Technology Entrepreneurship Course Blog

Technology Entrepreneur Course 4-8

Lecture 4:  Business Model Testing, OAP Projects

Evidence of research:

-setup a blog, domain name (Domize or Domainr), website (low fidelity level)

Business model canvas –

BusinessModelCanvas

 

 

 

 

 

Test customers.

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Opportunity Assessment Projects

Identify and define market by pitching your idea to your potential customers.

Use social media, email, coworkers, friends, roommates, etc to ask about your product/service.  Post a survey through these mediums or use online surveys that are available are Wufoo, SurveyMonkey and Zoomerang.

Lecture 5:  The Founding Team

How big of team do you need?

Who to choose for your team?

  • Someone with vision and passion
  • Someone you work well with
  • Has skills
  • Startup experience
  • Creative visionary plus operations and down to earth make a good team
  • An innovator and Tech combo works best

Where to find a co-founder?

  • Co-workers
  • Angel investors
  • Networks
  • Recently cashed out investors

Lecture 6:  Creativity and improvisation

Brainstorming and creativity’

  1. Creative visionaries/lead users/ talking to customers often are a fertile source of ideas.
  2. Certain ways of organizing can lead to increased group creativity (plus sales/profits)

Purpose of creativity in startups –

  • In how many areas do you want to be doing something new?

Successful entrepreneurship = invention + inspired execution

Into to “How to hack Brainstorming” from MIT data shows that the most successful ideas came from the following categories and percentages:

  •  3.41% in school discussion w/students
  • 41% in industry – co workers, etc.
  • 21.54% in social discussions
  • others

http://mitworld.mit.edu/video/262

Discussion on Lead users vs. non Lead users:  Lead users/product users = $146m; internal brainstorming = $18m.  Lead users have better sales, ideas novelty of ideas higher potential because they are using someone in the industry that has experience and connections.

Lecture 7:  Brainstorming

How to Hack Brainstorming:  Characteristics of good brainstorming.

Groups were tested to see who was the most creative in what situations:  Real groups = people gathered together to brainstorm ideas.  Nominal groups = groups that used electronics to come together as a discussion and were in separate places.

Here’s the chart:

  # of ideas# of good ideasAverage OriginalityAverage Feasibility
Real GroupPersonal3232.52.9
Collective2322.493
Nominal GroupPersonal84132.42.6
Collective655.62.42.7

Brainstorming:

  1. Capture ideas – write them down 1) Beware of the tyranny of the pen (everyone writes so no one takes charge singly. Alternatively, use audio recordings, videos, pictures, etc.
  2. Frame the problem – question contributed – not to broad not to narrow.
  3. Facilitator – separate idea creation from idea screening – possibly make it two meetings.

*Where do we need to be new?

*Where do we need to use what is already here?

Name your 15 Best and worst startup ideas:

Kayak transporter, automatic shades, product searcher, cargo cover, home decorator, calorie counter, garden planner, weather dresser, mole detector, plan for the weather, beach bag organizer, automatic hair trimmer, personal bug free space, talking plants, weather alarms, music in a pillow, hat and sunglasses combo.

 

Take an idea you think is the worst and advertise it as if it was the best idea ever!

My pitch:  Hat and Sunglass combo:  “Do you have when your glasses slide down your nose?  We have the solution for you! Play and work all day with the newest invention around!  Hat Sunglasses!”

Lecture 8:  Technology Lifestyle and Diffusion

How do technologies evolve over time? At what stage do you pursue business through a certain technology?

Product innovation starts high and ends low.  Process innovation starts lows and ends high.  Where they meet is where the dominant design emerges.

Cycles of  disruptive innovation – innovations start low in and move upward in an s curve but before one is complete another innovations starts low and meets where the last one was at a  plateau.

Everette Rogers 5 Factors in Adoption ( consider when adopting new inventions)

  1. Relative advantage
  2. Compatibility
  3. Complexity or simplicity
  4. Trial-ability – easy to try out
  5. Observability – by other to want to get it

Technologies developed in one industry might jump to another industry

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