Strategy
Is Strategy an important part of Innovation? And if so then state why?
Strategy and innovation should be intimately entwined – both are ways a company thinks about and creates its future. Unfortunately, they are often disconnected and poorly integrated.
Example: In May of 2002 SpaceX was formed with the goal of reducing space transportation costs. Elon Musk said at the time “We want to open up space for humanity, and in order to do that, space must be affordable”. Eighteen (18) years later, a SpaceX rocket successfully carried two astronauts to the International Space Station.
What is the major objective of innovation?
The main objective of innovation is to create value and make everyday living better.
What are the types of Business Models?
Brokerage Model
Advertising model
Affiliate Model
Subscription Model
Community Model
Merchant Model
Infomediary Model
What is idea validation?
Idea validation is the process of gathering evidence around ideas through
experimentation to make fast, informed, and de-risked decisions. It’s a process
that starts from an idea and typically ends with a paying customer. The purpose of idea validation is to expose the idea to the practicality of the
real world before you build and release the final product or offering.
What is an innovation culture?
Is an organizational culture that values and supports innovation, so that people can make innovation happen. A strong innovation culture is an engine that drives the organization to constantly get better, move forward and innovate.
What is the Innovation matrix?
An innovation matrix is a strategic tool that can help business leaders identify and prioritize opportunities for innovation in their organizations. It provides a framework for analyzing and evaluating potential opportunities, which can help them focus on the most promising approach for growth.
Companies also use it to develop a shared understanding of the direction and goals of a business and the strategies they plan to employ to achieve them.
Innovation can be used to address pressing social issues. Give examples of current social issues today
Homelessness, Social Injustice, Racial Inequality, Poverty, etc.
How to Validate Business model?
Make your business model accessible and collaborative.
Build out other strategic models.
Turn your model into achievable goals and initiatives.
Plan how and when you will deliver your business idea.
Get feedback from customers and stakeholders.
Refine and repeat.
Why do you think the ideas should be validated?
New ideas have unpredictable elements and if some of them go wrong, it can destroy your plans at once. Validation reduces the risk, speeds up the delivery of a value-creating service in the market, and minimizes the costs. An idea should be validated before investing a significant amount of time and resources in developing it to avoid building and launching a product or concept no one wants or isn’t willing to pay for.
Examples of companies with innovative cultures and why?
Tesla, google, etc
What is an Innovation Blueprint?
This Blueprint is a structured overview of key elements of any innovation activity. It identifies clear roles and allows your activities to be compared in a given time frame.
https://www.youtube.com/watch?v=BvpX-piP7Ko
Time: 00:00 to 00:53
Mention some examples of the social impacts of innovation
Overuse of water, Climate change and global warming, Income inequalities
What are the business model tools?
Business practitioners can use "business tools" as conceptual frameworks to assist in resolving specific (and constrained) business issues in the actual world. The finest tools are conceptually solid, straightforward, useful, visually appealing, have excellent user interfaces (UI), and offer amazing user experiences (UX). These qualities strengthen their suitability for the actual world and boost their adoption by business professionals.
What are the factors that contribute to the success of your idea?
1. Adopter Categories and Social Systems
2. Compatibility
3. Relative Advantage
4. Complexity
5. Observability
How is culture learned?
Through orientation and observation
What is the 3 Horizon's Model?
McKinsey’s 3 horizons model helps you discuss growth strategy in relation to the core business over the months and years ahead.
Horizon one represents those core businesses most readily identified with the company name and those that provide the greatest profits and cash flow. Here the focus is on improving performance to maximize the remaining value.
Horizon two encompasses emerging opportunities, including rising entrepreneurial ventures likely to generate substantial profits in the future but that could require considerable investment.
Horizon three contains ideas for profitable growth down the road—for instance, small ventures such as research projects, pilot programs, or minority stakes in new businesses.
Social Impact takes place in 4 principal categories. What are they?
Community levels, Equality (Gender, race, ethnicity, sexual orientation), Empowerment (collaborative partnerships, mental and physical health access), and the environment (clean energy, responsible consumption of scarce resources such as water).
How do you know if your business model will be successful?
A effective company strategy simply needs to bring in more revenue from sales than it costs to produce the good. This is your profit, plain and simple. Any of the three elements can be improved and refined through new business models. Perhaps you can cut expenses throughout manufacture and design. Alternately, you might discover more successful sales and marketing strategies. Or perhaps you can come up with a novel technique for customers to pay. But keep in mind that having a successful strategy doesn't need developing a novel business model. Instead, you may offer an existing company concept to various clients. For instance, restaurants primarily follow a typical business model but concentrate their strategy by aiming at various kinds of customer.
How to validate an idea?
The best way to do so depends on the nature of that particular idea. If there isn't much uncertainty, validation might not be necessary.
However, when it comes to new business ideas, products and concepts with more risk, idea validation is highly recommended.
Validation is ultimately about testing assumptions. It’s important to test the riskiest assumption first and not to waste your time on something that doesn’t have potential. You can use the Play-to-Win strategy framework as a reference when conducting tests and making choices.
How do we nurture and develop a culture in an organization?
1) Leader values
2) organizational language
3) Organizational actions
What is an Innovation mission map?
This map is the launching pad of all great innovation strategies. If you are trying to zoom out and see the big picture before zooming in and getting down to business, this tool will help you!
It identifies threats and pitfalls and makes sure you stay aligned with the overall corporate strategy. See which opportunities you can seize before you hone in on what you’re undertaking, and, more importantly, why.
This is a tool that you will use on Day 1 of our new innovation strategy sprint. It is where you will define the overarching objective and then divide it into three main parts. But to do this, you first need to look at all the factors affecting your innovation decisions, both internal and external.
How do we address social impacts arising from innovation?
First, focus and intentionality on a specific aspect of the observed impact are required. Next, establish clearly defined progress measurement metrics. Implement agreed social impact-reducing mechanisms (E.g., strong adherence to the SDGs).
What is the importance of a business model?
The company's consumer base can be targeted with the aid of the business model. It aids in developing marketing plans and budget projections while taking into account the various business models and target markets. Reviewing the business model will help investors understand the competitive advantage of the company. Investors benefit from a clearer understanding of the business model and financial facts.
What are the steps to validate an idea?
1. Define Goals
2. Develop a Hypothesis
3. Experiment
4. Validate
What is corporate culture?
ANS: Culture is a way of thinking. It is a common way of looking at a certain situation or a shared belief. Everyone in this classroom come from several ethnic groups. [to the class/or a single individual: where are you from? Can you share one distinct belief that people of your culture believe in?
When there is culture, there is shared thinking and behaviour associated with that group. Organizations are mini societies. It is a sum of all the practices, habits, values and people that the organization has. There’s no culture without its people right?
[draw on the board: Place > thinking > Behaviour
What an organization does is its culture. Their culture is that think they do in support of what they say {say = policies). Culture makes people feel connected to the organization and when people are connected, they would want to work for you regardless of pay. Whether it’s Microsoft, Amazon, Japan, Nigerian, Russian, tesla, or Indian, culture shares the character of the organization/people.
Aristotle once said: we are what we repeatedly do. You need to create a shared reality