GIM Institute IMBOK Level 1 Guide v1.3 - Innovation Olympics Participant...

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LEVEL 1

INNOVATION MANAGEMENT BODY OF KNOWLEDGE A GUIDE ON BREAKTHROUGH INNOVATIONS IMBOK Level 1 Guide FIRST EDITION


Published by:

Global Innovation Management Institute 110 Cambridge Street Cambridge, MA, USA 02141 Email: [email protected] Website: www.giminstitute.org

©2013 Global Innovation Management Institute. Edition 1.3. All rights reserved. "GIMI", "GIM Institute", the GIMI logo, "I MBOK" and the IMBOK logo are reg istered marks of the Global Innovation Management Institute. The body of knowledge of the innovation management profession continues to grow, and GIM Institute intends to update the IMBOK Guide on a periodic basis. GIM Institute welcomes corrections and comments, or suggestions about how this document can be improve. Simply make a copy of the relevant page of the book, mark the error, and send it to: Book Editor, GIM Institute, 110 Cambridge Street, Cambridge, MA, USA 02141, or email [email protected]. No parts of this work may be reproduced or transmitted in any form or by any means, e lectronic, manual, photocopying, recording, or by any information storage and retrieval system, without prior written approval of the publisher.


Published by:

Global Innovation Management Institute 110 Cambridge Street Cambridge, MA, USA 02141 Email: [email protected] Website: www.giminstitute.org

©2013 Global Innovation Management Institute. Edition 1.3. All rights reserved. "GIMI", "GIM Institute", the GIMI logo, "I MBOK" and the IMBOK logo are reg istered marks of the Global Innovation Management Institute. The body of knowledge of the innovation management profession continues to grow, and GIM Institute intends to update the IMBOK Guide on a periodic basis. GIM Institute welcomes corrections and comments, or suggestions about how this document can be improve. Simply make a copy of the relevant page of the book, mark the error, and send it to: Book Editor, GIM Institute, 110 Cambridge Street, Cambridge, MA, USA 02141, or email [email protected]. No parts of this work may be reproduced or transmitted in any form or by any means, e lectronic, manual, photocopying, recording, or by any information storage and retrieval system, without prior written approval of the publisher.


Contents About Global Innovation Management Institute ...................................................................................... 5 Introduction ............................................................................................................................................ 6 Innovation Management Body of Knowledge ...................................................................................... 6 Purpose of the IMBOK Guide ............................................................................................................... 6 Audiences for the IMBOK Guide........................................................................................................... 6 About IMBOK Level 1 Guide ................................................................................................................. 7 Chapter 1: Demystifying Innovation ......................................................................................................... 8 Importance of Innovation .................................................................................................................... 8 Definition of Innovation ....................................................................................................................... 9 Definition of Innovation Breakthroughs ............................................................................................. 11 Chapter 2: Innovation Techniques ......................................................................................................... 15 Individuals and Teams ....................................................................................................................... 15 Structured Approach in Problem Solving ............................................................................................ 16 Thinking Styles ................................................................................................................................... 16 Cross-functional Teams and Networks ............................................................................................... 18 Chapter 3: Innovation Breakthrough Process ......................................................................................... 19 Step 1: Innovation Intent ................................................................................................................... 20 Practice Activity 1: Define the Case for Change .............................................................................. 21 Practice Activity 2: Quantify the Growth Gap ................................................................................. 22 Practice Activity 3: Set the Innovation Portfolio ............................................................................. 23 Innovation Intent Summary ........................................................................................................... 26 Step 2: Opportunity Insights .............................................................................................................. 27 Practice Activity 1: Map Your Company’s Current Business (Your Company) .................................. 30

Practice Activity 2: Look at the Future wi th Scenarios (Future) .................................................. ........................ .......................... ..... 31 31 Practice Activity 3: Walk in Someone Else’s Shoes (Value Chain) .................................................... 36 Practice Activity 4: Look at New Partners…New Moves (Adjacencies) ............................................ 38

