Assessment

Slide 1

Managing innovation for success

Converting invention into innovation

Project Managing Innovation: What really motivates people?

One of the most influential thinkers in management in the worlds, America Author, Dan Pinkstalk at the RSA:

http://www.youtube.com/watch?v=u6XAPnuFjJc

Managing innovation for successConverting invention into innovation

First Step:Managed your team to be in a motivated state of being to be creative and innovateRemember the key motivators: Autonomy, Mastery, Purpose

Result: You have a great idea

Second Leap:Is the concept novel? Is there existing IP? is it patentable? Does it infringe another patent?Source and Manage the right expertise to develop the idea from concept to prototype, test prototype

Result: You have a great resolved (Engineering) invention and proof of concept

Third Jump:Construct a suitable business model, marketing strategy and business plan, Source and Manage funding,Legal advice, Patent Attorneys, Manufacturing Partner/s and Publicity Network.

Result: You have a successful innovative Product on the market

Managing innovation for successConverting invention into innovation

Third Jump:

Construct a suitable business model

Marketing strategy

Business plan

Source and Manage funding

Legal advice, Patent Attorneys

Manufacturing Partner/s

Publicity Network

Construct a suitable Business Plan, business model and marketing strategy

1. Construct your Elevator Pitch: Summarize your ideas. Outline the story of your business:Can you sum it up in 3 minutess? 1 minute? 30 seconds? One Sentence?

2. Do your research: Who and what is your competition? What are their strengths and weaknesses? What are your products / companies strengths and weaknesses? Is your innovation patentable?

3. Identify your key Audience for your business plan: Are you trying to recruit a business partner? Attractingnew customers? or applying for a loan? Regardless the audience, ensure you have included detailed costand ROI (Return on Investment) projections that are measurable and realistic.

4. Include your Executive summary Kept to 1 page of A4, usually first page of business plan.

The Mission Statement - short paragraph Company Information - a short statement that covers when your business was formed, the names of the founders and their roles, your number of employees, and your business location(s). Growth Highlights - previous growth and projected expected growth.Your Products/Services -Briefly describe the products or services you provide. Financial Information- If you are seeking financing, include information about your bank and investors. Summarize future plans- Explain where you would like to take your business. If a start up demonstrate you Have done thorough market research showing, Include info on a need or gap in you target market.

5. Acquire a Business Plan Template: Every industry has a set procedure, a there is usually a standard written Structure.

6. Consult Experts: Get feedback on Business Plan, i.e from British Library business and IP department, Business Link or Enterprise agency, rewrite address any concerns raised.

Government policies to encourage innovation

Technology Strategy Board (TSB) : http://www.innovateuk.org/

Government policies to encourage innovation

Technology Strategy Board (TSB)

Government policies to encourage innovation

Technology Strategy Board (TSB)

Smart Funding: R&D Funding for small to medium Enterprises SMEs, Start-ups welcome : 3 types of Grant

Proof of Market : Market research and testing, intellectual property position, initial planning costs

Proof of Concept : Initial feasibility studies, basic prototyping, testing, intellectual property protection

Development of Prototype: Small demonstrators, IP protection, testing, including market testing

Government policies to encourage innovation

Technology Strategy Board (TSB)

Knowledge Transfer Partnerships: (Not suitable for a start-up in my case)

A relationship formed between a company and an academic institution ('Knowledge Base' partner), which facilitates the transfer of knowledge, technology and skills to which the company partner currently has no access. Each partnership employs one or more recently qualified people (known as an Associate) to work in a company on a project of strategic importance to the business, whilst also being supervised by the Knowledge Base Partner.

Government policies to encourage innovation

Technology Strategy Board (TSB)

Competitions (Start-ups cannot be lead Partners)

Government policies to encourage innovation

Technology Strategy Board (TSB)

Connect Network (Useful for start-ups to find partners)

Funding : Personal Finance

Personal Savings

Re-mortgage Property

Personal Loan

Crowd-funding savings investment from personal friends and family

Bootstrapping - In some simple businesses, you can bootstrap the business. That means that, with a very small investment, you get the business going and then use the profits from each sale to grow the business. This approach works well in the service industry where start-up expenses are sometimes low and you don't need employees initially.

Funding : GrantsGovernment Grants:Technology Strategy Board (TSB)SMART R&D grantsMAS Manufacturing Advisory Service - http://www.mymas.org/R&D Tax Breaks

Green Technology Grants :Ashden AwardsBig Lottery FundWREN Waste Recycling Environment NetworkVeolia Environment Trust

Green Crowdsourcing:http://www.crowdsourcing.org/http://inhabitat.com/tag/crowdsourcing/

Social Enterprise Grants : Set a Community Interest Company (CIC) : access to more grants UntldLloyds School for Social EntrepreneursInnovation networkFunding : Venture Capitalists / Angel Investors

Can obtain larger sums of money and expertise from a venture capitalist or find a partner with funds Investment is exchanged for shares in the company or intellectual property

i.e

British Venture Capitalist Association

Dragons Den

Angels Den

Funding : Crowdsourcing and Crowdfunding

Crowdsourcing: is the practice of obtaining needed services, ideas, or content by soliciting contributions from a large group of people, and especially from an online community, rather than from traditional employees or suppliers. This process can occur both online and offline.

