ECON 125 Midterm

Performing

"With group norms and roles established, group members focus on achieving common goals, often reaching an unexpectedly high level of success." By this time, they are motivated and knowledgeable. Dissent is expected and allowed as long as it is channeled through means acceptable to the team. It feels easy to be part of the team at this stage, and people who join or leave won't disrupt performance

Psychological safety

'a sense of confidence that the team will not embarrass, reject or punish someone for speaking up,'' Edmondson wrote in a study published in 1999. ''It describes a team climate characterized by interpersonal trust and mutual respect in which people are comfortable being themselves.'' Amy Edmonson Creativity is embraced and people won't be judgemental Chilean mining crisis was successful because: Humble in the face of the challenge ahead Curious about what others bring Willing to take risks to learn quickly Situational humility combined with curiosity led to psychological safety The basic human challenge - it's hard to learn if you already know

In the GE Pediatric MRI example that was reviewed in the virtual session, which of the following did the team realize as they were prototyping and testing their ideas?

-they needed to better prepare kids before they came into the MRI room -feeling scared of doctors and nurses was one of the challenges of the pediatric MRI scanning experience

which of the following were cited aspects of ways to conduct an empathy interview?

-you can interact with and interview users through both scheduled meetings and "intercept" encounters -seek to experience what users experience -view users and their behaviors in the context of their lives

Parts of an empathy map

1: user - who are the people or segment/group of people you are designing for? 2: see - what does the environment look like around them? What do they see others saying or doing? What are they watching or reading? 3: Think and feel - what emotions do you sense or are they articulating? What do you think they are thinking about? What are their motivations, goals, needs, desires? What does this tell you about their beliefs? 4: hear - what are they hearing from people around them that they interact with? What are they hearing second hand? 5: say and do - what are they actually saying and doing? What are actual statements that have been made or actions that you have observed? 6: pain - what are they running from? What do they want to avoid? What are their fears, frustrations or anxieties? 7: gain - what are they running to? What do they want to get? What are their wants, needs, hopes and dreams?

Yvonne Bulimo, founder of Zoezi sports

Founder at Zoeszi Sport, Yvonne Bulimo, is proudly Kenyan born and American raised. She fell in love with science from an early age, with big dreams of running her own public health organization in Sub Saharan Africa. After graduating from Howard University with her Bachelor's degree in Health Science, she moved back home to reconnect with her roots. She began hosting a popular Kenyan TV show and it was there when her fitness and entrepreneurship journey began. Yvonne started her first business, a production company with the mission to create compelling and entertainment Digital content. Her first project "The Brunch Series" is still getting views on YouTube. A jane of all trades, she also sold custom made wedding dresses to keep both businesses going. After embarking on her fitness journey, she noticed she couldn't find brands that connected with her in Kenya, "I didn't see myself reflected in them. So, I started a new journey, to create what I wanted to see. It is my vision that ZOEZI inspires you to feel good, and by looking good while working out, you'll be more motivated to stay fit". Read more about her journey on Black Enterprise.

Design challenge statement

Get clear about the design challenge you are seeking to solve for _____ is a challenge for ______ because ______. Define the type of person you are designing for - your user. Select the most essential needs, which are the most important to fulfill. Work to express the insights developed through the synthesis of your gathered information. [User . . . (descriptive)] needs [Need . . . (verb)] because [Insight . . . (compelling)].

Steve Jobs speech

He never graduated from college Connecting the dots - dropped out of Reed college, he was adopted unexpectedly, mother had never graduated from college and father didn't from high school, his parents guaranteed his biological mom that he'd go to college, He dropped out, Took calligraphy class that interested him, Did not have hope of practical application in his life, mac was first computer with beautiful typefaces, You cannot connect the dots looking forward Love and loss- Found what he loved to do early in life, started apple in his garage at 20, Released the macintosh at 30 then he got fired, visions diverged between him and someone else and the board of directors sided with the other guy, He was a public failure but he still loved what he did so he started over, Lightness of being a beginner made him creative and he started Pixar and Next and then Apple bought next Death- When he was 17 he read the quote, Remembering he'll be dead soon is the best way to avoid the trap of thinking you have something to lose, death gives you the courage to follow your heart and intuition

Design thinking principles

Herman Simon created this 1969 Mindset more than a process, mix of technical and creative/emotional 1. Focused on human values- putting the customer at the center of your thinking: who they are? What their needs are? What their wants are?, focus on empathy 2. Showing not telling- quickly translating your ideas into things that you can take out and show someone and experiment with to then bring back and iterate on, repeatedly and quickly create prototypes 3. Bias towards action- build innovate and learn by doing, talk to people, use sticky notes to ideate, need to collaborate with each other, talking and interacting with potential customers and each others 4. Learning mindset- embracing learning or a beginner's way of thinking, not trying to sell the idea you are trying to learn and iterate, being ok with failure

Design thinking vs lean start up

In design thinking, the approach is to first establish the need for a product or service; understanding a customer's underlying problem, rather than presenting them with a solution built from the developer's vision-based assumptions. Design thinking emphasises user desirability and identifies potential blind spots within the founder's understanding, or assumptions the founder is making. The lean startup approach is to begin with a minimum viable product, and make small, fast incremental changes to evolve the design after receiving feedback from the users. Both are rooted in understanding the underlying need. They're both human-centred, respond to feedback and take the product through multiple iterations and testing cycles. do they want to build the product, test and pivot; or do they want to let the problem take the lead before the product exists?

Primary research

Information gathered directly from respondents/customers -interviews, questionnaires, mystery shopping, focus groups, product tests, diaries

Bill Ferro, President, Founder and CEO of Betr Health

Over forty diseases are now linked to poor gut health. Thousands of individuals from all walks and seasons of life have been able to restore their microbiome, uncover trigger foods and free themselves from dieting, frustration, disease and medications. As the founder my mission is to empower people from all walks and seasons of life to live happier and healthier. As the CEO of the highest rated digital health care company I carry my day to day responsibilities with vigor and respect. As a leader I want to our team to be beaming proud of the work they are doing and the place they are doing it. It's a once in a lifetime opportunity to change the way chronic disease is treated and I feel fortunate to be right at the heart of the paradigm shift.

Why prototype?

Prototyping quickly, and frequently, is the best way to test your assumptions, learn about users, and improve on your ideas Prototypes can be anything from sketches on a napkin to role-playing: just anything that lets you make your ideas tangible and testable Reasons to prototype: -empathy gaining -exploration -testing -inspiration -learn -solve disagreement -start a conversation -fail quickly and cheaply -manage the solution-building process

Purpose of prototyping

To prove or disprove your fundamental assumptions in the quickest, least expensive way possible. -anything that a user can interact with - be it a wall of post-it notes, a gadget you put together, a role-playing activity, or even a storyboard (scenario maps) -- something user can experience even with alk through scenarios -- to find emotions and responses Why -To ideate and problem-solve. Build to think. -To communicate. If a picture is worth a thousand words, a prototype is worth a thousand pictures. -To start a conversation. Your interactions with users are often richer when centered around a conversation piece. A prototype is an opportunity to have another, directed conversation with a user. -To fail quickly and cheaply. Committing as few resources as possible to each idea means less time and money invested up front. -To test possibilities. Staying low-res allows you to pursue many different ideas without committing to a direction too early on.

