Managing Your Innovation Pipeline

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    14-Jan-2015

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Steve Franks, Director of Programs at the Northeast Indiana Innovation Center, gives a presentation about tools companies can use to manage new innovation within their company.

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<ul><li> 1. MANAGING YOUR INNOVATION PIPELINEhttp://www.ickr.com/photos/carlchapman/1392728191/Steve Franks, Northeast Indiana Innovation Center 1</li></ul> <p> 2. Coming up with ideasfor new products, services,or entire new business unitsISNT the problem.Finding the one thats a game changerIS!Managing Your Innovation Pipeline,Northeast Indiana Innovation CenterAll rights reserved 2 http://www.fotopedia.com/items/ickr-1393836032 3. 1. Lean Startup 2. Pitching and PlanningBusiness Model Validation Prepare for InvestmentWhat are your hypotheses?Make the business caseDo customers and stakeholders agree with you?Be your own angel investor.Do they care?Be prepared to pitch investors.Day Month YearNo.Who are our Key Partners?Who are our key suppliers?Which Key Resources are we acquiring from partners?Which Key Activities do partners perform?What Key Activities do our Value Propositions require?Our Distribution Channels?Customer Relationships?Revenue streams? What value do we deliver to the customer? Which one of our customers problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying? What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they?For whom are we creating value?Who are our most important customers?High concept pitchElevator pitchPresentation deckWhat Key Resources do our Value Propositions require?Through which Channels do our Customer SegmentsOur Distribution Channels? Customer Relationships? want to be reached?Revenue Streams? How are we reaching them now? How are our Channels integrated? Which ones work best? Which ones are most cost-efficient? How are we integrating them with customer routines?[and Business Plan]What are the most important costs inherent in our business model? For what value are our customers really willing to pay?Which Key Resources are most expensive? For what do they currently pay?Which Key Activities are most expensive?How are they currently paying?How would they prefer to pay?How much does each Revenue Stream contribute to overall revenues? This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. Naval RavikantSteve Blank co-founder Venture HacksUses it in classes at Stanford Alexander Osterwalder Babak Nivi Invented this Business Model Canvas co-founder Venture HacksManaging Your Innovation PipelineNortheast Indiana Innovation CenterAll rights reserved3 4. The 9 Business Model ElementsDay Month No. Year Who are our Key Partners? What Key Activities do our Value Propositions require? What value do we deliver to the customer? What type of relationship does each of our CustomerFor whom are we creating value? Who are our key suppliers?Our Distribution Channels? Which one of our customers problems are we helping to solve? Segments expect us to establish and maintain with them?Who are our most important customers? Which Key Resources are we acquiring from partners? Customer Relationships?What bundles of products and services are we offering to each Customer Segment? Which ones have we established? Which Key Activities do partners perform? Revenue streams? Which customer needs are we satisfying? How are they integrated with the rest of our business model?How costly are they? 1. Who are your target market segments? What are their big wants?Why will they scream with joy when they hear you are addressingthat particular issue? What Key Resources do our Value Propositions require?Through which Channels do our Customer Segments Our Distribution Channels? Customer Relationships? want to be reached? Revenue Streams? How are we reaching them now?How are our Channels integrated?Which ones work best?Which ones are most cost-efficient?How are we integrating them with customer routines? 2. Separately, what is your value proposition (product offering). Dothey still scream when they hear what you are offering? What are the most important costs inherent in our business model? For what value are our customers really willing to pay? Which Key Resources are most expensive? For what do they currently pay? Which Key Activities are most expensive?How are they currently paying? 3. What kinds of relationships will be necessary with your customers? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues?One on one and personal, automatic and hands off self service, etc.?This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License.To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. 4. How will you reach them? How do they want to be reached?Your job: test each element! 5. Are any partners key to your success? 6. What activities do you have to excel at in order to be successful inthis industry? The 3 Answers 7. What resources (like things and people) do you have to have inorder to be successful in this industry?1. What? Huh? That makes absolutely no sense at all. 8. How will you structure your revenue streams? Do your customersagree?2. Well, yeah, thats pretty close to what I see - but have you ever thought about .... 9. What are your major cost drivers?3. Oh My God! I cant believe you are doing this! Is it available? Can I have it now? Please?Managing Your Innovation PipelineNortheast Indiana Innovation CenterAll rights reserved4 5. Presentation Deck High concept pitch 1. 2.Cover. Logo, tagline, and contact information.Summary. Key, compelling facts - from your elevator pitch.Elevator pitch 3. Team. Past accomplishments. Include directors or advisors who bringsomething special.Presentation deck 4. Problem. Customer segment and their big want. 5. Solution. Your value proposition and offering, including a demo. Godhelp you if you have nothing to show.[and Business Plan] 6. Technology. If appropriate.If you can prepare these 3 things, you can 7. Marketing. Who are the customers, and how many of them arethere?How are you going to reach prospects and acquireprepare a business plan or executivecustomers? What traction do you already havesummary. Its the same information, just 8. Sales. Your business model. The micro view of a sale - what do youwritten differently!make in a typical transaction? What do you know that isnt purespeculation about how you might grow a customer base? 9. Competition. Why will customers use your product instead of thecompetitions? How do you know? How will you defend againstHigh Concept Pitchcompetitors actions?A few words, Hollywood- style. Snakes on a 10.Milestones. By quarter for the next 4 quarters. For your product, Plane, Flickr for Video, The Jefferson Pointe forteam, marketing, sales, and gross burn (your expenses, assuming zeroEntrepreneursrevenue). 11.Conclusion. The vision of what the company could accomplish. 12.Financing. Previous funding, amount being raised in this round andElevator Pitchhow it will be used, equity deal offered (if appropriate).4 elements: product and target customer, big want,traction, teams credentials.Managing Your Innovation PipelineNortheast Indiana Innovation CenterAll rights reserved 5 6. For ideas that have merit, send the champions off to validate a business model. For concepts that http://www.ickr.com/photos/carlchapman/1392728191/ are validated, http://www.fotopedia.com/items/ send a team off to create and make an investment pitch.Managing Your Innovation PipelineNortheast Indiana Innovation CenterAll rights reserved 6 7. Next Steps:http://www.ickr.com/photos/good-karma/Grow With: NIIC Corporate Incubation We guide you as you establish and operate your own on-site, private incubation program and grow by adding game-changing new products, services, or business units. Weekly half-day meetings with your team. 6-month or 12-month engagements. Availability is limited to a maximum of 4 engagements at any time.Managing Your Innovation PipelineNortheast Indiana Innovation CenterAll rights reserved 7 8. http://venturehacks.comhttp://steveblank.com/ http://niictools.comhttp://www.startuplessonslearned.com/http://alexosterwalder.comManaging Your Innovation PipelineNortheast Indiana Innovation CenterAll rights reserved 8 </p>