Lessons from Entrepreneurs Rajiv Tandon, Ph.D...
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Improving the process of Innovation :
Lessons from Entrepreneurs
Rajiv Tandon, Ph.D.
[email protected](952)-212-2410
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Life Makes Sense Only in Hindsight: Connecting the Dots
Year Organization Enduring Impact
1966‐1969 Engineering, India Engineer:Make Something from Nothing
1971‐1986 Corporate, USA Business:Action: Start, Make, Build
1987‐2001 University Academia: Reflection: From Doing it to Preparing Entrepreneurs
1971‐1992Control Data Corp.University of Illinois Education Theory:
Androgogy
1995‐2001 LearningByteLearning Technology: Lower Cost,Higher Quality
2001‐2014 AdayanaDomain: Leading Edge Technology but in the BackgroundThought Leadership
2014‐ ParijaathFacilitator, Incubator, Accelerator:
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Why a session on Innovation today?Often wrong but seldom in doubt
• U.S. businesses are aging– Optimized for efficiency and quality and not for innovation– Innovation is treated as a secretive process: hence erratic
• Disruptive innovations come from entrepreneurs– Search for ideas from anywhere– Process is open, understood and replicated
• Entrepreneurs: Likely to be from emerging world– Start‐ups in US dropped from 15% in 1978 to 8% in 2011– Energy needs are soaring – New methods more immediate and intense
• Designed: Innovative Curricula – Plea: Couple it with innovative method(s) of delivery – For broad base of seekers
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InnovationNeed and Reality
• Buzzword • Lots of spending • Marginal yields, at best, under Hyperchange
– Comfort : go down rather than change– Problem itself changes: prior solutions worthless – Preferences of leaders: ascended by prior rules‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐Q 1: Any lessons from innovators (entrepreneurs)?Q 2: Consistent process for innovation effort?Q 3: Can these lessons be learned?
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Responses to Change
Ignore (Frog)Cope (Masses)Revert to status‐quo (Manager)Find new methods (Leader)Exploit disruption (Entrepreneur)
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• Seat of the Intellect
to
• Seat of the Pants
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Process of Success Creation
STEP PROBABILITY 1. Person with an idea 1 %2. Opportunity 5 %
Hurdle 1: Attract Talent3. Founding Team 10 %4. Venture Plans 15 %
Hurdle 2: Fatal Flaws?5. Funding 25 %
Hurdle 3: Initial Sales6. Beginning Sales 40 %7. Sales Growth 60 %
Hurdle 4: Transition8. Initial Success
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Theoretical Construct Entrepreneur: The Driver
I.OPPORTUNITY
III.PLANS& STRATEGY
IV.RESOURCES
II.INDIVIDUAL& TEAM
E
M
© Tandon, 1994
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The Qualitative Difference
• Traditional Management:– I’ll believe it when I see it.
• Entrepreneurial Management:– I’ll see it when I believe it.
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Insights on Success CreationLaunching a boat to cross the river
• Success : – Doing a little bit better in a number of things
• Failure :– Doing any one of a number of things poorly
• Process of Success Creation : – One by one reduction of areas of risk
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Entrepreneurs:Improving the Rate of Success
• Improved: 1. Ideation 2. Selection of Key Ideas3. Developing the Minimum Viable Product4. Market Test5. Pivot6. Grow
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Growth Model: Evolution/ Revolution
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Definitions
• Idea*– A thought; mental conception; mental image– A form, the look or appearance of things as opposed
to its reality – A plan; scheme; intention; aim
• Implement*– To carry into effect; to fulfill; accomplish
• Innovation* – Act of affecting change in the established order– Introduction of something newInnovation: An idea that is implemented
• Disposition– Inclination– Natural Fitness– Frame of mind
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Innovation Process
4. Improvement
Resource Acquisition
Crafting
Business Plan
Opportunity Enhancement
Visualization
2. “Key” Ideas
1. Ideation Tandon, 1994
Pre-Disposition
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1. Initiation
2. Transition Planning
3. Growth Planning4. Strategic Planning
5. Venturing 6. Turnaround Planning
BREAKPOINT
7. Portfolio Planning
Tandon, 1994
Same Approach of Innovation ProcessUnder Changing Contexts
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(Actionable) Innovation
Innovation = Idea x Implementation
• Not a “Eureka” (chance) thing• Proven process for all four links
1. Ideation: Quality and Quantity of Ideas2. Key Ideas: Selecting the right projects 3. Pilot: Disciplined introduction of new initiatives 4. Improvement: Assimilation/ Commercialization
• Variety of methods and tools for efficiency
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Improved Ideation:Key to Innovation
• Based on Whole Brain Model– Logical Methods– Intuitive Methods– Hybrid Methods
• Each one prefers a few methods• Add more tools to your tool box
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Logical Methods
• Left Brained, Analytical, Rational, Convergent
• Derivatives of the Scientific Method– Recognize a need– Define the problem– Develop a solution– Develop a method to test viability of solution
– Apply methodology– Compare results with expected results– Summarize findings
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Logical Approach to Problem Solving
Mission
Situation Analysis
Strategic Issues
Objectives/Goals
StrategiesProgram and Support Plan
Priorities
Implementation
Control
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Improvement
Business Plan
Visualization“Key” Ideas4-A Ideation
Resource Acquisition
Opportunity Enhancement
Crafting
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Intuitive Methods
• Right Brained, Integrating, Holistic, Divergent
• Derivatives of the Creative Process– Problem Description– Incubation– Illumination– Verification
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Hybrid Methods
• Hybrid, Accordion, Combination• Developing the other method (Logical, Intuitive) gives us more permutations/combinations
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Risk Alignment
Stretch Targeted Innovation Clarity of Reason for Innovation Pro-active Search
Low Hanging Fruit Condition Organization Good Ideas for existing SBU’s
Forget It High Risk Unless:
– Required Practice– Minimum Threshold
Minimum Attention Reacting to ThreatAvoid Unless:
– A Must Do– To Protect Base
<<< New MARKETS/PRACTICES Old >>><<
< N
ew
DIS
PO
SITI
ON
O
ld >
>>
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Ideation Recap:Two Step Process
1. Start with lots of ideas 2. Select “Key Ideas”
• Remove duplicates, Assign “Low hanging fruit”• Screen
• Is it an opportunity for i) us ii) today?• Product, Market• Cetris Paribus‐ all other things equal• Devil’s advocate: counter arguments• No “Fatal” flaws
• Propel or kill projects on risk alignment• Strategy• Pre‐disposition• Values• Energy
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Implementation
B. Opportunity Identification 3. Visualization4. Opportunity Enhancement5. Business Plan
C. Implementation6. Crafting 7. Resource Acquisition
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Leadership
Ideation Implementation
Innovation
Disposition
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Process of Commercialization
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ConclusionThe Original Question
• We have an Innovative Curricula – Can (Should) we couple it with innovative method(s) of delivery
• For broad base of seekers• To get the most societal impact ?
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Discussion