Design thinking explained

etting aside your own preconceptions is vital, Creative brainstorming is necessary for developing possible solutions, but many people don't do it particularly well, The first step in design thinking is to understand the problem you are trying to solve before searching for solutions (ex. Of food service for elderly in Denmark), immerse yourself in the problem, Hold nothing back during brainstorming sessions — except criticism, We explore potential solutions through modeling and prototyping. We design, we build, we test, and repeat, Your team will spend most of its time, its money, and its energy on implementation which involves detailed design, training, tooling, and ramping up. It is a huge amount of effort, so get it right before you expend that effort,", think big

Scholars can predict who will become an entrepreneur

need for achievement believes in themself risk seeking however, they cannot predict who will succeed -81% of entrepreneurs believe chances of success are greater than 70% -while 75% of new businesses do not survive more than five years

Based on the reading, which of the following is a good practice for developing how might we questions?

seek to balance being narrow enough to give some focus to brainstorming, but broad enough to allow for exploring wild ideas

according to the article, "Design Thinking: A 5 stage process", which of the following describes the stage empathize?

setting aside personal assumptions in order to gain insight into users and their needs

According to the article, "Tell it like it is: radical candor is the feedback method your startup needs", it is important that feedback is

specific and actionable

in the pediatric MRI example, what did Doug and his team not consider as fully as they should have in their initial design?

the perspective of the user

Definition

the study of entrepreneurship seeks to understand how opportunities are discovered or created by a person or team who then assemble various resources in order to exploit the opportunities and create wealth

Shibumi Shade

Beach shade designed and sewn in NC in Asheboro and Asheville Works with the wind instead of against it Colors royal blue and teal complement the colors of the ocean and the sky Weighs 3.75 pounds Brothers Dane and Scott Barnes and best friend Alex grew up visiting Emerald Isle Named it Shibumi after an apartment complex they all lived in in Chapel Hill. It is also a Japanese word that means the elegance of simplicity

Receiving feedback

Take a Breath Be an active listener Ask questions for clarity Show Appreciation

you should conduct empathy interviews before deciding on your team's opportunity area

false

which of the following is not an inside source of opportunity?

new knowledge what is an inside source of opportunity? -the unexpected -process needs -industry market structure

According to researchers from Project Aristotle, teams were found to be less successful if they allowed members to speak equally rather than have experts dominate topics in their areas

false

Red light can help boost energy, mood and fitness, as well as the appearance of the skin, and sleep quality

true

When your team runs into a disagreement about which sport to play, a possible solution is to sign the team up for a mixed sports league where a different sport gets played each week

true

prototype testing should not just focus on the average user

true

Technique for empathy interviewing in design thinking

-By entering and understanding another person's thoughts, feelings, and motivations, we can understand the choices that person makes, we can understand their behavioral traits, and we are able to identify their needs -Being on the receiving end of empathy interviews is to feel heard -Importance of empathy interviews: --An empathy interview is about active listening and active hearing --Empathy interviews allow users to speak about what is important to them. --They focus on the emotional and subconscious aspects of the user. --They allow interviewers to gain insights on how users behave in given environments and situations. --They can reveal solutions you might not have discovered otherwise, or unmet needs and challenges you might be overlooking. --Empathy interviews are about getting deeper and going beyond your run of the mill questions. --They're about making the subject feel at ease so he or she can shed the mask and speak from the heart. --They offer interviewers a chance to observe body language and reactions of the subjects. This allows for spontaneous questions based on observations. -Interview subjects -Focus on averages, middles, and extremes -Averages and middles fall within the mainstream -They are more predictable in their choices and tastes -Extremes fall outside of the mainstream -They have an outlook that does not fit comfortably within the predictable spectrum of needs most are accustomed to -Important because they give us uncommon insights that allow us freedom to deviate from the common wisdom and push beyond obvious solutions -Questions to ask yourself before selecting interview subjects --How many people do I need to interview? --Who do I recruit? --How do I know who the target customer is? --How do I recruit the people to interview? -Conducting an empathy interview -Prepare a question guide as a script -According to d.School, In order to empathize, one is required to do the following -Immerse: experience what users experience -Observe: view users and their behaviors in the contexts of their lives -Engage: interact with and interview user through schedules and "intercept" encounters -Never push your thoughts on the interviewee -Ask questions that trigger delightful emotion -Opens doors to personal revelations that will prove useful to the design process -Opens up a change for the interviewer to ask follow-up questions -Ask "show me" questions that lets them tell a story -Create a comfortable atmosphere -Things to remember: -Always have a beginner's mindset. -Suspend your judgments. You're not there to judge. Keep an open mind. -Openness is a mindset that is required. -Be fully present. Be truly there. Someone can tell if you'd rather be elsewhere. Show each interviewee they are the most interesting, person you have ever met. -Silence all devices. Do not look at your texts or answer phone calls. -Always bring a voice recorder to document the interview. -Interview in pairs. One can ask questions whilst the other takes notes. You can take turns. -Use a permission form for taking photographs. -Use release documents for interviewee to sign. -Also explain how the person's data and any data you collect will be used from the interview. -Leave 30 minutes or so between each interview. This gives the interviewer some time to make additional notes and compile their thoughts while everything is still fresh in their mind. Empathy interviews allow you to understand emotions, motivation and choices the user makes. These in turn allow you to become familiar with their needs and design to satisfy them

Brainstorming

-Definition: a method design teams use to generate ideas to solve clearly defined design problems. In controlled conditions and a free-thinking environment, teams approach a problem by such means as "How Might We" questions. Ideation phase -Free to use out-of-the-box and lateral thinking -The more the better -Judgment free atmosphere! -Need to have a clear definition of the target problem Eight house rules for facilitator -Set a time limit - Depending on the problem's complexity, 15-60 minutes is normal. -Begin with a target problem/brief - Members should approach this sharply defined question, plan or goal and stay on topic. -Refrain from judgment/criticism - No-one should be negative (including via body language) about any idea. -Encourage weird and wacky ideas - Further to the ban on killer phrases like "too expensive", keep the floodgates open so everyone feels free to blurt out ideas (provided they're on topic). -Aim for quantity - Remember, "quantity breeds quality". The sifting-and-sorting process comes later. -Build on others' ideas - It's a process of association where members expand on others' notions and reach new insights, allowing these ideas to trigger their own. Say "and"—rather than discourage with "but"—to get ideas closer to the problem. -Stay visual - Diagrams and Post-Its help bring ideas to life and help others see things in different ways. -Allow one conversation at a time - To arrive at concrete results, it's essential to keep on track this way and show respect for everyone's ideas. -Avoid brain dumping (for individuals), and brainwriting and brainwalking (for group-and-individual mixes). Harnessing synergy: we leverage our collective thinking towards a variety of potential solutions - hard to have boundless freedom --maybe include warm-up activities --team should stay fluid in the search for ways you might resolve an issue - not chase a "holy grail" solution someone has developed elsewhere. The idea is to mine idea "ore" and refine "golden" solutions from it later

from steve job's commencement speech, which of the following classes did steve job's take and become fascinated in after dropping out of Reed College

Calligraphy

Which of the following is not mentioned in the article, "Wellness trends for 2020" as a recent trend the presents opportunities in the Wellness space?

Increasing preferences for healthy diets Stuff mentioned: -the emergence of AI technology -the availability of red light therapy -growing eco-consciousness in society

According to the article: "Creativity is a Process, Not a Post-It", what is a big roadblock to creativity?

Judgement

when conducting an empathy interview

Keep an open mind, don't just get through the questions, don't ask leading questions, be inquisitive (why?), exploratory mindset, dig deeper and probe

In the article Prototyping: the Design Process to Pressure Test Ideas, which of the following was included as part of the description about Step #2: "Make it Real"?

Keep prototypes rough and simple to start

Additional things to consider during a pitch

Market & Competition: Analyze the market potential and competitive pressure for your entrepreneurial venture. Ask why others have not fully taken advantage of the opportunity. Risks, Uncertainties, and Hypotheses Testing: Analyze key challenges and risks associated with the offering, together with ways you might address those challenges. Identify key assumptions that are critical to your business. Research: Where possible, don't just make guesses about your market, your margins, or how you might implement a business plan - talk to potential suppliers, survey customers, or engage in other research efforts that might give you insight into how your plan will work in the real world.

Could your startup idea make money?

