How to generate ideas?
Entrepreneurs, by definition, shift resources from areas of low productivity and yield to areas of higher productivity and yield.
The unexpected failure demands that you go out, look around, and listen. Failure should always be considered a symptom of an innovative opportunity and taken seriously as such. The reverse is also true, unexpected success also demands attention
Generic strategies:
Innovator
Modifier
Copycat
Personal innovation:
Accidents - unexpected traction - 3M
Build-product-for-yourself - solve your problem
Pictura API (Jobindex portal)
Crazy-enough-it-might-work: (Poul Graham)
Example twitch - justin.tv - life stream - pivoted -> platform for lifestreaming -> pivoted to twitch, platform for lifestreaming
Strategic innovation ideas (Porter Generic Strategies):
Low-cost:
Mailer lite vs Mail Chimp
Differentiation:
Mailer Lite traction from small community
Technological Innovation:
High-end - Creative Imitation (Peter Drucker):
Apple strategy - take what is working and make it right with the best tech
Tesla strategy (Toyota Prius 1997 - Tesla 2003)
Low-end - Entrepreneurial Judo (Peter Drucker) (Disruption Theory - Clay Christensen):
Panasonic - (Transistor radio)
Mini-mill (Clay Christensen - disruption theory)
Business model innovation:
Changing the economic characteristics of a product:
Revolut
Symantec (HBS Lecture and here)
Geographic innovation:
Copycat: Rocket Internet - Amazon vs Lazada (Web)
Market Research based innovation:
Market leader DIY
Pictura API (TV3, The Guardian)
Classical Market Research
Good for expansion of functioning business / hard to innovate (Coca-cola vs Pepsi)
Big data based research
Airbnb fund
Craig list + Airbnb
Change & Time based innovation:
Demographic change: growing pensioners. Millennials vs Generation z
Technological Adoption: iphone 4 picture (2010) = Instagram (Video)
Economic change: housing crisis (2008) = Airbnb (Video)
How to select ideas?
Check-list:
What’s the market? How big it is?
What is the target segment?
How many competitors there are?
How easy is it to start the business?
Upfront investment?
Do I have a skillset to realise the business or do I need a partner?
Is it a single time purchase or recuring?
How am I going to market it?
Is there a way to scale it?
Created by: Kristijonas Zibutis
CEO at Match My Thesis
https://www.matchmythesis.com/
3. 01 About me
Kristijonas Žibutis - Linkedin
Match My Thesis, Pictura API
50+ Countries
Copenhagen Business School, DK
Karate, Marathon, Ironman
Education
Business
Sports
Travel
4. 01 About me
Match My Thesis, Pictura API
50+ Countries
Copenhagen Business School , Danija
Karate, Marathon, Ironman
Education
Business
Sports
Travel
7. Peter F. Drucker, Entrepreneurship and Innovation
“Failure should always be considered
a symptom of an innovative
opportunity and taken seriously as
such.”
• Observe unexpected failure
• Observe unexpected success
Macy’s clothing + appliance
Dropbox
Vinted (Tomas Plantenga)
49. 28 - 50
Quality Conscience
Upper income (non price sensitive)
Educated
Female
Prefers to drive
Target segment
50.
51. What’s the traffic from each door?
Where does the competitor stand?
What kind of people come from each door?
Location
Traffic
Segment
Channel
52. How to select business idea check-list:
What’s the market?
How big it is?
What is the
target segment?
How many
competitors there
are?
How easy is it to
start the business?
Upfront
investment?
Do I have a skillset or
do I need a partner?
Is it a single time
purchase or recurring?
How am I going to
market it? Channel
Is there a way to
scale it?