FACC 400 Lecture Notes - Lecture 3: Design Thinking, Minimum Viable Product, Swot Analysis
4 Jun 2018
School
Department
Course
Professor
Facc 400
February 26th 2018 – Lecture
Technological innovation
&
Entrepreneurship
Agenda
What is innovation?
What is entrepreneurship?
How do I know if my idea is a good one?
Customer development process
Lean startup process
Concepts: thinking process, customer development, customer
discovery.
Poll
How much do you consider you know about innovation?
Nothing at all 4%
Some vague concept 17%
Some basic understanding 45%
Good understanding 28%
find more resources at oneclass.com
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Innovation: a process through which economic and social value is
extracted from knowledge through the generation, development, and
implementation of ideas to produce new or improved strategies,
capabilities, products, services, or processes.
Innovation goes far beyond R&D because it involves users, suppliers and
consumers everywhere, business and non-profit organizations, across
borders, across sectors, and across institutions.
Examples: having a dentist, online shopping.
There are multiple types of innovation.
Technology could be used to solve a problem or problems could be
solved using technology.
If you have an existing product into an existing market, this is no
innovation. However, if you play around with these factors you could
have a new product into an existing market or an existing product into a
new market.
Innovation process funnel
Ideation → time, effort, iteration → value capture
Explore→ shape → plan → implement
Generation→ evaluation → development → implementation
Insight → problem → solution → business model
There are different components in order to innovate such as: creativity
and ideation, open innovation, design thinking, agile software, lean
startup, business model canvas.
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Innovation: a process through which economic and social value is extracted from knowledge through the generation, development, and implementation of ideas to produce new or improved strategies, capabilities, products, services, or processes. Innovation goes far beyond r&d because it involves users, suppliers and consumers everywhere, business and non-profit organizations, across borders, across sectors, and across institutions. Technology could be used to solve a problem or problems could be solved using technology. If you have an existing product into an existing market, this is no innovation. However, if you play around with these factors you could have a new product into an existing market or an existing product into a new market. Ideation time, effort, iteration value capture. Insight problem solution business model. There are different components in order to innovate such as: creativity and ideation, open innovation, design thinking, agile software, lean startup, business model canvas. Design thinking involves viability, desirability, feasibility and innovation.
