L12 The Innovators Method
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In today’s business environment, there is constant need to look for new opportunities. The risk of doing business as usual means failure. How can we take advantage of new emerging technologies? We get overload of new products and services, but it is not easy to see the real trends. In this lecture we look at how to spot trends and how to recognize shift in people’s behaviour. We also explore some tactics we can apply to find new business models and introduce the Innovator´s Method, a framework for starting a business in a lean way.
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L12 The Innovators Method
- 1. LECTURE L12 THE INNOVATOR’S METHOD
- 2. ...a kind of shadow future, hovering on the edges of the present state of things, a map of all the ways in which the present can reinvent itself Steven Johnson Adjacent Possible
- 3. Why is IBM still alive and thriving after so long, in an industry characterised perhaps more than any other by innovation and change? Economist: 1100100 and counting Case Study
- 4. Tabulating machines Electronic machines - Mainframes Distributed systems - Minis and PCs Services Economist: 1100100 and counting Platform Shifts
- 6. “IBM is not a technology company, but a company solving business problems using technology” – George Colony Economist: 1100100 and counting Platform Shifts
- 8. 1. Maintain connection to customers 2. Less hierarchical and more open 3. Business relevant research 4. Globally integrated 5. Financial planning – get out of commoditized business Economist: 1100100 and counting Platform Shifts
- 9. WHAT IS THE SECRET TO BE SUCCESSFUL ENTREPRENEUR?
- 10. "There is no real formula." - Peter Thiel Author: Zero to One
- 11. Innovation In the history of business, things happen only once
- 12. Against the Norm TRUTH IS SOMETHING EVERYBODY AGREE ON MAY NOT BE RIGHT
- 13. Economist: 1100100 and counting Against the Norm WHAT GREAT BUSINESS IS NOBODY STARTING?
- 14. Peter Thiel
- 16. Definition of Losers PEOPLE THAT ARE NOT GOOD ENOUGH OR PEOPLE JUST DOING THE WRONG THING?
- 17. "All happy companies are different because they found something unique to do, all unhappy companies are alike, because they failed to escape the sameness that is competition." - Peter Thiel
- 18. The Nature of Progress 0 to 1 1 to n Technology doing new things Vertical Globalisation copying existing things Horizontal Peter Thiel: Zero to One
- 19. The Nature of Progress
- 21. Targeting overshot customers or non-consumption “Good-enough” can be great Do what competitors won’t Looking for Opportunities
- 22. Targeting overshot customers or non-consumption Removes barriers that constrain the ability to consume Overshooting customers needs Hidden beauty in undesirable or invisible markets
- 23. Remove barriers that constrain the ability to consume Remove the skill required for photography Kodak’s Brownie Camera
- 24. Remove the skill required to operated a computer Apple’s iPad Remove barriers that constrain the ability to consume
- 25. Make computing affordable to more people The Personal Computer Remove barriers that constrain the ability to consume
- 26. Make access to telephony easier Mobile phones Remove barriers that constrain the ability to consume
- 27. Make access to niche movies Youtube Lego Star wars Remove barriers that constrain the ability to consume
- 28. Make buy/selling things fast saving time Ebay auction Remove barriers that constrain the ability to consume
- 29. 1. Creating a Computer Game for mobile What is the barrier for these: 4. Health Care 5. University level education 2. Making an Music Album 3. Publishing a Novel 6. Rent your house Remove barriers that constrain the ability to consume
- 30. Targeting overshot customers or non-consumption Make the complicated simple Don’t let the mainstream derail you Innovate, don’t force
- 31. Targeting overshot customers or non-consumption
- 32. Targeting overshot customers or non-consumption
- 33. Nintendo Wii Targeting overshot customers or non-consumption Gaming for the family
- 34. Portable music players disrupted by Apple, 2001 1000 songs in you pocket! Targeting overshot customers or non-consumption
- 35. Mobile phone, 2007 Apple reinvents the phone Targeting overshot customers or non-consumption
- 36. “Good-enough” can be great Sustainable innovations compete on getting better Disruptive innovations compete on doing it differently
- 37. “Good-enough” can be great Netflix Subscribe, no late fees
- 38. Do what competitors won’t Unattractive or uninteresting market Does not seek head-on collision with established competitors
- 39. Personal Computers Do what competitors won’t
- 40. CRM as a Service Do what competitors won’t
- 42. Case Study Intuit is a successful software company makers of TurboTax, Quicken and other financial software solutions However, by 2008 they reached a performance plateau and market value was falling Intuit was focusing on making things easier to use but did not do many customer reviews NPS was flat
- 43. The Innovation Crisis: Unprecedented Uncertainty
- 46. Net Promoter Score How likely are you, on a scale of 0 (not at all likely) to 10 (extremely likely), to recommend this product or service to a colleague or friend? A product’s NPS is the percentage of promoters (those who score themselves 9 or 10) minus the percentage of detractors (scores 0–6). Net promoter score = % promoters minus % detractors
- 47. Design for Delight Most successful companies didn’t just offer products that were easier to use; they offered products that delighted customers. • Gain deep customer empathy Understand customers better than they understand themselves • Go broad to go narrow Generate lots of solutions before winnowing the list • Experiment rapidly with customers Seek feedback early and often
- 48. Innovator’s Method Four steps to solve high uncertainty problems and turn insight into a successful innovation
- 49. Innovator’s Method Step 1. Insight: savor surprises Step 2. Problem: discover the job-to-be-done Step 3. Solution: prototype the minimum awesome product Step 4. Business model: validate the go-to-market strategy
- 50. Leverage the behaviors, questioning, observing, networking, and experimenting — to search broadly for insights about problems worth solving. Step 1. Insight: savor surprises What problem is nobody solving? Innovator’s Method
- 51. Rather than starting with solutions, start by exploring the customers’ need or problem— the functional, social, and emotional job-to-be- done— to be sure you’re going after a problem worth solving. Step 2. Problem: discover the job-to-be-done What is the customer really buying? Innovator’s Method
- 52. People don’t want to buy a quarter-inch drill. They want a quarter-inch hole. Job to be Done
- 54. Instead of developing full-scale products, leverage theoretical and virtual prototypes of multiple solution dimensions. Then iterate on each solution to develop a minimum viable prototype and eventually a minimum awesome product. Innovator’s Method Step 3. Solution: prototype the minimum awesome product
- 55. Once you’ve nailed the solution, you’re ready to validate the other components of the business model, including the pricing strategy, the customer acquisition strategy, and the cost structure strategy. Innovator’s Method Step 4. Business model: validate the go-to-market strategy.
- 56. NEXT L13 The Rise of the Machine