Knowledge Check #2

Green Hat

(Creativity)Thinks creatively; introduces change and provokes other members when needed; new ideas are the purview of Green hat

Red Hat

(emotions)Raw emotion to mix and offers sensibilities without having to justify them

Yellow Hat

(encouragement) Brings logical positive of optimism to the group; encourages solving small and large problems

Blue Hat

(enforcement)Maintains broader structure of the discussion and may set the terms by which progress will be judged makes sure the other hats play by the rules or stay in respective lanes

Black Hat

(logic)Employs logic and caution: warns participants about institutional limitations; also known as devils advocate

Humancentric design thinking exercise

1. Accessing and expressing empathy 2. Defining the problem 3. Ideating solutions (brainstorming) 4. Prototyping 5. testing

Elon Musk Decision Making

1. Ask a question 2. Gather evidence 3. Develop axioms 4. Draw a conclusion 5. Test conclusion 6.vaidate conclusion then youre probably right but youre not certainly right

How to create a perceptual map

1. Define goal 2. Establish attributes an hypotheses 3. Conduct market research 4. Quantify and map results

Developing an Invention

1. Educate yourself 2. stay organized 3. conduct market research 4. conduct patent research 5. develop a prototype

Scientific Method

1. Observation 2. Ask a question 3. Form a hypothesis 4. Make a prediction 5. Do experiment 6. Analyze the results

5 Stages of Creativity

1. Preparation 2. Incubation 3. Insight 4. Evaluation 5. Elaboration Preparation

Top 10 Retail Trends

1. Virtual shopping Experiences 2. Sustainable practices 3. AI in Personalization 4. Omnichannel evolution Integration of online and offline channels platforms 5. Contactless Payment biometric 6. Social Commerce Expansion Influencer marketing 7. DTC shift to physical stores online only to brick and mortar 8. Focus on security and privacy 9. Deals and promotions reinvention Loyalty programs based on analytics 10. Logistics upgrades for efficiencies Drones

Two Dimensional Perceptual Map

2 different dimensions of a product or brand on two axes, identify gaps and comparison points with other brands

Joint Perceptual Map

2D axes based maps that layer on market segments. Work best whe marketers clearly understand how different products or brands serve different customer segments. Good for marketers have precise data to back up hypotheses

Intuitive Perceptual Map

2D perceptual map informed by maps creators knowledge of industry and customer base.

NC Idea Impact

580+ companies, 670 Million funding raised, 35 companies raised 5 M, 28 companies exited, 4300+ jobs created

Creativity

Ability to develop something original particularly an idea or representation of an idea. Innovation is the application of creativity aesthetic flair

Sitting Pretty by Rebekah Taussig

Ableism is discrimination in favor of able bodied people. Disability is always only a deficit, workd would be better place if we could figure out how to eliminate it entirely.

Black Box

Activities are performed in a mysterious and ambiguous manner, with a serendipitous set of actions connecting that result in a spurpsingly beneficial manner.

Elaboration

Actual production MVP prototype beta testing small test market for feedback

Statement Starters method

How might we___? What if we ___? Opens up new possibilities when you seem to have reached limits of creativity discussion of stakeholders and how they get involved in finding solutions offering support or purchasing

Empathy

Human ability to feel what other humans are feeling which in the context of creativity, innovation and invention is essential to beginning process of human centric design. Relates us to people allowing us to see problem through eyes and feelings of other person

Feasibility

Identifying a sizable target market interested in the product or service that has sufficient profitability for the venture's financial success

Insight

Illumination aha moment, solution suddenly becomes available. All at once or in increments. Preparation practice incubation lead to genius.

