STIMULATING AND DRIVING INNOVATION - Office of Innovation Process BUSINESS MODELS • There are 9 basic business model building blocks ... Training Module_STIMULATING AND DRIVING INNOVATION_Oct_17_2012

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1STIMULATINGANDDRIVINGINNOVATIONOctober17,2012www.utep.edu/creieGary Williams DirectorJeni Clark Associate Director2InnovationWebsterDefinitionofInnovation:The process of introducing new methods,devices, etc.A new method, customer, device, etc.23InnovationProcessThisworkshopaddresses3differentaspectsoftheinnovationprocessincluding:Ideation: Winning at New Products by Robert G.Cooper, AddisonWesley Publishing Company 1993.Achieving Superior Differentiation, Speed to Market,and Increased Profitability: Fast Innovation byMichael George, James Works, Kimberly WatsonHemphill, McGrawHill, 2005.Fast Cycle Time Concepts: Fast Cycle Time byChristopher Meyer, The Free Press, NY,NY 1993.345ApproachestoInnovation5R&DdefinesthetechnicalsolutionManufacturing Sales MarketNeed?MarketingdefinestheneedsR&DFit? Manufacturing SalesMarketing&R&Ddefinestheneeds,fit,andsolutionsR&D Manufacturing SalesA. Technology - PushB. Market-PullC. Product/Markets (Hybrid of A&B)6TheInnovationProcess6IdeaGeneration1. Individual2. GroupBrainstorminggenerallywillgeneratemoreideasandmorediversityofideas.Needtobesurethatyouarealwaysaskingthequestion:WhatamIgoingtomakeorsell?7TheInnovationProcess7IdeaGenerationsomeusefultechniques1. Establishafocalpointapersontostimulateandhandleideas.2. Surveyyourcustomers.3. Observecustomers astheyuse(ormisuse)yourproduct.4. Examinethepatentfilesregularly.8TheInnovationProcess8IdeaGenerationsomeusefultechniques,continued5.Routinelysurveyyourcompetition.Analyzetheirproducts,strategiesandbusinesssuccesses.6.Runanewproductideacontest.7. Organizecreativitysessionsinvolvingsales,manufacturingandtechnicalpeopleinthesamesession.8. Setupauserpaneltodiscussunmetneeds,wants,andproblemsthatmightleadtonewproductideas.9TheInnovationProcessCreationPhaseWhatdoyoudowiththeidea?1.Proofofconceptshouldbedoneasearlyaspossible.2.ProtecttheIntellectualProperty(IP)a.Inventiondisclosureb.Provisionalpatentinplaceforoneyearc.NonprovisionalorUtilitypatent3.Usenondisclosureagreement(NDA)withcustomer andother3rdpartiesa.ProtectstheIPandreservesrighttofilenewpatentideas910TheInnovationProcessCreationPhaseWhatdoyoudowiththeidea?4.MarketResearchsinglebiggestreasonnewproductsfailislackofsufficientunderstandingofthemarket.5.Marketneedshavetoberecognized.Inastudyof567successfulproductsinnovations,mostweremarketpullprojects;only21%weretechnologypush.6.Whenatechnologicalsuccessdoesnotmeetaspecificmarketneed,theproductshouldbeadaptedtosuitanidentifiedneedhybridoftechnologypushandmarketpull.1011TheInnovationProcessInnovationImperativeFastInnovationistheprocessofcreatingnewproducts,services,processes,businessmodelsandmarketswithsufficientdifferentiation andspeed suchthattheCompanymaintainsaboveaverageshareholderreturnsfordecades.1112TheInnovationProcessBUSINESSMODELS Thereare9basicbusinessmodelbuildingblocks(Osterwalder,Alexander&Pigneur,Yves.BusinessModelGeneration:JohnWiley&Sons,Inc.2010) Whatareyougoingtomakeandsellorservice??1)ValuePropositions2)KeyActivities3)KeyResources4)KeyPartners5)Customersegments6)Channelssalesanddistribution7)CustomerRelationships8)CostStructure9)RevenueStreams1213TheInnovationProcessSustainingInnovationsIncrementalImprovements1. Likelyofferonlymodestimprovements2. Havealowriskoffailure3. Canbequicklycopiedandcommoditized.4. Creategrowthinrevenuewithoutdestroyingpotentialofincumbentofferings.1314TheInnovationProcessDisruptiveInnovations1. Innovationsthatobsoletecurrentofferings,processesandbusinessmodelswillcatchthecompetitionflatfootedandmayprovidegreatpropulsivepowertogrowth.2. Theimpactofdifferentiatedproductsissignificantandpositivelyimpactsthesuccessrate.1415TheInnovationProcessDisruptiveInnovations,continued3. Mayrequirenewtechnologiesorcorecompetencies4.Mayrequirecompletelydifferentsaleschannels5.Maycompetewithandcannibalizeexistingofferings.1516ImpactofDifferentiatedProducts18%42%82%0%10%20%30%40%50%60%70%80%90%MeToo ModerateAdvantage HighlyDifferentiatedProbabilityofProductSuccessSuccessRate1617FastCycleTimePrinciplesWhatisFastCycleTime?Fastcycletimeistheongoingabilitytoidentify,satisfy,andbepaidformeetingcustomer needsfasterthananyoneelse.1718FastCycleTimePrinciplesKeyelementsinclude:1.CreateaNewProductsStrategy2.IdentifyCustomer Problems3.CommunicateEffectively4.PracticeGoodPlanningandProjectManagement5.ProcessSimultaneously6.UtilizeCrossFunctionalTeaming7.InvolveCustomers onanOngoingBasis8.PrioritizeandMakeDecisionsasFastasPractical9.MotivateorganizationandMeasurekeyactivities1819FastCycleTimePrinciplesNewproductstrategyshouldinclude:1. Listofproductstobedeveloped2. Marketsectorseachwillserve3. Unmetneedthatwillbeaddressed4. Prioritylistingofdevelopment5. Channelofdistributionthatwillbeutilized1920InnovationProcessSUMMARY1. Innovationisthemostimportantaspectofthebusinessprocess.2. Differentiation,satisfyingunmetneeds,protectingyourintellectualproperty,gettingtothemarketasquicklyaspossibleandinvolvingthecustomer everystepofthewayareimportantkeystosuccess.2021STIMULATINGANDDRIVINGINNOVATIONOctober17,2012www.utep.edu/creieGary Williams DirectorJeni Clark Associate Director

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