Theme Title: “Over every mountain there is a path, although it may not be seen from the valley.”
– Theodore Roethke
INNOVATION DAY 2 AGENDA
An immersive 1-day dive into business concept development strategy.
Take one day to inspire students, channel that inspiration into relevant new business concepts, and learn new innovation tools along the way. The overall focus for the day will be put on practical activities depending on each team goal for the day.
Total time needed: 7 hours, including catering, breaks, and network moments.
Kick-off at 8:45 AM and closing at 15:45 PM.
BUSINESS CONCEPT DEVELOPMENT
We want the teams to exploit an idea for a business that includes basic information such as the service or product, the target demographic, and a unique selling proposition that gives a company an advantage over competitors.
A business concept may involve a new product or simply a novel approach to marketing or delivering an existing product.
We want you to:
- Settle on one business idea.
- Validate your idea.
- Find a large market.
- Make it a must-have, not a nice-to-have.
We expect you to tackle the challenges, find the means to make your idea work.
Make use of the New Product Development Process.
Evaluate Market potentials
Consider the following:
• Who is the target segment & what is size?
• Who are competitors?
• Which of our products might we cannibalize?
• Do we have channels already in place?
Concept Testing, Design & Development
Obtain feedback on plausible ideas
• Prepare marketing research
• Yield information to tweak idea
• Encourage pursuit of good idea
• Research may include focus groups, online surveys, etc.
• Use conjoint analysis to determine trade-offs
Learn how to prepare interviews through interactive tools.
Target your focus groups
• 2-3 groups (per segment) of 8-10 customers
• Usually last 1.5 – 2 hours
• Participants give feedback on product concepts (verbal descriptions & visual cues)
Utilize the results of the research to develop a prototype
• Usually only one prototype is developed at a time-not multiple
• If the prototype is not successful, another prototype is developed
Digitalize the outputs. If your idea links to an in-house innovation platform, innovative product then explore technology options at hand. Test your Minimum Viable Product (MVP) and use Lean methodology to construct your prototypes.
Build a business model. Learn how to build a business model for your startup.
Who’s responsible? Business ideas need ownership. Participants together with external stakeholders will get a better insight on how to protect their future product and services.
Make ideas contribute to value. Become part of the social entrepreneur mindset and realize you can be the next changemaker.
“Social entrepreneurs are the essential corrective force. They are system-changing entrepreneurs. And from deep within they, and therefore their work, are committed to the good of all.”
– Ashoka founder Bill Drayton