The general concept is to combine the efforts of crowds of volunteers or part-time workers, where each one could contribute a small portion, which adds into a relatively large or significant result

Crowdsourcing is different from an ordinary outsourcing since it is a task or problem that is outsourced to an undefined public rather than to a specific, named group.

The Wisdom of of the Crowds A book by James Surowiecki published in 2004

Crowd Funding:

Kickstarter - http://www.kickstarter.com/ Wefund - http://wefund.com/

Crowdfunder - http://www.crowdfunder.co.uk/ Indiegogo - http://www.indiegogo.com

Crowdcube http://www.crowdcube.com

World Wide Web Sir Tim Bernes Lee : British Computer scientist who invented the World Wide Web in 1989

Influences:His parents worked on the first commercially-built computer the Ferranti Mark 1

Philosophy:Berners-Lee made his idea available freely, with no patent and no royalties due. The World Wide Web Consortium decided that its standards should be based on royalty-free technology, so that they could easily be adopted by anyone

Quotes:In November 2009, Berners-Lee launched the World Wide Web Foundation in order to "Advance the Web to empower humanity by launching transformative programs that build local capacity to leverage the Web as a medium for positive change.

The Cloud

The Cloud

World Wide Web TED TALK:

Tim Bernes Lee, the British computer scientist who invented the World Wide Web in 1989 speaks on the next web of open, linked data

Open Source and Innovation Sharing/ Connection

Crowdsourcing: is the practice of obtaining needed services, ideas, or content by soliciting contributions from a large group of people, and especially from an online community, rather than from traditional employees or suppliers. This process can occur both online and offline.

The general concept is to combine the efforts of crowds of volunteers or part-time workers, where each one could contribute a small portion, which adds into a relatively large or significant result

Crowdsourcing is different from an ordinary outsourcing since it is a task or problem that is outsourced to an undefined public rather than to a specific, named group.

The Wisdom of of the Crowds A book by James Surowiecki published in 2004

Crowd Funding:

Kickstarter - http://www.kickstarter.com/

Crowdfunder - http://www.crowdfunder.co.uk/

Wefund - http://wefund.com/

Crowdcube http://www.crowdcube.com

Indiegogo - http://www.indiegogo.com

Crowd Manufacturing

V.O Vehicles Ltd - (Lecturers company)

Crowdsourcing: Changing attitudes to the environment in design

Co-creation : Sharing Resources : Wisdom of Crowds : Changing the design process

Crowdsourcing: The general concept is to combine the efforts of crowds of volunteers or part-time workers, where each one could contribute a small portion, which adds into a relatively large or significant result.The Wisdom of of the Crowds A book by James Surowiecki published in 2004

http://www.crowdsourcing.org/

http://inhabitat.com/tag/crowdsourcing/

Crowdfunding: Changing attitudes to the way we fund projects

Co-creation : Sharing Resources : Wisdom of Crowds: Changing funding structures

Crowd Funding: Kickstarter.com: Crowdfunder.com: wefund.com, Crowdcube.com

Crowdmanufacturing: Changing attitudes to the way we manufacture

Co-creation : Sharing Resources : Changing Means of Production

Home 3D Printing, 3D Scanning, Downloadable products and assembly instructionsAsda - http://www.dailymail.co.uk/sciencetech/article-2450908/Asdas-3D-printing-service-UK-first.htmlEtsy - http://www.etsy.com/uk/search/handmade/jewelry?q=3D+printed&ship_to=GB

CrowdResource: Movement from ownership to shared ownership

Sharing Resources: Changing Behavior

Shared Services / Products

Product Design and Engineering PDE 4230 Engineering Innovation Week: 26 07.04. 2014 Present: Propose a business strategy in the form of a business plan for the commercial exploitation of your Innovation: 2500 word essay with 5 min elevator pitch presentation - 50%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Assessment Criteria

Research: How well have you researched the competition? Existing IP? Is your idea patentable? Whats your competitions strengths/ weaknesses? What are yours? What is your target market / size of market? What is the need or gap in this market? Cultural Context? (30%)

Business Plan: Executive Summary: 1 page Quality, Professionalism and Investability of: Mission Statement, Company information, Summarized market research, Identified opportunity (gap in market and its size and value) Projected growth, financial figures, costs and ROI (Return on Investment) Summarized future plans. Market Strategy, Promotion (30%)

Business Plan: How well have you researched and gathered your resources available? Proposed timescale and tasks? Where will you source funding? Investors? Grants? Innovative Business Structures? Where will you source expertise? : Designers, Engineers, Programmers, Film team, Legal Advice, Patent Attorney, Manufacturing Partner/s, Publicity and Marketing (20%)

5 Min Elevator Pitch: How well have you communicated your business plan ideas in a clear, concise and compelling way? Would we invest in your innovation? (10%)

Overall: Clear and Compelling Communication: Written, Visual and Verbal, Spelling, Grammar, References, Innovation, creativity (10%)