Most important question: What makes you believe this business could eventually make money? -Can they walk through the unit economics (i.e. direct revenues and costs per "thing"—whether that is a service or product—being sold per customer) of their business model and demonstrate, at a rudimentary level, that this idea they're perhaps going to quit their career for and dedicate the next several years of their life to has the potential to one day be a profitable business? Back of the envelope analysis -A profitable business is one where revenues exceed costs -To estimate revenue: What you'll charge for your product/service How many customers will pay How many times they'll pay -Lifetime revenue: the price x how long they stay using the service Ex: $5 x 2 months = $10 in lifetime revenue -To estimate cost: What it'll cost you to acquire a customer What it'll cost you to deliver your product or service to a customer Fixed costs/expenses Office lease, employee compensation and insurance/benefits, legal and accounting costs, etc

Tin Shed Ventures

Patagonia's corporate venture capital fund, which we use to invest in environmentally and socially responsible start-up companies, funds the next generation of responsible businesses, doesn't demand short term returns like most other investment firms

In a team, you need

Psychological safety Respect Communication -Lots of startups fail because they can't execute as a team -Need to create the right conditions when establishing a team -Respect and psychological safety (coined by Amy Edmonson) are important -Humble in the face of challenge, curious about what others bring, willing to take risks to learn quickly -Situational humility with curiosity creates psychological safety -It is hard to learn if you already know -A place where creativity is embraced and people won't be judgemental

Marilou McFarlane, SportsTech Startup Strategy & Growth Leader, Women in Sports Tech (WiST) Founder

Serving as a growth catalyst in a variety of leadership roles in the sportstech business for over 10 years, Marilou has a long track record working with sportstech startups setting growth strategy, launching products, building brands and strategic partnerships in emerging markets, and accelerating revenue. With the first half of her career spent in media and marketing with CBS, she has extensive experience leading business development, end-to-end marketing and product innovation, generating over $60M in revenue and positioning multiple businesses for successful acquisition. She has built a global network of strong relationships that includes the winningest NCAA and academy coaches in the U.S. across all sports, professional team and club administrators, the biggest sports companies and brands in the world, award-winning creative talent and elite athlete management agencies. With the mission to drive growth opportunities for women in the sports tech business, she founded the non-profit Women in Sports Tech in late 2017, helping to develop the diverse talent of tomorrow by connecting them with meaningful careers in sportstech and innovation. Partners include IBM Sports, Nike, the NBA, Catapult Sports, Spartan, and more. A frequent speaker, judge and mentor for organizations such as CES, SXSW, Hashtag Sports, Harvard Business School, and SportTechie, she is one of SportsTechX's Most Innovative Global Leaders in the Sportstech Business in 2020 and was honored as a 2019 Bay Area Woman to Watch. She currently runs a consultancy practice, SportsTechWorks.

Which of the following was referenced during the giving and receiving feedback video?

keep a positive mindset

Creativity's roadblock

Socialization process restrict creativity as we develop norms, judgements, evaluations, and beliefs, which gives us limitation

Low-resolution prototypes - learn where to go next

Start building Don't spend too long on one prototype ID what you are testing Build with the user in mind

prototyping techniques

Story board Bodystorm ( mixt of role playing and brainstorming) Make a physical survey Working model Wireframe (2D sketches) Mock up Video / film Prototyping video

Six best tips for gathering feedback on your prototype

Ways to solicit feedback -First, consider testing out several versions of your prototype on users to gather feedback. This can lead to more honest feedback because it allows them to compare prototypes -Use the I Like, I wish, What If model to solicit honest feedback in testing sessions which allows users to voice their opinion in a critical but positive manner Test your prototype on the right people -Test on extreme users on top of regular users -If your product is cross-regional or international, test your prototypes across regions and countries to see how cultures and customs might affect the use of your prototype -Get feedback from stakeholders other than your users such as manufacturers, retailers, distributors Ask the right questions -Know exactly what you are testing for -Keep an open mind when testing your prototypes Be neutral when presenting your ideas -Try to be as objective as you can -Highlight both the positive and the negative -Refrain from trying to defend your prototype -Avoid becoming too attached to your idea Adapt while testing -Try to adopt a flexible mindset -Improvise during the testing session in order to get the best feedback from your users Let the user contribute ideas -Allow your users to contribute ideas

Sample testing questions

What are your concerns about this concept? What did you want to see more of? What would you change about this? What surprised you? What didn't really connect?

What question should you ask yourself before creating your MVP?

What is the value I'm offering?

Two founders of a Virtual Reality startup created a rough cardboard representation of a product they are developing and they taped paper sketches of screens a user would scroll through on a cellphone to show how the product would interface with a mobile device. What prototyping technique(s) are being used?

both mock-up and model

How does the testing phase inform the evolution of your ideas?

by validating or invalidating your assumptions

Secondary research:

information that has already been collected for a previous purpose -sales reports, trade associations, census data, websites, previous market research, sales force input competitive intelligence

Patagonia is aiming to secure a brighter future by

investing in environmentally and socially responsible startups

Jennifer Cohen Wellness Trends for 2020

mind-body fitness, home is the new fitness studio due to companies like Hydrow and Peloton, AI ex. Tonal, meditation, NAD, Red light therapy, plant based meats, CBD, growing eco consciousness

Why aren't there more entrepreneurs?

need 2 characteristics: -ability to take action -relentless pursuit of change

Patagonia Worn Wear

reselling Patagonia apparel, extend the life of gear because the best thing we can do for the planet is cut down on consumption and get more use out of stuff we already own, repair, share and recycle gear

"Always prototype as if you know you're ____, but test as if you know you're _____."

right, wrong

Right vs left brain

-Convergent thinking (rational): where we hedge, criticize, refine, and combine ideas (conscious thoughts) -Divergent thinking: (imaginative) where we imagine ideas. Often half-baked. -The more schooling we receive, the more convergent instead of divergent thinking -Creative thinking requires the interplay of both sides of the brains

Giving and receiving feedback

-Diversity is one of the key aspects that allows teams to excel and be innovative -Think of tension as an are of potential energy, excitement, and opportunity for growth -We tend to fear that constructive criticism will harm a relationship -A direct conversation is what is needed most of the time with engagement -In the real world a lot of jobs are team based now and need to be able to work with others -Feedback should be received with positive intentions to help everyone grow -Majority people aren't surprised by negative feedback they receive

Which of the following is NOT core to the methodology when people are using lean startup?

-Experiment with A/B testing what is the core methodology of lean startup? -Pivot -Validate with a minimum viable product -Iterate fast

Give feedback

-Include self-disclosure. By sharing the impact the other person's behavior has on you, the person giving the feedback becomes somewhat vulnerable. That in turn helps the receiver "hear" it better and not feel as though he or she is the only party who is vulnerable in the exchange. -Explain how a teammate's behavior impacts the team. -Feedback should NOT be condemnation or criticism (saying that something is bad) -Acknowledge the person's strengths as well as the opportunities for improvement. -Praising is important. Positive feedback tells someone that they did something well. And it encourages them to continue. It's motivating. -Giving negative feedback also matters. It helps someone understand what they could have done better and define how they can improve. It's empowering. -Be genuine. There's no point in hiding the reality. Don't ignore the elephant in the room. It doesn't help anyone. If there's something clearly wrong, just communicate it to your team member. -Be honest. -Be useful. Help the recipient understand what's wrong, and share thoughts on how to course correct this. One way to incorporate positive comments into criticism is to highlight how a peer's existing strengths can help to solve a problem. -Take a moment to check your implicit bias against women, people of color, people with accents, members of the LBGTQ community and really just anyone who you may perceive as different than you or what you are used to. -Be specific. Providing clear examples will really help the recipient identify what is wrong. Make it fact-based, as much as you can. Describe what you saw and heard, rather than abstract judgments like "unprofessional" or "didn't act like a team player.

Purpose of Testing

-Solicit feedback from target users about the prototypes you've created -Gain additional insight and develop deeper empathy -Seeking to validate or invalidate assumptions about user's wants and needs -This will inform the evolution of your ideas -Important to note that you are not asking about whether or not people like your solution and instead use it to learn more about the problem -Will either validate that you are going in the right direction or show you need to rethink your solution -Before you head out to test, need to know what you are seeking to learn "A rule of thumb: always prototype as if you know you're right, but test as if you know you're wrong —testing is the chance to refine your solutions and make them better." -Institute of Design at Stanford

Empathy map

A collaborative tool that teams can use to gain a deeper insight into their customers Help us build empathy with our end users - the people we are designing for Empathy maps can: -Remove bias from our designs and align the team on a single, shared understanding of the user -Discover weaknesses in our research -Uncover user needs that the user themselves may not even be aware of -Understand what drives users' behaviors -Guide us towards meaningful innovation

Alex Kremer, Patagonia

Alex Kremer is a Corporate Development & Investment Principal at Patagonia and Tin Shed Ventures, working on Patagonia's investment, innovation, and other strategic initiatives, including Patagonia's used gear business, Worn Wear (wornwear.com) and external projects, such as Regenerative Organic Certification. Tin Shed Ventures invests in responsible startups with innovations that help Patagonia build the best product while causing the least amount of environmental harm. The Tin Shed portfolio includes a wide range of startups, such as Bureo, Tersus Solutions, NuMat Technologies, and Revolution Fibres. Tin Shed Ventures has invested in more than a dozen startups on 3 continents. Prior to Patagonia & Tin Shed Ventures, Alex held various investment roles received degrees from Boston College (BA in Math & Economics) and the Tuck School of Business at Dartmouth College (MBA).

