Secrets to select & evaluate innovative ideas //by @nickdemey @boardofinno

transcript

- practical tips for your innovation team -

Select & Evaluate Innovative business ideas

by boardofinnovation.com innovation consulting office

flickr cc bjacques

The secrets to

flickr cc bjacques

In this slide deck:

by boardofinnovation.cominnovation consulting office

OK, you had anotherwonderful brainstorm!

But now what?

First of all, makesure everythingis covered with

post-it notes. OK?

First of all, makesure everythingis covered with

post-it notes. OK?

Time to filter ideas!

Select & Evaluate

flickr cc bjacques

Innovative business ideas

The secrets to

Just innovate like a DemolitionBefore you started, you knew where to land, right?

image urbanrealms.com

You should define a landing zone upfront!

Before you started, you knew where to land, right?

Just innovate like a Demolition

Here for sure

Maybe here

Not here!!!

Always set your innovation criteria before your brainstorm,before you even start your innovation project!

• E.g. Target new markets• +15% growth in revenue by year 4• No B2C - we will not pass by our retail partners• ...

Invest a reasonable amount of time to define this list!

Just innovate like a Demolition

Day 1 in your innovation project: sit together with your management team and draw this grid on a flip-chart.

exercise

Have a quick post-it session to verify if everyone shares the same ambition and if your innovation criteria are reasonable

*Whatever* ZoneIdeas that are too basic,

only incremental.

iPads for our Sales People

exercise

Comfort zonePerfect fit with criteria

everybody happy

Launch ProductX to market Ywith partner Z

Note:Most of the times your criteriawill be too strict resulting inno ideas at all or only a few vague concepts. Don’t worry ;)

exercise

Innovation zoneSome will get nervous

about these ideas.

Stop Business Unit X & replacewith digital service

Note:“HQ wont allow this?!”“It will cannibalize our market!”Perfect Questions!

exercise

Out of scopeToo complex, not

allowed,...

We should startour own

airline business!

Note:Keep these ideas for inspirationlater on. At this point, you just want to align the criteria with your Mgmt.

exercise

Select & Evaluate

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The secrets to

50% = Guidelines50% = Gut feeling

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Innovation is like Cooking

50% = Guidelines50% = Gut feeling

flickr cc reid-be

Innovation is like Cooking

Don’t hope to findan exact formula.If (A)x > B = C^2

You can just follow your heartto cluster related topics.

Note: Do some dirty filtering based on your criteria. At this stage, that’s good enough.

Select & Evaluate

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The secrets to

Make a basic template to elaborate on each interesting concept

E.g.: Short description

E.g. Rate 2 criteria (L,M,H)

Add more info if needed

E.g. Describe customer experience

Note: Just make sure all ideas are captured with the same level of detail when you want to

evaluate. You can’t compare a 1 word Post-it with a Pytchographic like this.

*Format depends on the project & scope.

These templates* can be made digitally as well.

Beware for theI TheBoss Trap

When voting, some people tend to love the ideas of the boss more.

Anonymous voting helps!

Select & Evaluate

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The secrets to

Prepare concept cards for your top 10 ideas

It’s an excellent tool to guide discussions with your core innovation team.

Add visuals

What is this concept?

Competitors or related concepts

Benchmark between your concepts

(e.g. Innovation level)

Add emotions in your conclusion.Why do we need to

love this idea?

Describe the (neg.) consequencesof this concept for the company.

(e.g. Fire x amount of people)Biggest obstacles

Summary, why willthis idea Win or Fail?

Check with criteria & fitwith scope.

Exact format will differ depending on the project.

That’s up to you!

Give it a ‘sexy’ namenot CT_04_v1

Use ball park figures to build up

a first business case

Depending on the phase within your innovation project you will need more info in order to evaluate & filter.

Do Your Home Work!

Focus discussions on 2 concepts at the same time.

Note: Humans need reference points. Base your decisions on relative comparisons.

flickr cc billzimmerman

Select & Evaluate

flickr cc bjacques

The secrets to

Innovate like American Idol?

Just keep this in mind:

Attracting lots of votes =

future commercial success?

Innovate like American Idol?

Just keep this in mind:

Attracting lots of votes =

future commercial success?

Hell no!

Votes are only indicative. Use more tools & insightsto base your filtering on!

Keep an eye on ‘cute faces’, drivers with a disproportional impact.

exercise

Idea A Idea B Idea C Idea Dcriteria A

criteria B

criteria C

criteria D

Due to internal politics you might be asked for a rational voting approach. Be very careful about this!

exercise

Idea A Idea B Idea C Idea DBrand Awareness 4 7 9 2Revenue potential 3 3 3 6

Market fit 9 8 3 2Tech feasibility 2 4 7 7

Don’t you think that Market Fit should be a 7?

exercise

Idea A Idea B Idea C Idea DBrand Awareness 4 7 9 2Revenue potential 3 3 3 6

Market fit 9 8 3 2Tech feasibility 2 4 7 7

Hmm, I don’t know...what about

.... a 7.5?

exercise

Idea A Idea B Idea C Idea DBrand Awareness 3 4 7 9 2Revenue potential 1 3 3 3 6

Market fit 3 9 8 3 2Tech feasibility 2 2 4 7 7

Hmm, I don’t know...what about

.... a 7.5?OK.... hmm

But what if we add Weights to each criterium?

Yeah, AwesomeSo sophisticated!

exercise

Idea A Idea B Idea C Idea DBrand Awareness 3 4 7 9 2Revenue potential 1 3 3 3 6

Market fit 3 9 8 3 2Tech feasibility 2 2 4 7 7

Warning: Don’t get lost in this type of discussions.

exercise

Idea A Idea B Idea C Idea DBrand Awareness L H H LRevenue potential * L L L M

Market fit H H L LTech feasibility L M H H

Warning: Don’t get lost in this type of discussions.

Score Cards are just a guide, nothing more. Keep it plain and simple: Low, Medium & High are just fine!

Select & Evaluate

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The secrets to

Innovate with The Joker

Remember, You, the innovation manager,

can always pull the Joker Card

Innovate with The Joker

Remember, You, the innovation manager,

can always pull the Joker Card

You’re the Innovation ExpertIt’s your job to protect precious, fragile ideas!

Save them from corporate conservatism, ignorance, biasses,...

Backup needed?

Our structured innovation process might help you out.

Based on a Hollywood theme to inspire!More info in the slide deck below:

Innovation Training & Courses Our innovation consulting• Business Model Innovation• Methodology, innovation tools• Creativity techniques

• Next gen business models• Better revenue streams• Disruptive & inspiring trends

coffee@boardofinnovation.com @nickdemey @philderidder

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