Practice Activity 5: Organize All Dots or Ideas into a Single Business Opportunity Map................... 39 Opportunity Insights Summary ...................................................................................................... 42 Step 3: Fields of Play .......................................................................................................................... 43


Practice Activity 1: Identify Fields of Play ....................................................................................... 47 Practice Activity 2: Prioritize a Field of Play .................................................................................... 49 Practice Activity 3: Develop the Prioritized Field of Play ................................................................. 50 Fields of Play Summary .................................................................................................................. 52 Step 4: Business Concepts.................................................................................................................. 53 Practice Activity 1: Identify Business Concepts ............................................................................... 55 Practice Activity 2: Prioritize a Business Concept ............................................................................ 58 Practice Activity 3: Reverse engineer your prioritized business concept ......................................... 59 Business Concept Summary ........................................................................................................... 61 Step 5: Business Case ......................................................................................................................... 62 Practice Activity 1: Identify Key Facts of the Concept ..................................................................... 63 Practice Activity 2: Visualize the Concept ....................................................................................... 64 Practice Activity 3: Use Tactical Questions to Address Your Concept .............................................. 64 Practice Activity 4: Bring the Key Facts, Visualizations and Tactical Plans Together......................... 66 Business Case Summary ................................................................................................................. 67


About Global Innovation Management Institute

About Global Innovation Management Institute The Global Innovation Management Institute (GIM Institute) is a global not-for-profit organization driving standards for innovation management created by a group of Chief Innovation Officers, innovation executives, academics and consultants from around the world. Its mission is to help individuals, companies and regions develop world class innovation management capabilities through global standards, testing protocols and certification. The certifications are supported by globally recognized management standards and credentials, extensive research programs, and professional development opportunities. GIM Institute’s Innovation Management certification programs have been designed for professionals who

are or will be responsible for promoting and managing innovation within an organization. Certified professionals will gain insights around new approaches to many different functional areas of a business, including marketing, technology, finance and sales. There are four primary benefits of certifications: 1. Increased Marketability – Distinguish yourself from the pack. Candidates certified by GIM Institute represent a unique cadre of trained innovators with the proven ability to understand and manage innovation across and beyond the organization. 2. Improved Job Readiness – Certification recognizes the development of Knowledge, Skills, and Confidence to innovate. Certified individuals are able to successfully lead innovation efforts in ambiguous, uncertain and fast moving environments. Apply the tools and concepts you learned to find new growth areas in any function, in any business. 3. Networks – Certification entitles candidates access to the GIM Institute network of certified professionals around the world. Connect to and learn from certificate holders. Find new ways to solve innovation challenges or further your career. 4. Continuing Education – All certificate holders are required to take additional innovation courses to keep up to date to latest trends and insights. To maintain your certification, you need to provide documentation proving you have worked on innovation projects within the five-year cycle . For more information on the content and structure of Innovation Management Professional Certification, please visit www.giminstitute.org.

Innovation Management Body of Knowledge – A Guide on Breakthrough Innovations (IMBOK Level 1 Guide) ©2013 Global Innovation Management Institute

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Introduction

Introduction Innovation Management Body of Knowledge The Innovation Management Body of Knowledge is the sum of the knowledge within the profession of innovation and innovation management. As with other professions such as law, medicine and accounting, the body of knowledge rests with the practitioners and academics who apply and advance it. The complete Innovation Management Body of Knowledge includes proven practices that are widely applied, as well as practices that are emerging in the profession, including published and unpublished materials. As a result, the Innovation Management Body of Knowledge is constantly evolving.