Key elements of the pitch

Clearly identified customer and need/pain point - Demonstrated a deep knowledge of the target customer and the customer segment that customer represents. Can point to knowledge gained during prototyping and testing that validates the customer pain point. Unique/strong value proposition - Clearly articulated why the proposed solution addresses the customer pain point and is different and better than the available alternatives. Feasible and Viable - Provided compelling reasons why the venture idea is feasible, viable and sustainable, including highlighting financials for how the solution will generate revenue, be profitable and scalable. Effectiveness of pitch - The pitch was compelling, captivating and kept the audience engaged. The team delivered a clear ask. They explained the idea in a way that made you feel inspired to support their venture.

Common pitfalls of design thinking

Driving into the first good idea -most problems we are trying to solve are more complex than they look on the surface, avoid misassumptions -Solution: explore a range of different approaches first: test out many ideas Falling in love with your prototypes -Avoid endowment effect, the investment bias -Solution: start with cheap and fast prototypes Wasting Time Explaining and pitching -Too little time making things and figuring issues and challenges your ideas - create a model and show how it will work -Solution: have a bias towards ACTION Prototyping without a purpose -Prototypes exist to test assumptions and ideas for solutions -Solution: have a question in mind The failure roadblock -solution: Reframe the idea of failure to learning Seeing prototypes as a waste of time -Allows us to move faster int he long run -Solution: Adopt a long-term view

Things to consider when building an ethical venture

Fairness: Is your business model based on win-win outcomes? Integrity: Can your business's products/services be promoted with the truth? Decency: Can you unashamedly tell others what your business does? 4. Sustainability: Does your business make efficient use of resources?

As we grow up and learn to accept others' opinions, the ability of creativity grows.

False

Three methods for maximising learning from testing

Feedback capture grid -Divide your paper into four quadrants: Likes, criticisms, questions, ideas I like, I wish, what if -Three quadrants: i like, i wish, what if Sharing inspiring stories -Share inspiring stories you observed while testing the prototype with users -Then look for common threads and possible insights from your user and translate these into actionable steps for the project

13 tips on how to deliver a pitch investor simply can't turn down reading

For every 1,000 pitches an investor hears, he or she will fund only 100 of them. Take only 10 minutes If you say that you'll take "only X minutes," then take at least one minute less. If you are told, "You only have X minutes to pitch," then take at least five minutes less. If you say, "One last thing" or something similar, then make sure it's truly the one last thing. Move at a good pace. Don't rush at the end. If you're using slides, don't get stuck on one slide for more than three minutes. Turn your pitch into a story Be laser-focused Investors' time is their most valuable asset. If you convey a respect for their time, they will interpret that respect as your ability to treat their funding with respect. Explain exactly what your product or service is Show your potential investors a picture of, or give them the actual product to handle. Be careful not to drone endlessly on about your product. Honestly, investors don't really care about your product as much as they care about the money that your product will make. The sooner you get to the good stuff -- the money -- the better. Explain exactly what is unique about your product or service Explain exactly who your target audience is Use demographic and psychographic features to pinpoint your customers. Show investors a picture of a customer along with relevant data points. Explain exactly how you intend to acquire these customers z Business success comes down to marketing. If you have a marketing idea, method, technique or process, this is your chance to showcase it. Explain your revenue model Be wildly enthusiastic Dress to kill Practice your pitch Anticipate questions, and answer them ahead of time Show them the exit Here's the clincher on a killer pitch: an exit strategy. Every investor wants to make a lot of money in a short amount of time. What is a "short amount of time"? A five year benchmark is a safe time frame. Your plan and pitch, then, should explicitly answer the investor's unstated question: How will this make me a lot of money in five years? The answer is your exit strategy. Is it an IPO? An acquisition? Licensing? To answer sales revenue or valuation is to shipwreck your plan from the startup. Investors want big payoffs, not marginal returns.

Netflix's success is an example of which of the following changes in industry market structure described by Drucker?

Maturation

Point of view

Step 1: define your user -Define the type of person you are designing for - your user Step 2: identify needs -Select the most essential needs, which are the most important to fulfill Step 3: Express key insights -Work to express the key insights developed through the synthesis of your gathered information More than simply defining the problem to work on, your point of view is your unique design vision that you crafted based on your discoveries during your empathy work. You should construct a narrowly-focused problem statement or POV as this will generate a greater quantity and higher quality solutions when you and your team start generating ideas during later Brainstorm.

Creativity is a process, not a post it

The "Imaginative Thinking NASA Test" successfully identified creative engineers and scientists for NASA Dr.Land's research on creativity shows as we grow in age, creativity drastically decreases. (98% 5yr olds, 30% 10yr olds, 12% 15 yr olds, 2 % adults) Children ask 125 questions per day while adults only ask 6

Design kit

Things that are important: -the goal isn't a perfect idea, it's lots of ideas, collaboration, and openness to wild solution -Do not talk about the reasons behind existing ideas but to come up with as many as possible

according to the article "What Google Learned from Its Quest to Build the Perfect Team", in order to establish psychological safety, team members should shy away from emotional sharing and focus just on efficiency

false

Define phase

set a clear idea of the problem you are trying to solve

Drucker takes IBM's success as an example of:

unexpected occurences

Which of the following items is NOT cited as a challenge that can be experienced during brainstorming?

Developing a potential solution through the refinement of ideas discussed Challenges that CAN be experienced: -Having your team stray off topic to address other problems -Effectiveness of brainstorming can be limited by initial group awkwardness -It is not easy to have boundless freedom in your idea development

Minimum Viable Product (MVP)

a product that includes just enough features to allow useful feedback from early adopters -makes it easier for the company to speed to market with subsequent customer-driven versions of the product -mitigates the likelihood of a company wasting time on features that nobody wants Your low resolution prototype will evolve into a high-resolution prototype, then to a series of MVPs, finally to a full product

which of the following is a key reason to ask neutral questions when conducting an empathy interview?

to avoid implying that there is a "correct" answer

which of the following is not one of the four stages of teaming according to the Truckman model?

touring these stages are a part of model: -storming -forming -norming

Based on Yvonne Bulimo's pitch of Zoezi, Zoezi seeks to create a new wave of Afro-Centric creativity in fitness

true

which of the following concepts is NOT part of the principle "Bias towards Action"

using google docs to replace team meetings

Financial model

You will be spending before you prove your idea is viable And you want to know how much time you have to prove your idea Burn rate and runway Want to know how much time you have to prove your idea (runway) and how much money you need to raise Revenue streams- "How does your venture idea generate revenue?" "Represents the cash a company generates from each Customer Segment." Cost structure "What are the key costs incurred to operate your venture idea's business model?" "How much money do you need to prove your idea?" Are your assumptions realistic? Expenses are made up of direct costs and fixed-overhead costs If you never earn profits you need to pivot Financial model answers: Is your venture idea viable? How long is your runway? Or how much money do you need to raise? What's your potential valuation? Funding sources: personal finance, grants, crowdfunding, incubators/accelerators, venture capital and angel investors In VC you give up equity for cash Funding rounds: 1. Pre-seed - "we give you money before you even have a company" - Seed incubators, crowdfunding, etc. 2. Seed Round; 1st round of funding, - Have raised a bit yourself; perhaps friends & family money - Now need small amount to keep things going ($100k - 200k) - Angel investors, accelerators, etc 3. Round A- first time you raise VC money 4. Round B- second time you raise VC money Post money valuation= how much you can raise/ percent or equity purchased "Everything is worth what its purchaser will pay for it" Many different methods: Bottom line: - Factor into growth - Be as accurate as possible with the numbers - Investor preference

how do we systematically look for opportunity?

-the key is to look for change because where there's change, there's also opportunity -entrepreneurs generally don't create change, but they do exploit it

When are you being an entrepreneur in your life?

