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Innovation on a budget

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A 15-minute presentation given by our Chief Product Officer, Alam Kasenally, at an event hosted by the Mauritius Research and Innovation Council especially for SMEs. Their research found that "costs" were the biggest barrier to innovation among SMEs, and so we thought to address that!

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Innovation on a budget

  1. 1. Innovation On a budget ak@reddot.mu
  2. 2. Chief Product Officer, Red Dot Startup Coach, The Turbine Hello I’m Alam Mauritius: RCC UK: Oracle Silicon Valley: Yahoo, Crowdcast, Cancer Commons
  3. 3. Why Innovation On a Budget?
  4. 4. Identifying Barriers Impeding the Development of the SME Sector and Redefining the enabling environment for Growth - Empretech Mauritius, 16 October 2017 Innovation Impediments
  5. 5. What is Innovation?
  7. 7. • Study of 2,000 examples of best business innovations • “How do we get innovation to succeed instead of fail?” • Codified into an innovation “Periodic Table”
  8. 8. How much innovation do I actually need? Incremental Innovation • Do more of what I know • E.g. Taxi serving Quatre Bornes Adjacent Innovation • Change the Boundaries of your product / market • E.g. Taxi doing delivery Disruptive Innovation • Change the Game • E.g. Anybody with a car providing taxi service
  9. 9. How to Innovate?
  10. 10. INNOVATION = MINDSET + PROCESS (Quality of Insight) (Quality of Execution)
  11. 11. Human-Centered Through contact, observation, and empathy with our user to design for their needs. Design
  12. 12. It is not… • Because the Board / CEO says… • We have a problem, let’s jump in to brainstorm! • We have a new technology, what can we use it for? • Our competitions just launched X, how quickly can we also do X?
  13. 13. Spend money where customers want you to
  14. 14. Selling hot healthy sandwiches, wrapped in Pita Bread Baking fresh pita bread Customers waiting in line: served them small baked chips Became well-known for the chips you got while waiting in line
  15. 15. Lean Experiments Fail Fast, Fail Often, Fail Forward
  16. 16. Minimum Viable Product An MVP has just enough features to satisfy early customers, and to provide feedback for future product development
  17. 17. Faster = cheaper
  18. 18. Secret: Understand Leverage
  19. 19. How to Leverage? Lower Labour Costs Lower Technology Risk Leverage Data Leverage Ecosystem 1. Hire TINKERERS 2. PhD Students 3. Create a cause Instead of building it yourself… can you RENT REPURPOSE OUTSOURCE LICENSE? Can you monetize data that is generated through the use of your product, or use the data to create new products? Can you lower your costs of Innovation through using existing ecosystems (networks, expertise, platforms?)
  20. 20. How did eBay get started?
  21. 21. Q&A
  22. 22. Tel: +230 403 4234 Mob.: +230 5 476 02 51 Web: www.reddot.mu 7th Floor NeXTeracom Tower 1 Cybercity Ebene 72201 Republic of Mauritius Contact Us hello@reddot.mu