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MSU / Business / Bus 190 / How to innovate?

How to innovate?

How to innovate?

Description

School: Michigan State University
Department: Business
Course: The Art of Starting: Entrepreneurship
Professor: Professor szymusiak
Term: Summer 2015
Tags: business, Entrepreneurship class, Entrepreneurship, innovation, innovations, and futures
Cost: 25
Name: BUS 190 Week 4 Lecture 5
Description: These notes cover Innovation, how to innovate, trends, how to recognize trends, the future, and the future in-class assignment.
Uploaded: 09/20/2016
3 Pages 44 Views 3 Unlocks
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9/20/16 Week 4 Lecture  


How to innovate?



Tuesday,  September  20, 2016 2:40 PM

Yellow Is important  

Green is definitions  

Bold is also important

In-class activity  

I. Innovation & Trends 

In-Class exercise:  


What is innovation?



If you were going to start a business today what would it be? Why?

What is innovation?  

• "an improvement on existing technology"  

• "developing a brand new technology meeting an unknown need"  • Ambiguous definition - what it means to you

• The Year 2000 - The promise  

○ Promised so many cool things, but didn't get them  

▪ Example: flying cars  

○ What happened?  Don't forget about the age old question of What is the role of finance?

▪ Shift from material objects  

○ Incremental improvement  

▪ 1960 car < 2014 cars

How to Innovate? 

1. Look for convergence  

a. What's that?  


What is the innovator's dna?



• Convergence examples:

○ Google, Apple Watch, PayPal

2. Search for secrets 

3. Analyze the market  

a. Be honest with yourself 

• The problems with competition:  

○ It always exists 

○ You are often competing for a piece of a static market 

○ It is zero sum and can become consuming 

○ First mover advantage is BS.  

• Present yourself with new opportunities that you might not have as much  competition with.  Don't forget about the age old question of What is the meaning of trig integrals?

○ You are often competing for a piece of a static market 

○ It is zero sum and can become consuming 

○ First mover advantage is BS.  

• Present yourself with new opportunities that you might not have as much  competition with.  

○ Not something that there is 12 of.  

4. Surround yourself with really smart people 

○ Realists  

○ Interested in solving problems

○ Bring skills to the table that they don’t have Don't forget about the age old question of What is the quality of sound that distinguishes different voices and instruments from each other called?

○ Not nay-sayers  

The Innovator's DNA 

• HBR: Dyer, Gregerson and Christensen

○ The most innovative business minds utilize  five "discover skills"

○ 3,500 interviews with CEO and inventors  

▪ Only 15% own innovation  

▪ Of that 15% they spent 50% of their time on the topic.  

○ The 5 Skills are: 

1. Associating 

□ The ability to connect seemingly unrelated questions,  

problems, and ideas.  

2. Questioning  

□ Why? Why not? What if?

□ Devil's advocate. Ask for justification  

□ Embrace constraints.

3. Observing 

□ Look at the seemingly boring in new ways.

4. Experimenting Don't forget about the age old question of What is the right form of political organization?

□ Actively experimenting to gain insight.  

□ Embrace risk of failed experiments  

5. Networking  If you want to learn more check out How much is a mole?

□ Actively pursue the growth of their network to learn from  

others.  

□ Especially unrelated fields of interests

▪ You must actively practice these things!  

II. The Future  

Identifying Trends  

• "Give them what they need, not what they want"

○ Customer discovery is important but you have to think passed the  current marketplace.

• "A trend is a change in the general direction in which we live"  If you want to learn more check out What is the meaning of the auditory cortex?

Identifying Trends  

• "Give them what they need, not what they want"

○ Customer discovery is important but you have to think passed the  current marketplace.

• "A trend is a change in the general direction in which we live"  • Trendy things ride the wave of trends 

○ Come and go, disappear, come back (ex. Clothing)  

○ Examples: Selfie Stick -trend is social media, Uber, Airbnb, Zipcar,  Prosper -trend is car sales, chipotle, panera - healthy-ish fast food  

How far away is the "future" to you? (due Thursday)  1. Think of your business Idea  

2. Trends list

• 5 years from now, what are 3 trends you think will still be here? • 1.

• 2.

• 3.

• 10 years  

• 1.

• 2.

• 3.

• 20 years (etc.)

3. How would your future trends effect your business idea DUE THURSDAY

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