Changes call for innovation, and innovation leads to progress

Dr. Sumaira Rehman

Rector, Superior University
Director CMACED 1
Previous Reflection

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 Entrepreneurial DNA
(Characteristics)

Special characteristics
 Passion
 Proactive & self motivated
Common characteristics
 Persistence
 Creativity and Innovation  Need for independence
 Opportunist
 Need for achievement
 Self Confident
 Risk taker
 Emotional Intelligence
 Leadership Wisdom (Change
 Drive and determination
Agent  Business knowledge
 Honesty and integrity
9/16/2020
 Opportunity
Recognition &
Idea Generation

4
 Why some IT
Experts are more
creative than
others?
"Everything you can imagine is real." -
- Pablo Picasso
Steve Jobs Jack Ma Jeff Bezos
Three Ways To Start A New Venture

8
 Opportunity
Idea

Creativity Innovation

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 Creativity
Creativity is the process of generating unique and useful ideas.
Or
Creativity is an act of coming up with new Ideas.
Or
"Creativity is inventing, experimenting, growing, taking risks, breaking rules, making
mistakes, and having fun." -- Mary Lou Cook

New ways of Re-Invent

doing things Yourself

Novel Competitive
Solutions to Advantage
the Problems
10
 Facts

30:70
30% 70%
Creativity Creativity
Inheritance Learned
 Creativity

How many of you think that

you are Creative?

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 Activity

Use your
imagination
Creativity

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 5 Major Barriers to creativity

Pattern Thinking 1
Tendency to follow current
2
practices.

Tendency to think too narrowly 3

Fear of failure 4

Lack of belief 5
Innovation
 Innovation
The ability to apply creative solutions to problems and opportunities.
In short
Doing things differently in some ways

Introduction of a
Introduction of
new or improved
new processes
goods or services.

Identification of
Opening up of new new sources of
markets. supply of raw
material.
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 Examples - innovation

NikeiD is a service
A revolutionary, new,
provided by NIKE
interactive touch screen Walmart is taking
allowing customers to
fountain capable of innovation into the
personalize and design
creating more than 100 services system by
their own Nike
beverage options at your introduction self-service
Merchandise. They offer
fingertips available in a checkout into retail outlets.
online services as well as
matter of seconds
physical NikeiD studios
 Examples - innovation

Using the device’s “Share a Coke”

camera, it snaps a picture Coke managed to make
of the user and then It is a coke vending each person who picked
machine located in many Gillette sells premium razors
reflects her movements, up a can feel special and
creating a real-time, grocery stores. You can unique by printing at a loss, but makes money on
digital way for her to test directly use it to buy your individual names on cans repeat sales of blades
out cosmetics — favorite drink. and bottles and suddenly
anywhere everyone was identifying
with the product
 Where do innovative ideas
come from?
• Ability to connect seemingly unrelated ideas and put them together
in new ways
Generating
Creative Ideas:
tools, techniques
and strategies
 Brain-
storming
Tools and
Techniques for Five
Generating Exposure discovery
skills
Ideas
Zero Step:

Identify Desire, Need and Observing

SCAMPER
Problem Trends
3 Simple Question to
evaluate your ideas

The Need The Market The Value Proposition

What is the Who is the target How your product or
compelling need market who has this service is better
that is not need? or unique?
currently being
met?
Five discovery skills
Five discovery skills
Five discovery skills
Five discovery skills
Five discovery skills
Five discovery skills
ASSOCIATINRENTTHERUNWAY
G
ASSOCIATIN
G
Computer Mobile

= iPhone
Questioning

• What:
• Actively question the status Quo

• Why:
• Gain an understanding of what the problem (need)
is and is not

• For example
 Why are they doing this way?
 Why don’t they do this in some other way ?
 Good question impose constraints
• “What if” we were legally prohibited from conducting any
future business with our current set of customers

• What kind of product or services or experiences we can

create?
Or eliminate constraints

• “What if” money were no object

 Question-Storming

 Identify a problem that you are trying to solve.

 Instead of brainstorming solutions, brainstorm ONLY quest
ions to the problem (at least 25 questions).
 Write the questions on a white board for all to see as they
are being generated.
 At the end, prioritize the top 3‐5 questions that should be
addressed/answered before brainstorming solutions
Questioning: Creative idea generation

• Questioning is –
• Challenging the Status Quo
• Imposing or eliminating constraints
• Pushing others to imagine the future by asking
“what if” questions?
 Observing

• What:
• Gain insights for new ways to do
things by finding “Surprises”

• Why:
• Understand the job-to-be done
 Observing

Transport meets nature

The kingfisher’s beak became the model for the nose cone of Japan’s 500 Series
Shinkansen bullet train (more aerodynamic – less noise).
 Observing

Restaurant meets airport

This ‘take what you want’ Shushi bar uses the baggage carousel system from airports.
 Observing

Mc Donald’s meets Formula 1

The Drive Thru concept is based on the principles of a fast Formula 1 pit
stop.
Observing: Creative idea generation

• Observing is—
The propensity to intensely observe the
world around you such as
 customers,
 products,
 services,
 Companies,
 and technologies
to gain insights and ideas about new
ways of doing things.
networking

• What:
• Actively seek diverse ideas.
• Why:
• Gain a new perspective.

