Startup and Innovation Management

Using and Implementing the Business Plan (cont.)  Updating the Plan  Entrepreneurs must be sensitive to changes in the company, industry, and market.  Determine what revisions are needed if changes are likely to affect the business plan.  This helps entrepreneurs to:  Maintain reasonable targets and goals.  Keep the new venture on a course to high probability of success. 7-301

Why Some Business Plans Fail  Goals are unreasonable.  Objectives are not measurable.  Entrepreneur has not made a total commitment to the business or to the family.  Lack of experience in the planned business.  No sense of potential threats or weaknesses to the business.  No customer need was established for the proposed product or service. 7-302

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“EYES OF IDEA” IDEA GENERATION P. BABA GNANAKUMAR

















IDEA “

TOOLS AND TECHNIQUES FOR GENERATING IDEAS Idea Challenge SCAMPER Opposite Brainstorm Analogy Technique Thinking Cards Thinking

IDEA  Idea challenge is a focused form of innovation where CHALLENGE you raise a problem or opportunity with the hopes of coming up with creative solutions.The point of idea challenge is to participate in ideation and generate ideas around a pre-defined theme for a limited period of time.It allows you to form a specific question and direct that question at a specific audience to receive new ideas and unique insights





PHOTO CHALLENGE  For Content writier  Ad Agency





 The initiative requests customers to pay ₹550 AN ALUMNI OF (inclusive of the shipping charges within India) BITS PILANI, SHE and get 2.5 metres or its multiples of ikat fabric. RESIGNED FROM “Among the handspun fabric from across India, HER JOB WITH ikat has been Anjali’s online boutique’s niche WIPRO IN product.Although I stock ikat from Orissa as BENGALURU well, this challenge is to help weavers in Andhra,” she says.Within a week of the announcement, there has been an overwhelming response.

 Once she came back with the salwar sets she IDEA purchased, she opened a Facebook page to sell CHALLENGE them. Impresa (means ‘signature’ or ‘emblem’) took off from there.As it grew, it was selected as one among the best ten global social start-ups by the MNC, Capgemini, in its Innovators Race and was the only start-up from India founded by a woman to be part of the event.



SCAMPER  1. Substitute – Substitution technique refers to replacing a part of your TECHNIQUE product, concept or process with another to achieve even better outcome.  2. Combine – The combine technique explores the possibility to combine two ideas into a single, more effective solution.  3.Adapt – Adaptation analyses the possibilities to make the process more flexible and focuses on other similar incremental improvements to the idea, process, or concept.  4. Modify – Modifying the idea looks at the problem or opportunity from a bigger perspective and aims for improving the overall results, not just the idea.  5. Put to another use – This approach focuses on finding ways to use the idea or existing solution for another purpose and analyses the possible benefits if applied to other parts of the business.  6. Eliminate – The elimination technique is quite straightforward: it examines the possible outcomes if one or more parts of the concept were eliminated.  7. Reverse – This action focuses on reversing the order of interchangeable elements of an idea.



SUBSTITUTE

ENTREPRENEURS PROVIDE SUSTAINABLE ALTERNATIVES TO PLASTIC

COMBINE

ADAPT  Airbrushing is a popular artform that can translate to a lot of different mediums.You can use your airbrushing talents to customize t-shirts and accessories and sell them online or in local markets.

MODIFY  Fragrant candles- (Creative business idea)  Let you creativity and sense of fragrances run wild. Making candles is fairly easy. Fragrant oils are readily available.With some training and experience, you can make fragrant candles of all shapes, sizes and colors.  Nowadays, such candles are becoming increasingly popular for meditation and relaxation purposes.

PUT TO ANOTHER USE  To help curb the issue faced by the common man, Sandhya Nambiar founded IsthriPetti in 2017 to take care of clothes, which are ironed and washed with the utmost care and with special instructions from customers as per their requirement.  Read more at: https://yourstory.com/2019/1 1/laundry-ironing-startup- isthripetti-oyo-ford

ELIMINATE  Story writer – Writer - Ghostwriter  Write a biography or story from a person’s narration  Get paid project-wise  As a ghostwriter, projects can fetch you anything from Rs 50k to Rs 2 lakh per project.

REVERSE  Image: Gireesh GV For Forbes India  Raman says 25-30 percent of all Indian mobile users are caller tune subscribers and bring in more revenues than even person-to-person SMS  The operators pay OnMobile a monthly subscription fee that is relative to the actual value of VAS services bought by their users. On an average, OnMobile gets around 25 percent of the value of any VAS service for carrying it around.And because its services are “white label”, or without a brand, mobile operators are free to stick their own brands before offering them to subscribers. So, mobile operators don’t see OnMobile as a future competitor.

IDEA GENERATION II

OPPOSITE  Opposite/reverse thinking is a technique that can help THINKING you question long-held assumptions related to your business. It’s a useful tool to consider if you feel your team is stuck with the conventional mindset and coming up with those “out-of-the-box ideas” seems to be difficult.

YOGESH BHATIA, FOUNDER & CEO, DETELPRO,



BRAINSTORM  Brainstorm cards are a useful tool created by the CARDS Board of Innovation for coming up with dozens of new ideas related to whatever challenge or problem you are currently working with. Brainstorm cards help you consider external factors such as: societal trends, new technologies, and regulation in the context of your business.



ANALOGY THINKING  Analogy thinking is a technique for using information from one source to solve a problem in another context. Often one solution to a problem or opportunity can be used to solve another problem. 

ANALOGY THINKING  There are three plans under which the customers are given the option of choosing between basic, easy and intermediate. The basic plan of Rs350/month provides 125 litres whereas in the easy plan the company provides 300 litres for Rs500/month. The saver pack gives 600 litres for Rs700/month. Payment could be done through the Drink Prime mobile app. Technology is used to prevent any inconvenience to the user.  DrinkPrime combines the convenience of a water purifier and the economics of bottled water into one product. The team has excelled in providing a cost-effective and user- friendly purifier along with the convenience of water supply to the people's home. With over 10K customers spread throughout the city, DrinkPrime has set a new standard for water purity in Bangalore.















IDEA  As idea management is such a vast topic and larger companies are MANAGEMENT always going to have thousands of ideas, using a dedicated idea TOOL management tool often makes sense for most companies.An idea management tool serves as the backbone of your idea management process. It's where you’ll collect the ideas, discuss them, evaluate and prioritize them, and keep track of their progress, as well as the strategic direction of your ideation activities.