New ideas based on high-technology research have a high failure rate because they hit the ground running with lopsided priorities and misalignments. Students complete this course with an Innovation Creed (“Why are you doing this?”) and a customized Idea Filter (“Are you working on the right priorities?”)—2 simple tools that steer concept-stage commercialization to success.
Dimensions around Innovation: Setting, Scope, Change
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Do curso por University of Rochester
Comercialização de Tecnologia, Parte 1: Formação de Ideia Sistema de Filtragem
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University of Rochester
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Week 1 - Case for Action
Welcome to the technology commercialization revolution! And Foundational starting point: Your Innovation Creed
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Mark WilsonLecturer in Entrepreneurship
Simon Business School
So, we heard from those interviews that overall takeaway is,
it's helpful to have some kind of system.
So let's go in the classroom and dig into the first lecture on innovation creed.
Alright, so let's dig into the first tool of this course, the innovation creed.
Now at the high level what we're really trying to do is
build in some dimensions around innovation.
Innovation means lots of different things to different people.
Success is measured in a lot of different ways.
There are different settings in which people are inventing and innovating and
bringing things to the market place.
So, we're going to go through some questions, basically that help you
put dimensions around the innovation that you are interested in.
If you are inside a corporation, you might think the overall question is,
why are you innovating?
Why are you innovating?
If you're an entrepreneur, and
you're thinking of starting up a company based on technology.
The question might be, what type of an entrepreneur are you?
Or what do you hope to see yourself 10 or 20 years from the future,
looking back to say, what did you bring to the market?
If you are interested in investing.
In startup companies or new technologies as an angel investor or
a venture capital group, or if you're inside a university research area and
you're trying to license your technologies out.
You might say, well why are you interested in that?
How are you being measured on success for your innovation?
So that's a very simple question.
And to help you have not a very simple glib answer, I want to get rich quick.
Or I want to help the world or I want to help my hometown.
These are some, these next slides are an assignment for you to be thinking through
and at the end of this class I'll remind you of your assignment.
But as I'm talking about these dimensions,
think about which ones you might be checking off.
And, in general, you need to pick one and only one on each of these slides.
Now in reality they might mesh together quite a bit.
Don't worry about that.
But, be thinking of what resonates with you.
So, for example, your innovation setting.
Right off the bat, should be fairly easy to answer.
In what setting are you?
Are you part of a corporation right now?
Do you consider yourself a corporate intra-preneur?
Maybe you're in business development,
new product development, vice president of research and development,
an engineer that wants to do some cool stuff in skunk works, right?
Are you inside a huge conglomerate?
Are you in a large focused corporation or maybe a focused
division within some kind of huge conglomerate, or are you a small business?
You're established, you been going for a while, but
you want to innovate some new areas.
Next, let's jump down the bottom.
Maybe you are a garage entrepreneur.
You doing a classic startup company.
It's just you part time, or a few of you part time, or
a couple of employees and you're just getting started.
You're doing this from scratch inside a garage.
You're going to build a whole new company or
somehow bring a whole new product to market.
Maybe some of you are somewhere in between or
you're interested in innovation that's somewhere in between.
You're thinking of some kind of key joint partnership formalized or informal.
Some kind of corporation working with some entrepreneurs.
To work together, to bring some new technology forward.
The next dimension,
let's look at the breadth of the scope around which you're thinking.
Which of these would you check, that says yeah, that's what I want to do?
So at the high end, you might be thinking of an entirely new business or
you might think of it as a business development, new business development.
So this is an entirely new business unit.
In general what that means is you want to have the potential to offer
lots of product variations in the future.
You're thinking of launching a whole new product family,
all new regions, new variations of products.
You're not just thinking of one trick pony.
And in general you're hoping that this is going to become very huge.
It's one reason with large corporations why some
really great ideas don't move forward.
They might be fantastic for a garage entrepreneur but
they're simply just not big enough at a large corporation.
They're not going to move the needle of new innovation,
if they launch $20 million in sales.
It might be way too small to even worry about.