-When you start a new company -When you choose to pursue your minor in Entrepreneurship at UNC -When you look for an internship

Examples of pivots

-change the target customer segments by narrowing them or broadening them -change the product itself by adding features or by taking features away -more dramatic change (from b-2-c to b-2-b) -Change in business model

according to the article, "define and frame your design challenge by creating your POV and ask "HMW", whcih one of the following is important to creating a POV?

-guiding your innovation efforts -inspiring your team -providing a narrow focus

Entreprenuership

-it is a mindset and a career path -it is creating a business, not just running a business -innovators

Who is an entrepeneur?

-middle age -highly educated -little external funding from VC/angels -not all risk takers -not just about owning a business

in the virtual session, which of the following was NOT cited as one of the key reasons to use empathy maps?

-remove bias from our designs reasons cited: -align the team on a single, shared understanding of the user -uncover user needs that the user themselves may not even be aware of -synthesizing secondary research about your target user

How to conduct an empathy interview

-An empathy interview uses a human-centered approach to understand the feelings and experiences of others -Should feel less like an interview and more like an open conversation with a friend -The goal is to understand users by having an open conversation, not to confirm an idea or insight -How to conduct an empathy interview -Interview in pairs --One person identifies areas to dig deeper into the conversation while the other takes detailed notes about the conversation including body language -If can't do it in pairs, record the interview -Pursue tangents --Follow the conversation organically, let any conversation fueled by passion continue -Don't try to steer it back to the same topic -Use a beginner's mindset -Never assume you know the answer -Always ask why --Participants won't typically tell you why they do or say things, so it's your job to ask -Ask neutral questions -Don't ask questions in a way that implies there is a correct answer --It avoids bias and allows the participant to draw from their own experiences and thoughts -Encourage storytelling --Allows you to dig deeper by preventing generic responses --Allows you to ask good follow up questions -Observe body language --Common non-verbal cues: Crossed arms Abnormal posture Facial expressions (smiles, frowns, etc) Tilted head Moving closer Eye contact Fidgeting or adjusting in their chair --Use non-verbal cues to drive the conversation and your next questions -Embrace silence --Let the participant break the silence -Avoid binary questions --Binary questions can be answered in one word --While sometimes these types of questions are necessary, try to avoid them when possible

Prototyping: the design process to pressure test ideas

-Business strategy often suggests determining a goal, or endpoint, and working backwards to develop an action plan to get there. -Making your ideas tangible, even before they feel ready to be shared, is the fastest and most reliable way to gather feedback early on about what works and what doesn't. Strategyzer frames -First, the priority of prototyping is to fully understand the problem you wish to solve. -Alex osterwalder's frame work -Low in cost and fidelity (minimal detail and functionality) -Signs to evolve into a higher fidelity prototype: people start giving feedback on small details Difference with MVP: MVP is a later stage prototype and can be developed into great one day. But the prototype isn't good enough. - prototypes are tools to help you prove a concept and MVP's help you refine it. Process for developing fail-proof ideas with prototyping: -Determine what to prototype --Prioritize which questions will provide the insight that's most critical to the success of your idea --Make a list of all assumptions --Start by testing hypotheses that have to do with the problems (pains), activities (jobs) or goals (gains) the potential customer faces. -Make it real --The more variations of prototypes you create, and the faster you iterate upon what you put into the hands of your users, the better. --Use creativity to test complex questions --As you get further into the process you can further refine and evolve your prototype to reflect the new information you gather in the field in Step #3. -Get feedback --be careful not to inadvertently set an expectation for users to tell you what you want to hear. --Multiple alternatives also encourage good, honest feedback about your ideas. If you go in with only one prototype, it limits your options. With multiple prototypes, you can have a frank discussion about the relative strengths and weaknesses of each -Iterate and repeat --integrate that learning into the next iteration of your idea.

How to be creative

-Creativity is an ongoing process not a one time event -Let your mind wander -Create a judgment-free zone -Find the right environment (try unconventional places, get out of your comfort zone) -Generate a lot of ideas: Great ideas come from iterating, collaboration, and building or combining ideas.

Tools and techniques to test MVPs

-Customer/empathy interviews (great for finding out what people love/hate and why) -Surveys (make sure to ask good questions) -Letters of intent (some proof of commitment from customers) -Usability tests (let people interact with your product - 80% of major problems can be identified by samples of <5) -Market trials (actually test a product and measure customer satisfaction e.g. NPS)

Lean startup flowchat

-Decide on your idea -create hypothesis (because we believe Z, if we do X, we expect Y to happen) -generate MVPs (test hypotheses quickly and with the least possible expidenture of resources) -Prioritize MVPs (sequence MVPs that will minimize cash burn while you are learning) -Run tests -Pivot or achieve product-market fit (either find the solution that matches the problem or realize the MVP validates or rejects the hypothesis and has to pivot and a new set of assumptions or hypotheses that you're going to test) -repeat

Steps during brainstorming

-Defer judgement. You never know where a good idea is going to come from. The key is make everyone feel like they can say the idea on their mind and allow others to build on it. -Encourage wild ideas. Wild ideas can often give rise to creative leaps. In thinking about ideas that are wacky or out there we tend to think about what we really want without the constraints of technology or materials. -Build on the ideas of others. Being positive and building on the ideas of others take some skill. In conversation, we try to use "and" instead of "but." -Stay focused on the topic. Try to keep the discussion on target, otherwise you can diverge beyond the scope of what you're trying to design for. -One conversation at a time. Your team is far more likely to build on an idea and make a creative leap if everyone is paying full attention to whoever is sharing a new idea. -Be visual. In live brainstorms we write down on Post-its and then put them on a wall. Nothing gets an idea across faster than drawing it. Doesn't matter if you're not Rembrandt! -Go for quantity. Aim for as many new ideas as possible. In a good session, up to 100 ideas are generated in 60 minutes. Crank the ideas out quickly and build on the best ones.

High-fidelity prototype

-High-fidelity prototypes appear and function as similar as possible to the actual product -Usually allow realistic user interactions E.g. going from paper-based to computer-based

A prototype is

-It could be a wall of post-it notes, a gadget you put together, a role-playing activity, or even a storyboard -Used as a way to prove, or disprove, fundamental assumptions -Ideally something a user can experience

How might we questions

-Launchpad for when you ideate -Narrow enough to know where to start brainstorming but broad enough to explore wild ideas A properly framed How Might We doesn't suggest a particular solution, but gives you the perfect frame for innovative thinking. "How" suggests that we do not yet have the answer. "Might" emphasises that our responses may only be possible solutions, not the only solution. "We" immediately brings in the element of a collaborative effort.

Day-to-day tasks limit our space for creativity

-Prefrontal cortex thinks rationally -- increases its use as we grow. -Danger and stress shuts down creative juices in the brain -When amygdala senses danger, it block prefrontal cortex to react swiftly - cause us to shut down or act conventionally (prevents us to do "out of the box" -Stress, trauma, and our own self-criticism and censorship are all factors that can sabotage our creativity)

How to build a great pitch that hooks investors

2 qualities all great pitches share Passion. Your enthusiasm is genuine and infectious. Listeners walk away feeling moved and eager to participate in some way. Repeatability. Your core message and conviction can be easily conveyed by others. Ghosh observes, "your pitch is a combination of who you are, the way you feel about what you're doing, and how others respond to the message." 6 Essential 'P's of a Pitch The passion-inducing P's Problem What's powerful or compelling about the problem you're trying to solve? Can you leverage a personal story—either from your experience or the experience of others—to demonstrate a compelling angle to your problem? Do you have a unique solution to an existing problem that could excite investors? Does the problem you're addressing have a larger sense of purpose? Product What's different or special about your product from existing solutions? How can your product change things? Did something propel you to develop this product? Will it save lives? Do you have a unique solution to an existing problem that could excite investors? For instance, Is your product—your solution to the problem—10x better than current solutions? People What's extraordinary about your team? Can you weave a personal story around their ability to build a product that leads your startup to success? What's the track record of the team you've assembled? Do you have a co-founder who's especially passionate and driven? Are other team members widely respected or affected by the problem you're addressing? What are the core skills necessary to build the product? Does your team possess the core skills needed? If not, that's okay but be sure to address how you'll source these skills if your current team doesn't have them already. Proof Process Profit Ghosh calls it a "Pulse-raising test." Start by asking yourself: "Why do I care about this problem? What makes my pulse quicken or my heart rate go when I think about my business?" Testing your hook Start with an unbiased observer and an unbiased listener. And for each of the different Ps, you give it your best shot of what is it that is really powerful about the product, or about the people, or about the problem that you're trying to solve, and you try and build a foundation around that. As you go through this process, you'll find that some messages resonate with certain audiences, and some messages feel really powerful to you, and each time you do it, you will start to hone the message better. Your task is to take the P that's most powerful in your message and amplify that.

