peter Thiel: Zero to One
  19. 19. The Nature of Progress
  20. 20. Looking for Opportunities
  21. 21. Targeting overshot customers or non-consumption “Good-enough” can be great Do what competitors won’t Looking for Opportunities
  22. 22. Targeting overshot customers or non-consumption Removes barriers that constrain the ability to consume Overshooting customers needs Hidden beauty in undesirable or invisible markets
  23. 23. Remove barriers that constrain the ability to consume Example: photography Kodak’s Brownie 
 Camera Skill
  24. 24. Skill Example: Computers Apple’s iPad Remove barriers that constrain the ability to consume
  25. 25. Wealth Example: Computing The Personal Computer Remove barriers that constrain the ability to consume
  26. 26. Access Example: Telephony Mobile phones Remove barriers that constrain the ability to consume
  27. 27. Access Example: Niche movies Youtube Lego
 Star wars Remove barriers that constrain the ability to consume
  28. 28. Time Example: Auction Ebay auction Remove barriers that constrain the ability to consume
  29. 29. 1. Creating a Computer Game for mobile What is the barrier for these: 4. Health Care 5. University level education 2. Making an Music Album 3. Publishing a Novel 6. Rent your house Remove barriers that constrain the ability to consume
  30. 30. Targeting overshot customers or non-consumption Make the complicated simple Don’t let the mainstream derail you Innovate, don’t force
  31. 31. Targeting overshot customers or non-consumption
  32. 32. Targeting overshot customers or non-consumption
  33. 33. Nintendo Wii Targeting overshot customers or non-consumption Gaming for the family
  34. 34. Portable music players disrupted by Apple, 2001 1000 songs in you pocket! Targeting overshot customers or non-consumption
  35. 35. Mobile phone, 2007 Apple reinvents the phone Targeting overshot customers or non-consumption
  36. 36. “Good-enough” can be great Sustainable innovations compete on getting better Disruptive innovations compete on doing it differently
  37. 37. “Good-enough” can be great Netflix Subscribe, no late fees
  38. 38. Do what competitors won’t Unattractive or uninteresting market Does not seek head-on collision with established competitors
  39. 39. Personal Computers Do what competitors won’t
  40. 40. CRM as a Service Do what competitors won’t
  41. 41. THE INNOVATOR’S METHOD
  42. 42. The Innovation Crisis: Unprecedented Uncertainty
  43. 43. Net Promoter Score How likely are you, on a scale of 0 (not at all likely) to 10 (extremely likely), to recommend this product or service to a colleague or friend? A product’s NPS is the percentage of promoters (those who score themselves 9 or 10) minus the percentage of detractors (scores 0–6). Net promoter score = % promoters minus % detractors
  44. 44. Design for Delight Most successful companies didn’t just off er products that were easier to use; they off ered products that delighted customers. • Gain deep customer empathy
 Understand customers better than they understand themselves • Go broad to go narrow
 Generate lots of solutions before borrowing the list • Experiment rapidly with customers
 Seek feedback early and often
  45. 45. Innovator’s Method Four steps to solve high- uncertainty problems and turn insight into a successful innovation
  46. 46. Innovator’s Method Step 1. Insight: savor surprises Step 2. Problem: discover the job-to-be-done Step 3. Solution: prototype the minimum 
 awesome product Step 4. Business model: validate the 
 go-to-market strategy
  47. 47. Leverage the behaviors, questioning, observing, networking, and experimenting — to search broadly for insights about problems worth solving. Innovator’s Method Step 1. Insight: savor surprises What problem is nobody solving?
  48. 48. Problem: What to Wear
  49. 49. Rather than starting with solutions, start by exploring the customers’ need or problem— the functional, social, and emotional job-to-be- done— to be sure you’re going after a problem worth solving. Innovator’s Method Step 2. Problem: discover the job-to-be-done What is the customer really buying?
  50. 50. People don’t want to buy a quarter-inch drill. 
 They want a quarter-inch hole. Job to be Done
  51. 51. Instead of developing full-scale products, leverage theoretical and virtual prototypes of multiple solution dimensions. Then iterate on each solution to develop a minimum viable prototype and eventually a minimum awesome product. Innovator’s Method Step 3. Solution: prototype the minimum 
 awesome product
  52. 52. Once you’ve nailed the solution, you’re ready to validate the other components of the business model, including the pricing strategy, the customer acquisition strategy, and the cost structure strategy. Innovator’s Method Step 4. Business model: validate the 
 go-to-market strategy.
  53. 53. Early Innovators NEXT Assignment 2

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