So they're looking for large business development ideas.
And you need to think if that is you.
As one of the examples here listed on the screens,
imagine you're trying to build an entire audio company okay?
So you're going to build a whole new division in your company or
as a garage entrepreneur you want to build an entire audio company.
So you're into audio.
So, maybe you have a website, you have applications for music management.
Maybe you have a portal for local bands.
In addition you've got this very interesting proprietary noise canceling
and compression algorithms that are patented and trademarked.
You've got some high end hardware players.
You've got some high end headphones and
you're just going into this whole audio business unit.
You can't even stop thinking of all the possibilities.
So how you can spin off new products and new applications, new services.
All right, let's go down a little bit from that.
Maybe that's too big for some of you.
You're thinking, no, no, no,
we're just thinking of a, new product development, is what it might be called.
So you're thinking of one stand alone product.
Or something that you're going to sell, you're thinking of the product itself.
You're not really going all over the board,
you're not see that that's going to expand.
You're going to be happy with just one product.
Generally thought of as new product development.
If we use that same example,
you're just maybe going to look at high-end noise-cancelling headphones.
And there's certainly been some recent successes of this where,
people have launched some nice headphones.
And they've gone into marketplace for a high price tag and
other companies acquire them, right?
So, maybe you're going to be a headphone manufacturer and
you're just going to come out with this really brilliant new headphone that's
going to make it's way into the marketplace.
Let's go down even a little bit from that.
You might do a piece of a product, like a product improvement and
that's the type of innovation that's okay for you.
With our example here, you said earlier you had some access to some
proprietary noise canceling file compression algorithms.
So, maybe you're just going to use that algorithm
to compress audio files in a better way, and
you're going to license that to a bunch of people to put into their products.
So that you've got great sound quality, for less memory size.
And those are components, or enhancements, or software,
or little pieces of hardware that you're going to put into other people's products.
You're not even going to do a new product development.
You're just selling someone a product enhancement.
Next, dimension, very important, very important.
There is a big difference, in general,
between radical innovation and incremental innovation.
So on that continuum, where do you think you fall?
So radical innovation tends to be this concept of huge breakthroughs, right?
We're going to invent entire new categories, either technically or
from a market perspective.
Stuff people just don't even understand today, right?
So these kinds of breakthroughs are very high risk, and
they also have huge upside potential, right?
There's just huge potential for sales and profit.
And you're launching gigantic upsides in your own personal growth of net worth,
or in a corporate setting these are going to be comes billion dollar type
sales divisions.
One thing that is very important to point out there is that
these are brilliant ideas and in the newspaper headlines,
that we all read about, we say, yeah, I want that.
That's the kind of innovation that we want and senior management wants that or
the garage entrepreneurs to want that everyone wants that.
What's very important to do is to think in your heart a little about that.
And realize that in almost every single case,
or every single case, the road is littered with all kinds of failures.
All kinds of bankruptcies,
all kinds of corporate projects that are total failures.
And in hindsight people said why on earth did we think we were going to do that?
That's a ridiculous idea.
So for every one success,
there's certainly 9 or maybe 99 failures that are going on.
And one thing that might help you on this dimension is,
this is the go big or go home.
You don't mind risk.
We're going to be huge, or we're being nothing.
And that's completely fine.
But it will set up your innovation system to throw away a lot of small ideas.
And it'll also set you up overall, for failure statistically.
You have a much higher chance of failure, but if you do succeed you're looking for
those ideas that can be very brilliant and very novel to the world.
At the other extreme is incremental innovation.
Now when people really search their hearts, as senior managers or
garage entrepreneurs.
Most of them are working on incremental to a large extent.
Especially more in the corporate environment.
They don't want the home runs or the grand slams.
They're very happy with few base hits.
Some nice little incremental innovation that's going to bring some new sales,
open up a new region, open up a new market niche.
And they're not really willing to take a lot of risk, a lot of time and
a lot of money that may fail.
So keep that in mind because it's a very good orienting dimension.
It's interesting which one you are interested in.
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