Peter Drucker Innovation and Entrepreneurship (Inside Sources)

7 sources of innovation Inside sources - require knowledge of an industry based upon inside experience -The unexpected: success (Facebook), failure (Ford Edsel), outside event (Hurricane Katrina) -Incongruities: things that don't make sense, usually from the misguided belief that "I know what the customer wants." This will lead to an incongruity between what your customer wants and what you think they want. Can happen within the rhythm or logic of a process. it is a part of the process everyone hates, but identifying incongruities can lead to finding opportunities for innovation. (ex: healthcare) -Process needs: taking a process that already exists and improving it by incorporating newly available knowledge, or providing a "missing link". Need to answer five questions for something to need process improvement -Is it a self-contained process that can be analyzed? -Is there a single weak or missing link? -Do you have a clear definition of your objective? -Can your solution be communicated clearly? -Is there high receptivity for your ideas? Industry market structure: take a look at the industry whole to see if it is experiencing rapid change (usually about 40% in 10 years). Could be rapid growth (industry growing faster than the economy), maturation (industry has roughly doubled its size in a relatively short period of time, initial strategies are no longer relevant and can lead to new opportunity), convergence of multiple industries (convergence of technologies that were previously separate) or a fundamental change in the business model (if the fundamental nature of an industry changes, there is opportunity for innovation)

Sport & Social Group Inc article

A business dedicated to helping people get off the couch and play team sports in adult recreational leagues. Create space for free play and relaxed chats,, trivia and bingo during and after work hours, keep celebrating milestones and good news, eat lunch as a team, start an office club, give back 1. Search For Get-Togethers In Your City 2. Survey Your Colleagues: What evening(s) are you free to play?, What sports are of interest to you? What's your skill level in the sports of interest? What are your objectives in playing on a company team? (ie. Highly competitive, win at all cost and/or just get out to play for fun and to be social, don't care if we ever win a game) 3. Narrow Down The Options 4. Get Your Company To Foot (Most Of) The Bill 5. Keep Playing!

Why every startup should bootstrap article

First, it helps you to stay scrappy and to realize talents you may not know you even had. Second, and counterintuitively, it can help attract the right talent. And, finally, it helps you maintain control of your company while finding the right partners to help you scale.

Two behaviors good teams share

First, on the good teams, members spoke in roughly the same proportion, a phenomenon the researchers referred to as ''equality in distribution of conversational turn-taking.'' On some teams, everyone spoke during each task; on others, leadership shifted among teammates from assignment to assignment. But in each case, by the end of the day, everyone had spoken roughly the same amount. Second, the good teams all had high ''average social sensitivity'' — a fancy way of saying they were skilled at intuiting how others felt based on their tone of voice, their expressions and other nonverbal cues.

Braden Rawls, CEO & Co-founder at Vital Plan

CEO & Co-Founder at Vital Plan, Braden Rawls co-founded Vital Plan in 2009 with her father, Dr. Bill Rawls, a conventionally-trained physician who discovered the value of herbal therapy during his recovery from chronic Lyme disease. Their shared goals of providing clinical-grade herbal extracts, formulation transparency, and unparalleled customer support and education formed the foundational principles of the company. Thanks to Dr. Rawls' expertise and thought leadership combined with extensive R&D and a complex global supply chain, Vital Plan is able to deliver a unique and robust product line, step-by-step wellness plans, and unparalleled support to meet and exceed customers' needs and expectations. Vital Plan is on a mission to empower, inspire, and educate people to take control of their health. A certified B Corporation®, Vital Plan is built on trust and a paragon of honesty in an industry rife with false promises and quick fixes. Vital Plan is building more than a customer base; they are empowering a community of people to live healthful, sustainable, purpose-filled lives. Braden serves as a sustainable business and lifestyle leader at the company and in her community. She is an advocate for the change that enlightened choices in consumerism can bring, and for empowering customers through product transparency and education.

Parts of a lean canvas

Customer segments -Narrow down the customer segment as accurately as possible. -It is also essential to separate users and customers. -Early adopters --Here you need to specify the actual people who will deal with the raw product and are the first feedback providers. Problem -In this box, we refer to customer problems that your product is meant to solve. -Existing alternatives --It is designed to contain your competitors that deal with the same problems. These are your rivals to compete with and win their clients over. Revenue streams -The idea you're going to implement must bring revenue. So, in this box, you need to specify the expected sources of income. Solution -All problems you specified in the neighboring box should be matched by the relevant solutions. It is recommended to describe your product in a non-technical way to explain what experience the customers are meant to obtain. Cooperation with your target customers will let you learn their needs and deliver the most attractive offer. Unique Value Proposition -The Unique Value Proposition is a brief message, which is intended to attract customers' attention. The idea is to describe the uniqueness of your product and show its key difference from other alternatives. The customer should understand why he or she needs and wants it. -High level concept --In the bottom of the unit, there is a place for creating a high-level concept - a short and easy-to-grasp statement about your product. It's a kind of elevator pitch you, as well as your team members and customers, will use. Channels -In this unit, you should specify communication media to reach out to your target clients defined in the customer segments block. -Examples are emails, various sorts of advertising, blogs, content marketing, broadcasting, etc Key metrics Whatever your startup deals with, it is recommended to define key tracking metrics to measure the progress of your business. Initially, you can do with one of them - minimum success criteria, i.e., the outcome that can be deemed a success. Later, your canvas may be expanded with other vital metrics. Cost structure -All sorts of costs find their place in this box. These may include costs for office rent, hardware, recruitment, market research, and so on. -Once the box is filled in, you can balance it with the income sources. By doing so, you get answers to such questions as "how many sales are required to pay off the investments?", "where is the breakeven point?", and others related to a winning outcome. Unfair advantage -This term denotes a special thing about your idea that your competitors are not able to copy or obtain in any possible way. Unfair advantage may include a good reputation, exclusive access to some data, personal authority, community, and other extra power.

Doug Warf, President for MDO Holdings

Doug Warf is the President for MDO Holdings - a Raleigh-based investment and management firm. Warf oversees all business operations for MDO Holdings Operating Portfolio companies, which include: O2 Fitness Clubs, Midtown Yoga, Parlor Blow Dry Bar, BB's Crispy Chicken, CycleBar and the Durham Food Hall. Warf also counsels several key companies in the MDO Holdings Investment Portfolio on business strategy and marketing. Prior to joining MDO Holdings, Warf spent 16 years with the Carolina Hurricanes in various sales and marketing roles. His last seven years he served as the Vice President of Marketing - overseeing the Canes four major marketing departments and spearheaded key events like the 2011 NHL All-Star Game and two separate re-designs of the Hurricanes uniform sets.

