Professional Documents
Culture Documents
Entrepreneurship
3
Technopreneurship
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What is invention?
• A new or improved product (material, component,
device, machine, system) or process (synthesis,
treatment, fabrication, method of manufacturing)
discovered as a result of study or
experimentation. Inventions that are novel
(unique), useful and non-obvious to someone
skilled in the art can be patented as compositions
of matter, process of making, or field of use.
• Invention is a completely new product or service,
a patent, or a breakthrough.
http://www.enchantedlearning.com/inventors/
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Sample Invention
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Intrepreneurs
Persons who
create something
new, but inside
an existing
company rather
than through a
new venture.
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Key Activities
1. Identifying an opportunity
2. Exploiting or developing this
opportunity
3. Running a new business
successfully
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What is business idea?
• Ideas – the indispensable start-up ingredient all
inventions and innovations need.
• Ideation – the process of forming and relating
ideas that invariably have a bearing on the
identification and resolution of a problem.
• Opportunities for making money.
Ideation is a process of:
- Deriving ideas through free-association and
analogies
- Challenging conventional ideas
- Combining simple elements into new ideas 16
Coming up with business ideas
Factors to consider…..
INTERNAL FACTORS EXTERNAL FACTORS
• Personal interest ♥ government support
• Knowledge/talent & assistance
• Training/work experience ♥ tax incentives
• Other considerations like ♥ financing
income, employment ♥ business growth rate
service, etc ♥ other factors
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Ideation Methods
FOUR main methods can assist in
ideation :-
1. Brainstorming (free-association)
2. Synetics (analogical association)
3. Challenging (fruitful association)
4. Morphological approach
(decomposition/composition)
(Source: http://www.problemistics.org/courseware/toolbook/ideation.html)
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Brainstorming
• Brainstorming is a way of generating ideas, in a group,
on a specific theme, by free-association.
Association can be triggered by:
- contiguity (e.g. next to, before and after, cause and
effect, etc.)
- similarity (e.g. same as, common to, etc.)
- contrast (e.g. unlike what, different from, opposite to,
etc.)
• Brainstorming is characterized by three main aspects:
1) elicitation/production of ideas by free-association
(free-wheeling)
2) circulation/acceptance of any idea by positive attitude
(free-playing, deferment of judgement)
3) selection/combination of ideas (parts, whole) for
refinement and with a view to further generation of ideas
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Synectics
• Synectics is based on the systematic use of analogies
for the generation of ideas.
Analogies can be:
- Personal (identify yourself with the elements of the
problem)
- Direct (apply solutions taken from other fields, e.g.
natural world)
- Symbolic (play with images, e.g. metaphors)
- Fantastic (express wishes, desires, fantasies in pursuit
of a solution)
• Synectics is characterized by two contrasting dynamics:
a) Making the strange familiar : compare/associate
strange phenomena to familiar ones
b) Making the familiar strange : see/approach common
phenomena under a new light and from an unusual
perspective 20
Challenging
• Challenging (Why? Why? Why?) is a way of pushing
towards a reformulation of an idea by subjecting it to
strong opposing views with the aim of either reinforcing
or replacing the original idea.
• Challenging can refer to:
- assumptions (counter-views)
- specifications (counter-requirements)
- solutions (counter-proposals)
• Remark
For challenging to be carried out effectively, an Idea Log
Book should be kept at hand for jotting down hunches,
hints, alternatives, unconventional thoughts, etc.
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Morphological Approach
• A Morphological Approach ('mince and mix') is a way of
generating ideas by decomposing a problem into
sub-problems and listing, in a matrix, all the factors pertaining
to it [mince].
Each possible combination (of factors in a sub-problem; of
sub- problems in a problem) represents the basis for the
generation of new ideas [mix].
• Stages
- Break the problem down into independent sub-problems
- Break the sub-problem down into factors
- Combine factors for possible solutions to each sub-problem
- Give a score to each sub-problem solution
- Construct general/total solutions from combinable
sub-solutions
- Give a score to each total solution
- Select the total solution with the highest score
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Choosing the Line of Business
Product Industries Process Industries
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Product Idea and
Building a Team
Randell Espina
The first step can be the hardest for most of us, especially that
new product does not come a natural way. At this early stage,
we should not let ourselves down with the limitations of time
or money – this will come later in the development stage.
