Chapter 9 Flashcards
Stakeholder dimension
Power dimension- people who can force you to do something or strongly persuade
Legitimacy dimension- Do they have the right to tell you what to do?
Urgency dimension- Can they force you to do something right now?
Forecasting methods
Customer or market surveys. Problem based Issue: customers are not good at thinking about radical innovation Ex. Henry Ford
Internal analysis/brainstorming- most is by far the most common step in public accounting. Solution based, generally where we start
Delphi or expert opinion- Very, very hard to get. Because an expert idea would want to implement it themselves.
Scenario development - hard to put together various scenarios of innovation
Barriers to innovation
Economic barriers- personal costs ad social benefits. At the end of the day partnership has to make money.
Behavioral barriers - We have always done this differently. Analytics is currently being pushed up to the partners.
Organizational goals - Power structure
Structural barriers - sunk costs associated with innovation. We have buildings, leases
Diffusion of innovation- how is it going to be spread?
Relative advantage of new way.
Compatibility with existing values, experiences, needs, and technology
Complexity in ease of understanding (absorptive capacity)- how easy it is to understand. RPA is easy to explain, artificial intelligence is not.
Trialability - experiment without buying.
Observability- can we see others using this successfully?
Parts of a business plan
Details of service offering What it looks like- do we need to build it? Assessment of market Identification of target customers Barriers to entry Experience of management team Pricing and delivery strategy Identification, planning, mitigation of risk