• You can sit in your office and

pretend that you are in touch
 How diverse is your network

 Opposite gender?
 Different function of your company?
 Different industry?
 Different nationality? (grew up in a different country).
 Different age group?
 Different socioeconomic group?
 Your idea network

• In 60 seconds or less, list your top 10 (or more) “go‐to” people for he
lping you generate or spark new ideas.
1. _____________________________

2. _____________________________

3. _____________________________

4. _____________________________

5. _____________________________

6. _____________________________

7. _____________________________

8. _____________________________

9. _____________________________

10. _____________________________
Networking: Creative idea generation

• Building your networking skills—

1. Tap experts. Who else has solved
a problem like this before?
2. Attend networking events
and set a goal to talk to as many
people as possible
3. Form or join a networking group.
Experimenting

• What:
 Test ideas.
 Seek new experiences.
 Take things apart.
• Why:
• Learn from new experiences, pilots a
nd prototypes
 Experimenting lessons

 Planning
 You can’t plan your way to success when there is a high degree of
market risk (will they want it?) and technological risk (can we mak
e it?)
 Quickly test assumptions with prototypes
 Use A/B prototypes and iteration to learn your way to success
 Experimenting is the best way to answer a “what if” questio
n
 Sometimes there is no question, observation, or conversation that
can reveal the future.
Experimenting: Creative idea generation

• Experimenting is—
 Learning new skills
 Taking apart products, ideas, processes.
 Piloting ideas to test hypotheses...to ans
wer
questions you cannot through observing
or networking.
Discovery behaviors feed associating
 Observing trends

PEST
Analysis

Political &
Economic Social Technological
Regulatory
 Observing trends

Political and Regulatory Economic Trends

Political factors include government
Economic factors affect the purchasing power
regulations and legal issues that define both
of potential customers and the firm's cost of
formal and informal rules under which the
capital.
firm must operate. New changes in political
arena, new laws and regulations i.e. The following are examples of factors in the
• Tax policy economy:
• Employment laws
• economic growth
• Environmental regulations
• Trade restrictions and tariffs • interest rates
• Political stability
• exchange rates

• inflation rate
 Observing trends

Social Trends Technological Trends

Social factors include the demographic and Technological factors can lower barriers to
cultural aspects of the external environment. entry, reduce minimum efficient production
These factors affect customer needs and the levels, and influence outsourcing decisions.
size of potential markets. Some social factors Some technological factors include:
include:
• R&D activity
• Health consciousness
• Population growth rate • automation
• Age distribution
• technology incentives
• Career attitudes
• Emphasis on safety • rate of technological change
 Scamper
• SCAMPER is a brainstorming
method which helps to come
up with new ideas when you
are trying to develop or
improve a product or service.
This tool helps you generate
ideas for new products and
services by encouraging you to
think about how you could
improve existing ones.
 Scamper
 Substitute: What kind of alternate material can I use? What part of the design
could be substituted for something else?
 Combine: What could be added to the design to make it different?
 Adapt: What aspects of the design can be adjusted so it fits another purpose?
 Modify: What if I exaggerate or modify a component? How can I make it larger
or stronger? How can it be made smaller or shorter?
 Put to another use: Who else might be able to use this design? What else could
it be used for other than its original purpose?
 Eliminate: What can be removed? What can be expanded or developed upon
further?
 Rearrange: How can the layout or pattern be changed? Can I interchange any
components? What can be turned around?
Activity : SCAMPER
 Activity : GUIDELINES

 You are advised to apply SCAMPER method on anything like pen, usb etc.
 You will have ten minutes to generate as many ideas as possible, following
the SCAMPER acronym and list the benefits of each improvement.
 The activity concludes with each person presenting their product
improvements, and the benefits.
 Other individuals have opportunity to give feedback and suggest
further improvements.
 One sample example has been attached for participants understanding
 Activity : GUIDELINES
Example 1: Stapler
Following is the example of stapler based on SCAMPER technique
 Substitute one thing for another: Make a line of staplers from different material such as cardboard,
metal, fiberglass, plastic, or polished wood
 Combine with other functions, materials or things: Add a punching machine with stapler
 Adapt the design so it can be used for some other purpose: Design a stapler that fastens without
staples by pressing together sheets of paper under pressure (e.g., a pair of pliers is somewhat like a
stapler in that it can be used to press together things.)
 Modify, Magnify, Minimize elements of its design: Enlarge the stapler’s top and make it ergonomic
(concerned with designing and arranging things people use so that the people and things interact
most efficiently and safely) to fit a hand.
 Put the design to other uses: Add a bottle opener at the bottom/add a storage capacity for pins
 Eliminate Elaborate, Enhance some part of the design: Design a stapler that dispenses both small
and large staples
 Rearrange reverse sections or move parts around: Design a stapler that can staple from either end.
Why we Need
Business Model?
 Industry and Market Analysis
Business Description  Industry size and structure
 Form of Business  Industry Attractiveness
 Team and  Porter’s five forces Analysis
Managerial  SWOT Analysis
Structure  Know your product
 Vision, Mission,  Know your customers
Values & Goals  Know your competitors
Business

How it Works Description

Busines Marketing
Strategies
Financial Plan Executiv s Plan Marketing
 Segmentation
 Start-up financing e Strategies  Targeting
 Source of Funding Summar  Differentiation
 Operating cost and expenses y  Positioning
 Income Statement  Unique value
 Balance Sheet Proposition
Financial  Marketing mix
 Break Even Analysis Plan
 Ratio Analysis (Product, price,
 Operating Cash Flow place,
 Capital Budgeting promotion)
 How to Quickly Evaluate Ideas?
Idea 1 Idea 2 Idea 3 Idea 4 Idea 5
Key Standards to evaluate the idea. Idea Name Idea Name Idea Name Idea Name Idea Name

a) What is the compelling need that is not currently

being met?

b) What solution you are providing them to fulfill

that need?
c) What is unique and different in your product, so
that the customer can buy your product?

d) Who is the target market who has this need

(demographics, characteristics, etc.)?

e) Does this idea sound interesting and exciting to

me, if so, why?

Total Score: