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Innovation Kit

Innovation Kit

Entrepreneurs must constantly refine and develop their ideas and product and through these tools, you will get a chance to develop them and innovate.

Tools

SWOT Analysis

Albert S Humphrey invented this method in the early 60s. It’s a technique that helps you map your Strengths and Weaknesses, and understand the Opportunities and Threats you could potentially encounter.

Quality Function Deployment (QFD)

Quality Function Deployment (QFD) is a quality tool that helps to translate the Voice of the Customer (VoC) into new products that truly satisfy their needs. It is used as method for new product development. It is a link between customers and design engineers.It has mainly three blocks: the customer requirements, the technical requirements and the correlation matrix.

4Ps- Exploring the Innovation Space

This tool enables you to discover what the innovation process can improve and bring to your business. The innovation mix, Paradigm, Product, Position and Process, is not to be mistaken with the market mix and its other 4Ps: Product, Place, Promotion and Public Relations.

In planning, the 4Ps helps you understand where you are and how you can innovate to improve your Product, Process, Position and Paradigm. It gives you a direction of where you need to go, and in which areas of your business that you need to innovate. The Innovation space supports the idea generation process and how you can incubate a new idea.

 

Business Model Canvas

It is a tool to help you visualize your business plan. The Business Model Canvas tackles several parts of the business plan: the market, the offering, the marketing strategy, business operations and money or business financials. These aspects are divided into nine interconnected blocks. Each block defines how a specific part of your business functions.

The Business Model Canvas is a starting point for any entrepreneur to make a quick assessment for his business. As a strategic management tool, it can be used to illustrate, modify and pivot your business. As the building block of a business model, it helps you build a better understanding of where your business stands, and acts as a starting point for further analysis or planning for enhancement.

SCAMPER method

SCAMPER is a method you can use to ignite your creativity and help you overcome any challenge you may be facing in your business. SCAMPER is based on the assumption that everything new is a modification of something that already exists. It uses a list of probing questions to help you reach to the creative within. SCAMPER was created by Robert Eberle in the early 70s, based on an initial list from brainstorming originator Alex Osborn. And is still used till now.

Each letter in the acronym represents a different way you can alter the way you see your challenges and trigger new ideas:

●      S = Substitute

●      C = Combine

●      A = Adapt

●      M = Magnify

●      P = Put to Other Uses

●      E = Eliminate (or Minify)

●      R = Rearrange (or Reverse)

The four lenses of innovation

This is a strong tool to power your creative thinking. It gives you the ability to find and explore fresh perspectives. It was popularized by Rowan Gibson, the world-renowned innovation expert and thought leader, in his book: The four lenses of innovation. It looks inside the human mind and recognizes how it actually generates new ideas.

 

ERRC grid - Blue Ocean strategy

Blue Ocean strategy was developed by two business school professors: W. Chan Kim and Renée Mauborgne. It helps companies fight competition by NOT fighting the competition and creating new markets instead, thereby making the competition irrelevant.
The name comes from a metaphor picturing competitors as sharks circling in a sea, competing and fighting over food – creating a swirling ‘red ocean’.

The strategy includes a variety of analytic tools and frameworks to help you distance yourself from this red ocean of competitors and create a “blue ocean” of undisturbed market space where it is possible to operate without competition.
Among those tools, we will be focusing on the ERRC grid.

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