Unit Five- (MGT 6103)

Managing Innovation MBA 6103Unit 5Decision-making and Incremental Innovation

Making the Case for Innovation• Secure Support

• Manage Financial Resources

• Project Planning

• Project Implementation

• Project Monitoring

• Financial Projections

• Business Plan

Stages of Funding• Seed/Startup

• Development and Initial Launch

• Expansion and Growth Stage

• Mature Stage

• Exit Stage

Do’s of Securing Support• Focus• Know your audience

• Tailor your pitch• Get a referral/references• Strengthen your advisory board• Solid legal counsel• Know your secret – inside and out• Solid business plan• Be specific about funding needs

Dont’s of Securing Support• Unrealistic financial projections

• Revenue• Expenses• Market

• Be general about targets – sales, markets, etc• Focus on IP/proprietary tech at cost of consumer usage• Ask for NDAs• Ignore the immediate• Avoid discussing competition

The Business Plan - Elements• Title Page• Executive Summary• The Business Model and Financial Goals• Market Analysis• Solutions: Technology, Product, Services• Sales Plan: Customer Targets, Distribution, Branding, Pricing• Operations, Production, and Supply• Organizational Plan• Funding Milestones• Projections

The Business Model and Financial Goals• Revenue Model

• R&D Strategy

• Production/Manufacturing Strategy

• Distribution Strategy

• Financial Goals

Market Analysis• The Addressable Market• Industry, Target Segment, Size, and Growth

• The Customer Profile and Need

• Competitive Assessment

Solutions; Technology, Products, Services• Product Strategy

• Product/Service Design

• Proprietary Technology/Intellectual Property

• Underlying Platforms• Development Plan and Milestones• Development Costs

Sales Plan: Customer Targets, Distribution, Branding, and Pricing• Customer Targets• B2B/B2C

• Trade/Channel Strategy

• Pricing Strategy

• Merchandizing/Promotional Strategy (Product)

Operations, Production, and Supply• Managing Suppliers

• Managing Production

• Managing Logistics/Fulfillment

• Managing Customer Service

Organizational Plan• The Management Team/Structure• Staffing Plan• Board of Advisors/ Directors

• Don’t forget funding milestones• Don’t forget financial projections