The fuzzy front end of Innovation Transforming Ideas

The fuzzy front end of Innovation Transforming Ideas into Profits September 26 th, 2009 Nancy Mac. Creery Panelists: Mike Londo and Shimon Shmueli

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Why we are here Objective: Insights into innovation process Process: • overview • panel discussion • audience questions

Introductions Shimon Shmueli • Founder of Touch 360, a product design and innovation firm, • Worldwide marketing manager of Think. Pad consumer products. • Inventor of the USB Flash Drive. Visionary, founder and CTO of Key. Netica, which is now part of San Disk • Speaker / lecturer

Introductions Mike Londo • Holds six patents • Innovating for the last 25 years • Developed and commercialized new products ranging from carbonless copier paper to sound enabled school products • “idea guy” • Published / presented internationally

Introductions Nancy Mac. Creery • Marketing professional with innovative focus • Background in process and product innovations • Worked on product innovation teams, led brainstorming sessions, and formulated processes to create concepts, names and branding

Why innovation? Gain competitive advantage • First entry advantage • Satisfy customer needs • Provide a new/better solution • Enter new markets

Basic Questions • What is needed? (what do they need? ) • What can we do with this? (technology or new discovery) • Is this the most effective way? (process innovations) • Do we really need this? • Can we make it sustainable?

Types of innovation • Business Model – changes in the way you do business (Apple, Dell, IKEA, Intel) • Process – changes in the way you make, deliver or handle business processes (Wal-Mart, Toyota) • Product -- product or service change

What is the Fuzzy Front End? Innovation Starts Here

Process Diagram IDEA EXPAND IDEA EXPLORE POSSIBILITIES PICK BEST APPLICATION

Develop Value Proposition Basic Value proposition: What it does to whom; solving what problem?

Idea generation Starting with need or technology

Expand idea What does it do? What problem does it solve? What else can it do? Who else can use it? What do we do with this? Where can we use this? Where else can this be used?

Explore possibilities Who would use this? What are attractive applications? Is there a market or would we have to create one? Can we make it, can it be made?

Screen/pick best application Fit with Strategy/Mission Compellingness of need Margin/Profit potential Market size Potential Market growth Barriers to entry – competition, customer power Fit with capabilities/resources

“Killer Application” • Most viable application from criteria screening • May need to refine Value Proposition • Keep in mind: Can this be applied to other markets later?

Questions and Examples

Speaker contact info: Shimon - shimon@touch 360. com Mike - michael. londo@gmail. com Nancy - nancy. maccreery@yahoo. com