Have fun exploring limitless possibilities and see where an
open mind can take you.
Product Idea
Finding the right product idea can be difficult and frustrating.
There are a number of ways to generate a product idea
ranging from:
Testing Research
5 4
Idea Development Process
1 Ideas generation
Finding the right product idea.
2 Screening ideas
Deciding which ideas to pursue and which to discard. Consider
which idea(s):
• Best meets the needs of customers
• Generates the highest profit
• Best fits with the goals of the business
• Is technically feasible
• level of competition in the market place
Idea Development Process
Many ideas
Market size
Differentiated Positioning
5 Testing an idea
We help solve the inefficient use of electricity by providing a device that can
efficiently manage the use of electricity to help home owners achieve a
reduction on cost of electricity by 10%. We’re interesting because we use
Internet of Things (IoT) and Machine Learning to connect and analyze
consumption of electricity.
Product Proposal
The Problem (Statement)
─ Fresh, organic produce is often quite costly. While users desire a healthier
lifestyle, going shopping and spending extra money to sustain a GMO free
diet is a challenge. There is a need for more affordable, more readily
accessible organic produce.
Value Proposition
─ Delivers a healthy, sustainable lifestyle for the busy, urban dweller
─ Exchanges the inconvenience of grocery shopping for a more onvenient
indoor vertical farming solution
─ Offers lower prices than grocery stores by removing the middleman and by
building farming directly into an apartment complex
─ Knowing what is placed into the produce through localized farming
Product Proposal
Sample Pitch
https://www.slideshare.net/InnovationAcademy/2014-the-art-of-team-formationken-singer
Business Function
• Business manager
• Designer (user/creative)
• Engineer
• Sales/Marketing
• Business planning/Data analyst
Roles to Play
• Idea guy
• Communicator
• The problem finder
• The problem solver
• Executor (ninja)
• Puppy shooter
• Balloon popper
Team Dynamic
• Accelerator
• Clutch
• Brake
Traits of a Successful Team
• Brutally honest
• Efficient communication
• Ability to listen to everyone
• Creativity in all parts of the business
• Risk taking – view failure as a step towards success
• Prioritization and rational decision making
• Execution and attention detail
• Team diversity – division of work / diversity of skill
Team Members Your Startup
Needs to Be Successful
1. The Dreamer
• Before anyone believes in your idea, you need to believe in it
first. Every successful startup needs someone that will
continue to believe in the idea regardless of how many
people say it will fail. Someone who can bring drive,
inspiration, and excitement in everyday at work.
2. The Visionary
• For your startup to succeed you need someone who can
pinpoint problems and articulate their solutions. Every
company encounters roadblocks, but to keep your dream
intact you need someone with a way with words, someone
who can ground your mission in a path to success.
https://www.inc.com/lolly-daskal/the-6-team-members-you-need-to-make-your-
brilliant-start-up-successful.html
Team Members Your Startup
Needs to Be Successful
3. The Doer
• Once your team has the passion, it has to be built. That is
where the doer comes into play. This is the person who can
make ideas real. They have the expertise and diligence to see
a project through from foundation to completion.
4. The Innovator
• A world-class talent transforms the team from an average
startup to one destined to turn heads and make an impact.
They have a keen intuition and the skill to match--a strong
talent can innovate and execute, with good tastes and a mind
for originality.
Team Members Your Startup
Needs to Be Successful
5. The Taskmaker
• Alongside the doer comes the taskmaster, who is an expert at
organizing and delegating, always willing and able to dispatch
tasks efficiently and effectively. They are able to build and
structure a culture of success, hard work, and progress that
every company needs.
6. The Connector
• All startups require the team to foster a network of crucial
contacts and connections, and to be able to build
relationships with customers, investors, and advisors. This
role used to be called a businessman, but for startups it is The
Connector.
Building a Team Begins with YOU!
Building a Team
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