Purpose of the IMBOK Guide The primary purpose of IMBOK Guide is to identify that subset of the Innovation Management Body of Knowledge that is generally recognized as good practice. "Good practice" means that there is general agreement that the correct application of these ski lls, tools and techniques can enhance the chances of success over a wide range of different innovation initiatives. Good practice does not mean that the knowledge described should always be applied uniformly on all projects; the innovation project team is responsible for determining what is appropriate for any given project. The IMBOK Guide also provides and promotes a common language for discussing, writing, and applying innovation and innovation management. Such a standard language is an essential element of a profession. The GIM Institute uses this document as a foundational, but not the sole, innovation or innovation management reference for its professional development programs including: 

Innovation Management Professional Certification

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Innovation management education and training offered by GIM Institute Certified Education Providers

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Accreditation of educational programs in innovation management

As a foundational reference, this standard is neither comprehensive nor all-inclusive. This book does not address all details of every topic. Topics that are not m entioned should not be considered unimportant. The organization or the innovation project team must decide how those activities are going to be addressed in the context and the circumstances of t he project for which the IMBOK Guide is being used.

Audiences for the IMBOK Guide This standard provides a foundational reference for anyone interested in the profession of innovation and innovation management. This includes, but is not limited to: 

Senior executives

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Innovation program managers, project managers or ot her innovation initiative project teams

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Members of an innovation management committee


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Introduction

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Managers and team members under Business Development, Strategy, or R&D

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Consultants and other specialists in innovation and innovation management, and related fields

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Educators teaching innovation management

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Trainers developing innovation management education programs

About IMBOK Level 1 Guide Over the last thirty years, CEOs around the world have begun to recognize business innovation as one of the core drivers of business value. And over the last decade, we have seen many innovation breakthroughs emerge from the market. However, generating innovation breakthroughs for future growth is still a challenge facing many organizations today. Innovation Management Body of Knowledge, A Guide on Breakthrough Innovations (IMBOK Level 1

Guide) aims to democratize this process so that ever y individual in an organization can come up with meaningful and actionable innovation breakthroughs to drive their business into the future. This book is designed to help you learn a proven approach for developing growth platforms and breakthrough business concepts. This methodology has been used successfully with organizations from different industries around the world. The IMBOK Level 1 Guide contains a set of concepts, terms, techniques and processes for generating innovation breakthroughs. The certifying body, the Global Innovation Management Institute, has developed these concepts in a comprehensive way so that aspiring innovation professionals, existing experts, and other interested parties can understand and apply these tools to become more effective and better in generating big bold ideas for their companies. The IMBOK Level 1 Guide is divided into three major sections covering the conceptual and practical elements on how to generate breakthrough innovations. 

Chapter 1: Demystifying Innovation

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Chapter 2: Innovation Techniques

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Chapter 3: Innovation Breakthrough Process


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Chapter 1 – Demystifying Innovation

Chapter 1: Demystifying Innovation Importance of Innovation Why do companies need to innovate? Let us look at su ccessful companies in the past 30 years to understand why innovation is important in an organization. In the 1980s, there was Kodak and Delphi. At the time, every moment, every event was captured with film cameras typically from Kodak. It was so ubiquitous that you found a Kodak kiosk that printed pictures at every block. Where is Kodak now? In the 90s, the AOL was synonymous with internet. Motorola was synonymous with mobile phones. They were the best at their respective industries. Similarly in 2000, Blockbuster and Nortel were l eaders in their industry. Everyone rented movies from Blockbuster and you could find a branch at every block. Where are these companies now? Each of these companies have been disrupted and replaced, Kodak was replaced by digital cameras, Blockbuster was replaced by Netflix and Motorola was replaced by Nokia. What we learn is that companies, even those great, successful companies, need to continue innovating if they want to survive.

The importance of innovation for an organization can be summarized into four key benefits w hich we will call Innovation Premiums1. By being more innovative, companies enjoy greater share holder return which leads to better access to capital. Innovative companies also have better brand equity allowing them to charge a higher price for their products. Suppliers, distributors and other partners choose to go to innovative companies because their ideas will be welcomed and developed further. Finally, people want to work for innovative companies as they enjoy more space and time for creativity and growth. When you look at the combination, these four premiums are very powerful. This is why companies who are pursuing innovation as a continuous strategic-thrust, keep on doing better and better. Innovation leaders create greater shareholder returns, customer loyalty, partnership preferences and employee

1

Jonash, Ronald and Sommerlatte, Tom. The Innovation Premium, Massachusetts: Arthur D. Little Inc., 1999


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attraction. If there is any question in your organization as to why innovation is important, perhaps these are the four attributes you can use to explain why innovation is crucial.