Incremental Innovation

Innovation that modifies an existing product or service

Adopts innovations in society

Innovators willing to take risk on new product consumers try it first early adopters consumers who will adopt new inventions with little or no info majority adopters will adopt products after being accepted by the majority Laggards not willing to readily adopt change and hardest to convince to try new invention

Preparation

Investigating a chosen field of interest, opening your mind and becoming immersed in materials mindset and meaning Base knowledge and experience to create new thoughts. Repetitive practice, establishing benchmarks

Develop a Prototype

Lean startup model where MVP is prototype

The Unexpected

Looking for new opportunities in the market; unexpected product performance; unexpected new products as examples

NC Idea Seed

Looking to grow and scale offers early stage companies critical funding they need to scale faster

Spidergram Perceptual Map

Many dimensions doesn't imply tradeoffs. If option is nutritious it can't be highly convenient, Spidergram same option can be both

Design Thinking

Method to focus the design and development decisions of a product on the needs of the customer, involving an empathy driven process to define complex problems and create solutions that address those problems.

CDC 6 types of disabilities

Mobility, cognition, hearing, vision, independent living, self care

Changes in industry/market

New regulations new technologies

New Knowledge

New technologies; advancements in thinking; new research

Invention

Novel product service or process. Based on previous ideas and products but it is such a leap that it is not considered an addition to or variant of an existing product but something unique.

Gig Economy

Open or fluid market system with temporary positions made up of independent short-term workers.

Stay Organized

Organize creativity so you don't spend time trying to remember previous ideas plans and decisions.

Perceptual Mapping

Organizing comparing and contrasting our product to others, what attributes important to customers, how do customers perceive our product

How to use Perceptual Mapping

Organizing comparing contrasting public perceptions about product identify market gaps, track changes in consumer perceptions understand how your product is evolving in the market, aid development of marketing campaigns to tailor product to different consumers needs and preferences.

Entrepreneurial Opportunity

Point at which identifiable consumer demand meets feasibility of satisfying the requested product or service.

NC Idea Mindset

Power of entrepreneurial mindset, deployment of ice house entrepreneurship program

Multidimensional

Preset dimensions instead of two. As a result no axes but scattered set of dimensions where brands are placed.

Pain Point

Problem people have with a product or service that might be addressed by creating a modified version that solves the problem more efficiently

Opportunity Screening

Process by which entrepreneurs evaluate innovative product ideas strategies marketing trends

Due Dilligence

Process of taking reasonable steps to verify that your decisions are based on well researched and accurate info, thoroughly researching potential pursuits, asking detailed questions, verifying info

Disruptive Innovation

Process that significantly affects the market by making a product or service more affordable and or accessible, so that it will be available to a much larger audience.

Evaluation

Purposeful examination of ideas, compare insights with products and ideas you encountered during preparation, compare ideas and product prototypes, critique from others, interviewing customers does idea align with customers perspective?

Ideation

Purposeful process of opening up your mind to new trains of thought tha branch out in all directions from a stated purpose or problem.

Conduct Patent Research

Read up on policies and procedures must be novel useful and non obvious and it must be proven to be workable, subjective standards.

White Hat

Research) acts as information gatherer by conducting research and bringing quantitative analysis to discussion, sticks to facts

Open Innovation

Searching for and finding solutions outside of the organizational structure. Use of purposive inflows and outflows of knowledge to accelerate internal innovation and expand the markets for external use of innovation. Look beyond own research and development capabilities to solve problems. Allowing others to solve your problems

Complete

Services wrapped around a product

Conduct Market Research

Several ways to gather data you need to make perceptual map. Consumer surveys, focus groups, post purchase surveys, customer feedback.

Demographics

Statistical factors of a population such as race gender age

NC Idea Mission

Strengthen economy of NC through strategic combination of grants and programs deployed directly through a network of partners

Whats your problem?

Tatango group texting platform for sororities. 5 Step Solution: 1. Identify Problem 2. Zero in 3. Do the research 4. Then do it 5. Be ready to sacrifice

Demographics

Understanding needs and wants of target markets

Druckers 7 Sources of Innovation

Unexpected, incongruity, process need, changes in industry/market, demographics, changes in perceptions, new knowledge

Current Reason for Good Conditions with Startups

Venture capital investment surged to highest ever 148 bill in 2018 Concern over patent protection is improving, better trade protection of intellectua property rights AI tremendous opportunity Explosive growth in freelancing Tech driven advancements like self driving vehicles Intellectual property accounts for 38.2 percent of GDP

Linear Thinking

Vertical thinking involves a logical step by step process. Turning idea into a business.