Tuckman's model

Forming: In this stage, most team members are positive and polite. Some are anxious, as they haven't fully understood what work the team will do. Others are simply excited about the task ahead. This stage can last for some time, as people start to work together, and as they make an effort to get to know their new colleagues. To grow from this stage to the next, each member must relinquish the comfort of non-threatening topics and risk the possibility of conflict Storming: In this stage, people start to push against the boundaries established in the forming stage. This is the stage where many teams fail. Tension, struggle and sometimes arguments occur. The ideal is that team members will not feel that they are being judged, and will therefore share their opinions and views. The goal is to get to a point where they can resolve their differences, and members are able to participate with one another more comfortably Norming: Resolved disagreements and personality clashes result in greater intimacy, and a spirit of co-operation emerges." In this stage, all team members take responsibility and have the ambition to work for the success of the team's goals. They start tolerating the whims and fancies of the other team members. They accept others as they are and make an effort to move on. The danger here is that members may be so focused on preventing conflict that they are reluctant to share controversial ideas. There is often a prolonged overlap between storming and norming, because, as new tasks come up, the team may lapse back into behavior from the storming stage. Performing: "With group norms and roles established, group members focus on achieving common goals, often reaching an unexpectedly high level of success." By this time, they are motivated and knowledgeable. Dissent is expected and allowed as long as it is channeled through means acceptable to the team. It feels easy to be part of the team at this stage, and people who join or leave won't disrupt performance

Design thinking in the pediatric MRI scan: Doug made an MRI machine and wanted to make the most cutting edge machine but didn't consider the perspective of the user (kids)

Empathize- how do we make pediatric MRI scans a better experience?, spent time observing and talking to kids, their parents, and the MRI machine workers, used why questions to elicit feelings and stories, some hospitals had to sedate the children to keep them still, children were terrified, parents were worried, the MRI machine could do far fewer scans each day Define- What are the patterns and themes that emerged? What did we hear? Did members of the team hear the same thing or different things? How do we reconcile those differences?, analyzed and synthesized all that data and insights, created a design challenge statement, then POV, user (kids who need to undergo MRI scan) + need (kids just want to play and have fun) = insight (kids tend to voluntarily participate in things they perceive as fun and adventurous) Ideate- brainstorming coming up with ideas, concept of turning the MRI into an adventure, underwater adventure Prototype- quickly create, create something tangible that you can go back out and have users interact with, continue to think about your ideas and to test your assumptions and hypotheses quickly, projected an aquarium picture on an existing MRI machine Test- what surprised you? What didn't you like? How would you change this? Not asking would you buy it. The team observed to validate or invalidate their assumptions, how would the kids react? Test was cheap and fast Implement- kids at the center of the innovation, GE adventure series, prototype to MVP to product, saw results less sedation, more patient satisfaction Iterate and Refine- customer at the center, after the first few rounds of low resolution prototypes they found some of their assumptions were not accurate, confirmed some things

Design thinking process steps

Empathize- understanding, observing, and inspiration, learn more about the people you are designing for, talk to the users, observe them, and immerse yourself in their world, use this in combination with secondary research Define- make sense of the data you collected in the empathize phase, who are your target users and what are their pain points or challenges? Ideate- think of creating solutions for each aspect of the problem, be creative and push boundaries Prototype- prioritize your ideas, narrow down to one or 2, develop a low resolution prototype to show people Prototype- prioritize your ideas, narrow down to one or two, develop a prototype to show people --Low resolution prototyping: quickly turning ideas into something tangible that you can show to people Test- identify the assumptions and hypotheses you are testing for, get feedback from people Implementation -Feasibility -Viability --Is there a viable business model? --Is there a unique value proposition?

Discipline of Innovation article

Entrepreneurship does not refer to an organization's size but their activity, requires more hard work than just a flash of innovation, Ford edsel (unexpected failure), IBM modern accounting machine used for libraries, novocaine unexpected use incongruities -cataract eye surgery, roll on roll off container ship Process needs- reflector on roads in Japan, advertising in newspapers Industry and market changes- institutional investors dominating the financial industry Demographic changes- japanese lead in robotics, Changes in perception- worries about health in the U.S. New knowledge- more market dependent than others, hard to direct, likely to fail, long lead times for convergence of knowledge

The ethical entrepreneur

Integrity - Make sure no one is selling the company's values short to make a quick buck. After all, making a bad deal to meet a quota or target is not only unethical, it's often unprofitable in the end. Respect - As an entrepreneur building a business, you need to respect yourself and surround yourself with people you can respect. Honor - Good people are a fundamental part of good ethics. They are also great ambassadors for doing things right. Give special attention to strong performers and people who exemplify the spirit of your organization. Results-Oriented - You wouldn't be an entrepreneur if you weren't focused on results, but ethics factor into results too. Don't aim for results at any cost. Work on achieving your results within your company values. Results should be attained in the context of developing something that customers want, and producing and delivering it at a price that is fair to all the parties involved. Risk-Taking- Great companies attract employees who are willing to take risks, and they encourage, support and reward them for taking calculated risks. As long as you stick to your philosophical guns, risk-taking should not pose a threat to your ethics.

Jennifer Cohen, Author, Host of Habits&Hustle, Forbes Columnist, Mental Performance Couch

Jennifer Cohen, author, entrepreneur, fitness and health expert has emerged as an influential role model for the fitness industry. Her stellar reputation has been built on a savvy, straight-talking approach and belief in a "clean living" lifestyle that forgoes the fads and focuses on long-term, sustainable results. Ms. Cohen is also a spokesperson for world class brands including Weight Watchers and Muscle Milk. She is now devoted to employing her extensive knowledge to help individuals improve their lifestyle through No Gym Required. She has appeared in multiple media outlets, some of which include The Today Show, Good Morning America, Glamour, Seventeen, Woman's Health, Wall Street Journal and the LA Times. As an author, Jennifer's bestselling book, No Gym Required - Release Your Inner Rock Star (2009) is a no-nonsense fitness and health reference that serves as an overall healthy lifestyle guide. She has also had columns appear in Men's Fitness, Health.com and Forbes. Jennifer is the owner of Momentum by Iron in Santa Monica, and President and CEO of NGR - No Gym Required - a fitness brand that offers products and services focused on her "anytime, anywhere, no excuses" health and fitness philosophy.

Yvonne Bulimo Interview

Looked at what her mom did (real estate broker, manages business), ZOEZI (means exercise in swahili) spoke to her culture and fill a gap in the market, The first step was going to foodies (tailor) and she had fabric and asked them to make things with it , Took her a year and half to find a manufacturer and lots of research on fabrics, 2015 idea and the first sample was 2017, Challenge- when she put it out to the market she was living in DC and she needed to know how the product would get to east africa how to make ZOEZI reach a variety of people, She practiced marketing it to herself and wanted to be very inclusive different shapes and sizes, Her fear was that no one would buy the product and got over that by first selling to her friends and family, How does she differentiate? activewear is a billion dollar industry, speaks to the world, and creates in africa, kenyans are very strong and love fashion She would tell her younger self to slow down and be patient and have more confidence, Her mom had all the business knowledge and google EIN number, differences between LLC and escort, taxes, legalzoom, etc. In the next 5,10,15 years she sees her business up there with Nike, she wants stores all over the world and especially in Africa. People can purchase zoezi in boutiques, online, kenya, tanzania, ny, mostly e- commerce. Kenyan born but global fashion forward fitness brand. Bridge the gap between the diaspora and the kenyan community.

Peter Drucker Innovation and Entrepreneurship (Outside Sources)

Outside sources: areas of opportunity outside your immediate experience and are based on measurable and predictable trends in the society at large Demographics: change in demographics such as population size, employment, education, etc, change in anything that will have fairly predictable consequences Changes in perception: changes in what people like and don't like New knowledge: coming up with a big idea is a matter of looking in the right places and having an entrepreneurial mindset. This is the riskiest source of innovation and it typically takes decades for new knowledge to be translated into a viable product or service

Startups need relationships before they ask for money reading

Many founders fall into the same trap: focus all their energy and resources on building a product and finding customers and forget to raise outside capital The average outside equity financing round, from the beginning of the roadshow to when the money is wired, takes six months. But getting to that point can take even longer, especially since investors like to fund projects from founders with whom they're familiar. That means you may need to spend twelve months building relationships before you can successfully raise money. Tips: If you want money, ask for advice When you genuinely seek advice from someone, you are humbling yourself while elevating them to a position of authority, demonstrating your ability to listen well and ask great questions, and subtly letting them know that you're raising capital without directly asking them for it. Build trust before you ask for money Investors in early-stage companies are not only evaluating your business acumen; they're assessing your personal characteristics as well. They want to know if they can trust you. Trust is very hard to build in a first meeting, especially if you're asking for money. The challenge is to build rapport with investors before you actually need capital Ideas Establish common relationships Trust is often translated across common friends. I trust Sally. Sally trusts you. Therefore, I trust you. Be sure to know about common relationships and use them appropriately Be conversationally humble Too often, founders are such passionate believers in their own cause that they lose the ability to hear and process fair criticism. Show that you know what you don't know If you get a question about your company and you don't know the answer, admit it and own it. Show that you have a plan to figure out what you know you don't know. If there are core gaps in your knowledge that are problematic for your business, identify them and show you have a plan to solve them Meet investors when you aren't raising money Disciplined investors are keen to meet with new entrepreneurs often, even if you're not raising capital. In addition to investing, their job is to know the latest in the industry, so use that to your advantage. Treat the meeting as a chance to share with them things you have been learning. Three approaches Offer to help, and actually do it Meet them out of the office Engage with them intellectually, even virtually

