Anans notes p 2 Flashcards
Key drivers of innovation
- Technology
- Social/political/ natural environment
- Consumer behaviour
- The unexpected
A startup is a
temporary org that SEARCHES for sustainable/profitable business model
incubant is
an established org that EXECUTES on known business models adessing known needs
Innovation thesis is a
statement that outlines an orgs/individuals strategic focus, goals and approach to driving innovation
three part fo the innivation thesis
- where industry/area is going (TREND)
- Types of ideas they will invest in
- what the company will not be investing in
WHY?
Innovation portfolio parts (market/prodcut)
- 70% core
- 20% adjacent
- 10% transformational
what is the innovation portfolio
Framework to help make good investment decision for creating innovation → Putting Innovation strategy into practice
Innovation ambition matrix (value/time)
- Core business- provides cashflow
- Emergin business- sustainable profit in near future
- New business- may result in profit
Design thinking is
is a method for crafting solutions while using creative problem-solving techniques. It is human centered design
Problem space (understand)
Discover
Define
Between problem and solution space
framing challenges
Solution space (design solution)
ideate
Prototype&test
Design thinking steps
- discover
- observe
- define
- ideate
- prototype and test
IDEO method
1.INSPERATION- understand observe define
2.IDEATION- brainstorm, test, learn
3.IMPLEMENTATION- test, learn, execute on vision
BMC definition
9 blocks mapping how startup monazites idea & builds business
Pros and cons of BMC
Pro:
- easy to understand
- work for all business
- widespread use
Cons
- static vision
- no business evolution
- bad for typical tech startup
Lean canvas pros and cons
Pro:
- easy to understand
- focus process tech startup
- dynamic growth
Cons:
- less well understood
- switching costs
The canvas allows us to:
- Define and comunicate the business model
- test & validate hypothesis
- Optimize resource allocation
CLTV
Customer life-time value
(rev streams- direct variable cost) * Nr times customer will pay
CAC
customer acquisition cost
got-to-market-expense/nr customers acquired
(GTM budget for 6 month + how many customer needed)
optimal CLTV/CAC ratio?
CLTV/CAC = 3 is optimal
Pricing strategies (not same as revenue model)
- cost based- cost+ margin
- value based- what is consumer willing to pay for the value?
- Competitive pricing
- volume pricing- volume discount
- bundle pricing- cheaper together than separate
- decoy pricing- offer more expensive so the other looks cheaper (medium popcorn)
- shaver pricing- gillete
- feature pricing- charging for extra features
Red ocean strategy
- Compete in existing market
- Beat competition
- exploit existing demand
- Make value/cost trade off
- Tend to focus on low cost
Blue ocean strategy
- Create uncontested market space
- Make competition irrelevant
- Create & capture new market
- Break value/cost tradeoff
- Tend to focus on differentiation/value
Creativity is
Channeling your imagination into something concrete.
Innvention is
The creation of a new idea, concept, or technology.
Innovation is a
process of turning a new concept into widespread use or commercial success.
A startup is
a newly formed business with particular momentum behind it **based on perceived demand **for its product or service (first stage of operation)
Traditional way of thinking
- Opposition
- Defend my idea
- I know better
- i only accept sucess
- frustration with failure
Proposed way of thinking
- Complementarities
- Listen/understand
- Brainstorm/choose better
- I only accept on engagement
- Failure is an opportunity
What to think off when making a team
- social capital
- human know how
- financial capital
Main conflicts in teams
Role- titel
Relationship- trust
Rewards- equity
Value proposition
- product
- focus= features
- management defines
- short term
Brand promise
- customer
- Focus= benefit/feeling
- customer creates
- long term