Process Need

Weaknesses in the organization product or service

Educate Yourself

Weather the competition, learn as much as you can about the current investing climate, curren product development opportunities, and current leadership approaches learning own strengths and weaknesses

Idea to Opportunity

When significant market demand, significant margins and resources and significant market structure and size meet

NC Idea Micro

You launched startup, small project based grants to young companieslooking to validate and advance idea

NC Idea Engage

Your activities engage communities Supports individuals and organizations by helping them offer programs organize events and facilitate activity that brings like minded folks together to celebrate and promote entrepreneurship

NC Idea Ecosystem

Your work supports entrepreneurs funds organizations across state that execute creative programs to support entrepreneurs and strengthen North Carolina as a national exemplar for entrepreneurship

Patent

any person who 'invents or discovers any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof, may obtain a patent

Brainstorming solutions

brainstorming creatively

NC Idea Vision

empower North Carolinians to achieve entrepreneurial potential

Elegant

having intuitive design that immediately makes sense

Iterative Development Process

inventors and innovators continuously engage with potential customers to develop products and their consumer bases at the same time.

Pioneering Innovation

is one based on a new technology, a new advancement in the field, and/or an advancement in a related field that leads to the development of a new product. New market space, major risk

Common reason for business failure

low sales lack of experience, insufficient capital poor location poor inventory management , over investment in fixed assets , poor credit arrangement management personal use of business funds unexpected growth competition

Criteria for entrepreneurial opportunity

significant market demand, market structure and size, margins and resources to support the venture's success

Indulgent

Having depth of quality and richness of experience

Defining the Problem

Honest rational and emotional observation

Six Hats Method

Each person thinks in one respective way get past surface level solutions

Empathetic Design Cycle

Empathize -> define -> Ideate -> Prototype -> Test

Empathetic Design Cycle

Empathize, define, ideate prototype test

Creative Destruction

Entrepreneurship can destroy established companies reshape industries and disrupt employment. Displacement of taxis due to Uber

Emotive

Evoking an intended emotion and demand to be admired

Lateral Thinking

Free and open thinking in which established patterns of logical thought are purposefully ignored or even challenged. You can ignore logic anything becomes possible. Creativity to solve problems that arise

Primary Research

Gathers data that does not exist yet. Time and money survey secret shoppers focus groups

Brainstorming

Generation of ideas in an environment free of judgment or dissension with the goal of creating solutions

Incubation

Giving yourself and subconscious mind time to incorporate what you learned and practiced in preparation stage. Absence of practice, taking a walk, storing thoughts with other memories

Deep

Anticipates users needs before they have them, easily accessible and usable creating a platform for innovation

Innovation

Any new idea, process, or product or a change to an existing product or process that adds value to that existing product or service

Establish attributes hypotheses

Attributes include price convenience flavor and more. Depends on type of perceptual map. Create a hypotheses based on these attributes "my product is most expensive on market"

Define your Goal

Better understand target customer, developing new marketing strategy, refine messaging, improve existing product, identify a market for a new product

Changes in perceptions

Changes in perceptions of life events and values

Quantify and Map Results

Compile results and use them to make map, they are visual tool so goal isn't to be mathematically precise accurate enough to provide understanding.

Shared Economy

Considers times when an asset is not in use, provides opening for someone else to use the asset like Air BNB

Future of Enterprise

Continuous Improvement prevention problem solving

Secondary Research

Data already available throug published source articles reports reliablesources research industry products customers.

DICEE

Deep Indulegent Complete Elegant Emotive

Conduct Market Research

Deep research on competition, current and future competitors so you are prepared to compete, look for competitors team mates

Schumpeter Method for finding new business opportunities

Develop a new market for existing product Find a new supply of resources that would enable the entrepreneur to produce the product for less money Use existing technology to produce an old product in new way Use an existing technology to produce a new product Use new technology to produce new product

The incongruity

Discrepancies between what you think should be and what reality is