11 IMPORTANT TRUTHS ABOUT HOW INNOVATION REALLY WORKS
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Mike’s talk is designed as a brief, straightforward rundown of all the key things everyone should have in mind when confronted with the need to create 10x products. His inspiring speech will cover the whole innovation spectrum while fueling the audience with distilled wisdom on its major pillars and barriers. Key takeaways The 3 stages and 4 P’s of innovation How to avoid creating products that no one wants The secret sauce to product design
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11 IMPORTANT TRUTHS ABOUT HOW INNOVATION REALLY WORKS
- 1. 11 IMPORTANT TRUTHS ABOUT HOW INNOVATION REALLY WORKS Mike Parsons Chief Innovation Officer QUALITANCE
- 2. 1997 Things I wish I had know in
- 3. INNOVATION IS IMPOSSIBLE. (ALMOST)
- 4. 75 PERCENT OF VENTURE-BACKED STARTUPS FAIL. Shikhar Ghosh, HBS 30,000 NEW PRODUCTS EVERY YEAR, 95% FAIL. Clayton Christensen, HBS
- 6. PEOPLE CULTURE, STRUCTURE, LEADERSHIP EG. ALL BLACKS, ZAPPOS, SOUTHWEST PROMOTION UBIQUITY AND STORYTELLING EG. NIKE, DOVE, HERSHEY'S PRODUCT DESIGN THINKING EG. AIRBNB, APPLE, DYSON PROFIT BUSINESS MODEL INNOVATION EG. GOOGLE, ROLLS ROYCE, XEROX
- 7. YOU CAN INNOVATE ON A SPECTRUM
- 8. SYSTEMEXPERIENCE PRODUCT Marketing: Nike Campaign Sales: Store of the future Service: Genius Bar Convenience: Soap Shopping: Furniture Speciality: Lamborghini Unsought: Funeral Direct: Telephone 2 Sided: Tinder or Etsy Data: Waze Tech: BitTorrent Social: Currency & Religion THE INNOVATION SPECTRUM
- 9. THE DESIGN SECRET THAT CAN MAKE YOUR PRODUCT SUCCESSFUL
- 10. DESIGN THINKING DESIRABILITY VALUE PROPOSITION FEASABILITY COSTS VERSUS REVENUES VIABILITY MINIMUM VIABLE PRODUCT
- 11. THE SECRET TO BUILDING AN AWESOME PRODUCT AND HOW TO START NOW
- 12. STEP 1 WEB-BASED SURVEY (QUANTITATIVE RESEARCH) WHAT ARE THEIR MOTIVATIONS? WHAT EMOTIONS SURROUND THE PROBLEM AND SOLUTION? WHAT ARE THE 'JOBS TO BE DONE'? STEP 2: CUSTOMER INTERVIEWS (QUALITATIVE RESEARCH) WHAT CAUSES FRUSTRATION? WHAT WOULD MAKE THEM HAPPY? WHAT WOULD RELIEVE THE PAINS AND CREATE THE GAINS?
- 13. THREE WAYS TO AVOID BUILDING CRAPPY PRODUCTS
- 14. STIMULUS USER JOURNEY TIMELINES POSTERS SCRIPTS DIAGNOSTIC SHADOW OBSERVATIONS ROLE PLAY CARD SORTING EXPERIENCE SINGLE FEATURES ONBOARDING PRODUCTS RAPID PROTOTYPING
- 15. THE PRODUCT DEVELOPMENT STRATEGY THAT WILL HELP YOU AVOID CATASTROPHE
- 16. STAGE EXPERTISE FOCUS AREA TOOLS USER TYPES MENTALITY 1 Problem Solution Fit User Experience User Pains and Gains Prototypes & Value Proposition Canvas Recruits Discovery 2. Product Market Fit Product Management Viability Minimum Viable Product and Lean Canvas Early Adopters Validation 3. Distribution Conversion Fit Marketing Traction and Profitability Paid, Earned, Own Media Mass Audience Growth
- 17. HOW TO OVERCOME THE BIGGEST CUSTOMER PROBLEM IN PRODUCT DESIGN
- 18. HOW MUCH IS THE MUG WORTH? $2.87 - BUYER DOESN'T OWN THE MUG $7.12 - SELLER WHO OWNS THE MUG THE ENDOWMENT EFFECT (LOSS AVERSION & STATUS QUO BIAS) THE SAME COFFEE MUG, SAME QUESTION, TWO DIFFERENT PEOPLE
- 19. AVOID CREATING A PRODUCT THAT NOBODY WANTS
- 20. THE POWER OF 10X PROBLEM MAKE IT BIG AND MEANINGFUL TECHNOLOGY EMERGING AND SCALABLE SOLUTION RADICAL AND ORGINAL
- 21. HOW TO FUEL TEAMWORK WHEN FACING THE IMPOSSIBLE
- 22. COMMUNICATE TRANSPARENCY, TRUST, CONFLICT RESOLUTION COLLABORATE TAKE RISKS, DREAM BIG COMIT ACCOUNTABLITY, RESULTS FOCUSSED 3C’S TO MAKE A DREAMTEAM
- 23. THANK YOU Mike Parsons Chief Innovation Officer QUALITANCE