How can your Business Innovation skills help you launch a successful startup?

A startup without deep research surely failed. To launch a successful startup, you need to, -Find a specific problem (a group of people are facing) -Dig the deep research (analyze the nature of this problem) -Come up with a possible solution that solves the problem of the audience And now if it's accessible. People will find it useful and your startup will rock.

Not only problems but also needs. Every need is not necessarily a problem. In some cases, innovation opportunities are released by social and emotional needs. Most people tend to think that innovation address functional problems. Or innovation have functional notions. Not always. Sometimes, it meet social and emotional needs. Combining them together trough a product would be the most effective approach.

First, a business exists to solve a problem. However, there has to be money in solving that problem. So find a problem that brings you passion; and provides a business model that can solve that problem. The easiest way to do that is to take a design driven approach to your business by following the design thinking framework. This can help to launch a business from one week to three months.

There are myriad ways to find problems worth solving. The biggest businesses are often built on the most simple of ideas. Here are a few ways you can think about problem generation: 1. Analysing personal experiences and needs that are unfulfilled. 2. Conducting top-down analysis of markets and trends to find market gaps. 3. Listening to other's expressing problems. 4. Adapting an existing service or product that already exists and making it specialised for an industry, cheaper in price or adding a new feature to it to solve new problems. 6. Re-creating businesses or models that already exist in one geography and bringing these models and ideas into new markets. This was particularly prevalent with the Rocket Internet model in Germany.

Just be too stupid to quit! and that means when all those around you that have seemingly given up on you and your crazy ideas, and they tell you over and over, "Hey are you just stupid, this ain't ever gonna work, why don't you just quit!" You can tell them that your just too stupid to quit! Go for it, you only go around once and five year's of filthy stinkin rich will wipe out a lifetime of poverty overnite! I just entered into two deal for 3 of my inventions! My overnite success 34 years in the making!! My next goal? Cash in and share the wealth with those who need it the most!! Stay tuned!

Generate multiple ideas using Creative Strategy Frameworks. Generate 100 ideas to get to 5 ideas to evaluate in a deeper context. You will end up rapid prototyping some 1-2 of them and testing them. But without 100 ideas, you will not get the outliers that no one is thinking about. Another important thing is to generate ideas using a framework and not via brainstorming. Brainstorming is a lazy way of idea generation and will lead you to the most statistically common idea in the species. Use frameworks and you'll be able to generate ideas for even subjects you have no interest or expertise in

Business innovation thrives on a steady stream of ideas, but finding the game changers that can generate ROI and business impact demands more than just brainstorming and market-fit assessments. It requires design thinking approach, smart collaboration, and a keen eye for ideas aligned with strategic business goals to address customer pain points. When we rigorously test and validate a built prototype, it will not only position us well in the market, but also drive significant growth and gain competitive advantage.

Generating ideas through an ideathon should work wonders. Instead of going for traditional brainstorming methods, brainwriting should be more effective to come with precise problem driver ideas.

Ideas fuel business innovation, but finding the ones that truly disrupt and generate ROI requires brainstorming effectively combined with teamwork. Through design thinking approach and value proposition exercises, we can assess market fit and choose an idea that align to the business goals. Beyond market potential, we need to identify the idea that has the power to truly shake things up. When we have experience building POCs, then rapidly testing and iterating to hone on the chosen idea into an impactful startup has the power to bring the right idea to life and sets us apart in businesses.

Don't hold back on generating as amny ideas as you can and no idea is a silly idea. It's much easier to narrow down from a long list. There are many frameworks and tools you can use to capture ideas. My favourite are Miro, Figma and Strategyzer

My favorite product hack is leveraging marketing tactics as low fidelity product prototypes. (big words for vaporware) Fake the product to the real market to tease out messaging and the feature roadmap for the MVP.

This is the fun part where you get to bring your vision into reality. Focus on the features that will create the greatest benefit to your users. It's very tempting to include all the features you have ideated. This is a mistake to avoid. It can become very costly in terms of time, effort and cost. Not to mention complicate the Ui/UX. Instead focus on less than five core features to include in the prototype. It will be much easier and faster to reiterate based on user feedback.

Get here as quick as you can, the market, investors and customers want to see what it is and even a minimum viable product is sometimes enough!

Ich stimme den anderen Rednern hier voll und ganz zu, Prototypen sollten zunächst möglichst schnell umgesetzt und getestet werden. Wichtig hierbei: Auch vermeintlich komplexe Ideen, lassen sich in der Regel mit Low-Fidelity Ansätzen umsetzen. Bestes Beispiel ist wohl Dropbox, die zunächst lediglich eine einfache Simulation ihres Cloud-Dienstes inszenierten und so die Nachfrage überprüfen und Investoren finden konnten. Dafür braucht es kaum mehr als ein paar Powerpoint Folien und eine Handykamera. Essenziell ist es natürlich, sich vorab genau zu überlegen, was mit dem Prototyp getestet werden soll und wie sich die Testergebnisse messen lassen. Eric Ries und das Lean Start-up Modell lassen grüßen!

For founders aiming to test and validate their MVPs effectively, I recommend Rob Fitzpatrick's "The Mom Test." This book provides great insights into customer development and validation. Personally two areas I focused on when testing: 1. Identifying early adopter customers: Not all customers are equal. Diversify testing across potential customer groups to gauge MVP interest, determine pricing, and understand common challenges can get a product off the ground. 2. Getting as close to a sale as possible: Overcoming the fear of presenting prototypes by taking customers through the sales funnel and measuring conversion and drop out points. Even with unfinished products, closing a sale is the highest validation your venture can have.

Iteration never ends. Innovation is a long journey and it never moves linearly. We have to go back and modify things based on our learnings. Initiation and innovation will be two different products.

Premature scaling is one of the biggest problems I observe founders having in the early stages of their companies. A house with poor foundations will eventually fall down. When entrepreneurs scale their product through distribution methods they haven't spent enough time thoroughly testing or validating, or realise too late that their product doesn't fulfil the needs of their intended target market because no one is willing to pay enough for it, the consequences can be fatal. In order to address other discovered customer needs and ultimately close higher value or more sales, the founders pivot, iterate on the product, release new features, or rebuild the tech stack. When founders realise this too late, they often need bridge rounds.

Keep it simple. Implement regulated processes that your team follows, encourage efficient communication and lend an ear to employee feedback. Give your team the tools to understand your vision and pool together to achieve personal and company goals. Growth happens from the ground up.

I think there are quite a number of topics missing here, if we really want to talk about translating innovation into a start-up. As space is limited, let me add just one key topic: a business plan. You need to understand the value of your innovation in numbers…both as benefit (potential sales) and as cost (including the cost of the prototype). This allows you to pitch your idea to your board with better chance of support, or to get money from venture capital to launch your dream.

Seek out those who are already successful & learn from them, & stay away from unscrupulous Invention scammers! They're everywhere! If they want you to pay an upfront fee, don't!! Your invention & your patent are your entry fee. Never enter into a NET deal. They can bury the NET a million ways to Sunday! Oh sorry, my Kid needs new braces, you don't get paid! Only sign a Gross deal so you get paid first! My experience is that Friends & Family are too close and they tend to think only those on TV can be successful, not you! Ignore the B.S. & do what you believe in! It took me 34 years, many ripped off inventions, 100's of thousands lost! and I finally entered into 2 separate deals for 3 inventions, with likely many more to come soon! Believe!!