POCC [Context, skills, tools]
“Making ideas tangible”
5 steps (passion…); incubator/accelerator; problem-solution-business modelscaling/scaling; explore/exploit; always risks/assumption
Where we are going—“validation of hypothesis”; risks/assumption
Deliverable: Prototype or ‘No Go”
Prototype: a [process, method, composition or] device that works properly and is
viable for the purpose at hand; prototyping, in its myriad forms, is a foundational
approach that enables easier feedback from across disciplines and outsider groups
like prospects, partners, employees, users, or current customers. Tim Brown, of
IDEO, says that design goes from “thinking about what to build, to building in
order to think.”
MVP is a strategy and process directed toward making and selling a product to
customers. It is an iterative process of idea generation, prototyping, presentation,
data collection, analysis and learning.
“So IDEO’s designers began to reengage with the users sooner, going to them with a
very low-resolution prototype to get early feedback. Then they kept repeating the
process in short cycles, steadily improving the product until the user was delighted
with it.” Design for Action.
Drucker quote > The 5 levels of risk validation:
1. Compare to an analog
2. Observe what your customers already do
3. Interview customers or experts
4. Fake it with a dummy product, dead-end button, or “demo”
5. Build the actual product
Once a product gets to some proof of concept, an entrepreneur can raise seed
funding from an incredibly wide range of sources. Those that are either connected
or lucky can solicit checks from family, friends, former bosses and colleagues, or
they join incubators (more on this below), or reach out to relatively obscure or more
well-known angel investors, all the way up to small institutional funds, what some
people refer to as “Super Angels” or “MicroVCs,” or websites dedicated to pairing
investors with investment opportunities
Passion- Discovery-Creativity-Invention-Innovation-Entrepreneurship [role of
insight]
Henson video http://www.openculture.com/2017/01/jim-henson-creates-anexperimental-animation-explaining-how-we-get-ideas-1966.html
Lifelong Kindergarten is one of several groups comprising the Media Lab Learning
Initiative, which promotes creative learning through four “Ps”: projects, passion,
peers, and play. “A lot of the best learning happens,” Resnick explains, “when people
are designing meaningful projects that build on their own passions in a playful
spirit: starting with an idea, making a prototype, getting feedback from others,
iterating, experimenting.”
https://betterworld.mit.edu/creative-learning-media-lab/?device=mobile
“Making the cross-connection requires a certain daring. It must, for any crossconnection that does not require daring is performed at once by many and develops
not as a “new idea,” but as a mere “corollary of an old idea.” Steve Jobs
“To do the impossible, you have to see the invisible” Michel Foucault
“Proof of concept, where a potential solution to a problem is being explored,
involves making the material or object and characterizing its properties, performing
tests to determine its feasibility and validating its performance under certain
conditions.”
“The two most important assumptions entrepreneurs make are what I call the
value hypothesis and the growth hypothesis. … The value hypothesis tests
whether a product or service really delivers value to customers once they are
using it. … The growth hypothesis tests how new customers will discover a
product or service.”
Eric Ries
Intercom
“Remember, it’s all about what customers can do with your product, focus on that.
Not what product can do. If you talk about product you tend to flop b/c you do not
know what customer does.” Intercom
"For the last 50 years, innovation theorist Everett Rogers told us that the difference
between a successful product and an unsuccessful product has to do with how the
product is designed-the physical attributes of the product. And he came up with five
factors:
1. Relative advantage: Is it better than what it's replacing?
2. Compatibility: Is it compatible with the way people currently do things?
3. Complexity: Is it too complex to use?
4. Trialability: Can you try it in small doses?
5. Observability: Can you watch other people use it?
All of those things are inherent in the product itself. Rogers's research found that 75
percent of the variance between products that succeed and products that don't
succeed has to do with those five factors. Once you have those things, if they are all
pointing in the right direction, it's a lot easier to market the product." HBS Working
Knowledge, Sophisticated Finance
“If it takes more than a sentence to explain what you’re doing, it’s almost always a
sign that it’s too complicated.”
First day infographic
https://www.pinterest.com/pin/301248662558531261/sent/?sender=420594190
108339599&invite_code=3a7448f9f42f76dc137b720791fde185
P.61 “Playbook for Strategic Foresight” Corporate Innovation Handbook Note
Insert Value Prop Canvas
CMU Coursework POG In two weeks deliver analysis for your solution
Passion:
Golden Circle Video, then exercise
“In general, it’s best if you build something that you yourself need … you’ll
understand it better than if you have to understand it by talking to a customer.”
Stanford
Upload video Why-How-what
“The idea should come first, and the startup second” Reid Hoffman
“The point is to have a purpose for your startup. Even if you already started selling a
product. Develop a purpose for doing it. Something greater than business.
Something beyond marketing. Something that helps people do today what they
could have never done without you.” Todd Moses Fortative
Opportunity/Market Size
$1B+ Market Map: The World's 183 Unicorn Companies In One Infographic
https://www.cbinsights.com/blog/unicorn-startup-marketmap/?utm_source=CB+Insights+Newsletter&utm_campaign=db12b5dd10Top_Research_Briefs_1_21_2017&utm_medium=email&utm_term=0_9dc0513989db12b5dd10-87528693
Conventional 3-step Methodology for assessing growth prospects of new business
includes: 1. Idea – Feasibility 2. Proof of Concept 3. Business Plan…
Stanford Design Innovation Process
The Stanford Design Innovation Process is applied in ME310, a project-based
design-engineering course at Stanford University. It is a course where students must
design a complete system while being mindful of not only the primary function but
also the usability, desirability, and societal implications. Throughout one academic
year, student teams prototype and test many design concepts and in the end create
a full proof-of-concept system that demonstrates their ideas.
The design process in ME310 is cyclical. By going through the process multiple
times, not only does it maximize student learning, it maximizes project insights for
the student teams. “Fail early and fail often so you can succeed faster,” is one of the
mantra for ME310.
To learn, apply, and experience the ‘Stanford Design Innovation Process’, student
teams:
6. Observe and interview users to better understand their needs.
7. Benchmark existing technologies and products to identify the design
opportunities.
8. Extensively brainstorm to discover the obvious, crazy, and novel ideas.
9. Iteratively prototype to quickly test their ideas and get a better understanding of
their designs.
The end result is a refined design concept backed with key insights.
Stages of Development [RHH]
1.
2.
3.
4.
5.
$0-1 million Proof of Concept
$1-3 million Commercialization
$3-10 million Scaling
$10-30 million Growth
$30-100 million Professionalization
Role of Assumptions—reference YC article