Types of prototype

Model: three-dimensional representation of your idea Role play - act out the experience of your idea Story - tell the story of your idea from the future (newspaper article, job description...) Mock up- digital tools or websites with simple sketches of scenes on paper Diagram - imagine going door to door and showing potential customers what your ideas are potential service is Advertisement - create a fake advertisement that promotes the best parts of your idea

How does the democratization of funding is changing the venture capital landscape reading

Nine new entrants into the funding game Corporations making equity investments in start-ups These are generally strategic investments and can have potentially huge upsides. Often a precursor for an intended acquisition and could mean a large investment, but the corporation is not interested in leading the round. They are generally passive investors and not on boards. Corporate venture funds With billions of dollars in reserves, companies are very well equipped to make large venture investments. This assures a seat at the table for the large corporations and close involvement in innovation. Angels and ángel consortiums There are tens of thousands of individuals with high net worth around the globe, investing in start-ups. You can do so either individually or in a groups that collectively evaluate the opportunity (due diligence) and are able to invest extremely rapidly Super angels these are individuals with extreme high net worths and an appetite for investment. These individuals can fund an entire round by themselves Equity investment funds pouring money into deals These are equity companies who invest in companies and could be affiliated with large financial institutions or stand-alone firms. Boutique VC firms They are generally founded by a few highly successful entrepreneurs who have had some phenomenal exits Accelerators and incubators These started out as kind hosts to help start-ups become successful. In return they get a percentage of equity of this start-up Crowdfunding platforms Thanks to Kickstarter and Indiegogo now everyone can invest in an idea or a company from around the globe in a matter of hours. You can put in from a few dollars to thousands and beyond. Equity is not shared with the investors, so the founders get to keep the money raised, to make greater headway faster. Today via these platforms, a start-up or an idea, can raise millions from the general public while at the same time they are mass testing their idea on the spot. Global money Democratization of funding The more passion you possess (the more viral you are), the more people (from all the groups above) you can pitch to, you can get your product huge upfront visibility (market awareness) and have many choices about how much and from whom you want your funding from. I call this the democratization of funding.

In the article "how to give negative feedback without sounding like a jerk" which of the following is NOT mentioned as a reason that negative feedback is necessary?

None of the above -most team members want to grow and this is only possible with corrections once in a while -offering sound negative feedback yields positive results -employees who get negative feedback are on average likely to work harder to improve it

Group norms

Norms are the traditions, behavioral standards and unwritten rules that govern how we function when we gather The right norms, in other words, could raise a group's collective intelligence, whereas the wrong norms could hobble a team, even if, individually, all the members were exceptionally bright.

Kristi Herold, Founder and CEO of Sport & Social Group Inc

Nothing makes Kristi happier than knowing the Sport & Social Group she founded is positively impacting the lives of millions by connecting people and communities through play. A born entrepreneur, Kristi ran a variety of businesses throughout high school and university. In 1996, she combined her passion for sport, business, and socializing when she founded the Sport & Social Club in Toronto. Kristi has since grown the organization - now named the Sport & Social Group - to be one of the largest clubs of its kind in the world, with 35 full time and 300 part-time employees. The SSG now has close to 150,000 participants playing sports annually. By consolidating the adult recreational sports industry, Kristi's vision is to get over 1 million people playing annually across North America. She is well on the way to achieving this, having completed seven corporate acquisitions in Canada and one US acquisition in the last three years. Kristi spearheaded the SSG's partnership with the charity "Right to Play", donating over $300,000 for this fantastic program which teaches life skills to vulnerable children around the world through sport. In 2009, Kristi was awarded the Governor General's "Queen's Diamond Jubilee" award in recognition of her contribution to the community. Kristi has most recently launched "Keep Playing Kids", a foundation that will provide free sports programming for underserved children. Kristi speaks regularly and has been interviewed by Forbes and Fast Company on the importance of healthy organizational culture as well as the power and health benefits of play throughout our lives. Kristi was thrilled that the SSG received a "Great Places to Work Certification" in 2019. In 2020 Kristi was the proud recipient of the North American Sport & Social Industry Association's "Industry Impact Award". Kristi is a prior EO member and has completed EO/MIT's "Entrepreneur Masters Program". In addition to speaking, Kristi passionately mentors entrepreneurs and actively contributes and gives back to the community. In 2009 she founded a community musical theatre troupe in Toronto as a passion project which has since spun off into two other community musical theatre troupes which have raised over half-a-million dollars for their charity partner "Childhood Now" which teaches life skills to vulnerable children through the arts.

Lean canvas model

The difference lies in the focus shifted towards the practicability and viability of the offered idea. The Ash Maurya lean canvas is intended to evade a failure of marketing a service or merchandise that nobody will be interested in. Why use the lean canvas? Stay lean -When you follow a lean approach, you aim at agility and fast growth of your idea. -First, it is a time-effective tool, which does not require a great deal of time to fill it in. Second, the final document is not final because you can and should update it in case of new input data. Fast time-to-market -it foresees a quicker idea-to-product transition compared to a regular method. On that account, the key focus is placed on fast time-to-market. The canvas is a fit if you're aimed at the delivery of the much-in-demand product in the fast-changing market. Understand your customer -When you understand your customer's behaviour, you can grasp what he or she really wants and implement it in your offer. The canvas allows you to consider various customer segments to cover a wider range of potential product users. Focus on viable metrics -The focus is made on the viable metrics instead of the useless ones that give an illusory perception of the offer. Key startup metrics in lean canvas rest on minimum success criteria like conversion rate, number of subscribers, referrals, etc.

Lean canvas vs business model

The replacement allows for using product-centric terms and describing the lean business model in a common language. In addition, the application vector of the tool was shifted, which made it suitable for blooming startups.The Osterwalder's canvas gives a holistic view of the business and lays emphasis on a strategic conversation with related parties.

Who loses big in the great streaming wars?

The user- 1. Always make it easy to resume a binge., 2. But don't make it too hard to go back and re-watch when necessary., 3. Give the customer more control of the browsing process, and a layout that makes sense., 4. Make searches easy., problems for users: too many services with different content, bad user interface

Business model canvas

What is a business model? -Generally, the term denotes what is needed to monetize an idea. Essentially, it is a course of actions aimed at achieving profitability. A typical model defines a startup costs structure, marketing strategy, financing sources, target customers, and other constituent parts of entrepreneurship. Business model canvas: Nine structural units Key partners -The entities/individuals involved in activities Key activities -The actions required for being profitable Value proposition -The practical relevance for customers Key resources -The assets in demand to keep the business running Customer relationships -The type of interaction to maintain with your target customers Customer segments -Target users/buyers of your product/service Channels -Communication channels with clients Cost structure -All the expenses including payroll, rent, etc Revenue streams -The income-generating model, e.g. subscription plans, direct sales, etc Why use the business model canvas? Value orientation -VP is a constitutive component that gives a reason for the business to exist. Focus -The tool's aim is to clear away irrelevant data and focus on essential points that promote the business's prosperity. Fast, clear, and flexible -Its key principle lies in a qualitative approach rather than quantitative. You have an understanding of what should be specified in each block and you do it. Everything is simple and clear. Besides, once your canvas is filled in, its lifetime is not over. This document is updatable, and it is a good idea to make amendments to it over time. Failure-preventative -it gives you an opportunity to prevent failures based on risk identification. The analysis of revenue streams, target users and the product/service to offer gives enough input data to elaborate a fruitful marketing strategy with most of the risks measured. Common language -A possible concern is whether all these parties involved will catch up and interpret your vision discovered in the document. The tool has an intuitive nature and creates a common language for all participants and third parties. Each block specifies what should be in it. This precludes any misinterpretation -It is a great solution, but it is more applicable for existing businesses than startups.