Definition of Innovation Now that we have established the importance of innovation, let us agree on the definition of innovation. What is your definition of business innovation? And how is it different from innovation breakthroughs? We have completed broad studies of innovation across industries and geographies to develop a concise and comprehensive definition of innovation.

When we organized all of the examples we examined, we found that innovations were distributed across the whole value chain. This goes against the more traditional assumption that innovation is around new technologies, and new products and services. Many innovations are around changes in business models, partners, experience, delivery and markets. The more successful companies innovate across multiple categories not just one. For example, Zipcar’s innovation was not just around changing

the location and delivery model of rental cars to every parking lot within a city, the company also Innovation Management Body of Knowledge – A Guide on Breakthrough Innovations (IMBOK Level 1 Guide) ©2013 Global Innovation Management Institute

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changed the traditional business model of rental cars to an hourly rate instead of a day rate. With these changes, Zipcar was able to attract a new customer segment and provide a new experience in renting cars. Looking at these examples, a unique combination of innovative choices is what makes an innovation successful.

Thus, business innovation is defined as the creation AND capture of new value in new ways. To understand this definition better, let’s break this into two parts.

The first part of innovation is in creating new value. There are many ways to do things differently across the whole value chain – new customers, new delivery channels, new pricing models, new partners and new offerings to name a few. C reation of new value DOES NOT have to be new to the world. It just has to be new to your organization. This provides you with a different perspective where you can now borrow ideas from other industries or geographies and apply it to your own industry and company.


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The second part of innovation is on capturing this value in new ways. Unless you capture the value, it will not be considered an innovation – it is just a great invention. You capture value through new top line growth, new cost reductions, new strategic premiums, or new real options. Below is an example of business innovation at McDonald’s. In its crowded market place, McDonald’s has

been able to stay ahead of its competitors by innovating across the whole value chain.

Think back to your definition of innovation. How different is it from this definition? Remember, the important thing is for your organization to agree on a common definition and get alignment when discussing innovation.

Definition of Innovation Breakthroughs So what are innovation breakthroughs? How are they differe nt from business innovation? Innovation breakthroughs focus on four key components – trends, needs, business models and combined capabilities. They take advantage of emerging and sustaining trends. They meet basic human needs. They use simple but proven business models. And finally, they wow customers and build barriers to entry by combining capabilities in unique ways.


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Breakthroughs take advantage of emerging and sustaining trends. We listed five examples. The first trend is always available. The power of the Internet and the pervasiveness of mobile technology have been a strong driver of at least half of the innovations we studied. Today, you can purchase plane tickets, hotels, car rentals or pizza even at 3 in the morning. The second trend is the underserved segment. This trend has become more prominent as emerging economies around the world grow. Companies create new offerings to target specific market segments that were previously ignored. The third trend is around going green. Another trend is trusted transactions. People have increasingly learn to trust and interact with strangers, and transact arou nd things they would never do before such as booking hotel using credit card, or relying on GPS for directions. The final trend we have examined is around health and education. Understanding and creating value around these emerging and sustaining trends is often one of the most sustainable ways to capture innovation breakthroughs and growth.

All innovations should meet basic human needs. We have given three examples of basic human needs. The first is customized for me. As human beings, we l ike to be taken care of. We like to be pampered. Comfort comes from things being customized for our preferences and needs. Another human need


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revolves around safety and security. We want to feel p rotected. We want to be in safe han ds. Offerings that reach this need become critical and inimitable quickly. The final example of a basic human need involves life being sensible and simple. Simplifying the purchase and user experience creates a powerful retail experience for customers. By m eeting these human needs and others, companies find innovations are more quickly adopted and more effectively meet customer needs.

Simple and proven business models are keys to capturing value. We listed four examples. The first example is called right serve. By matching the level of need with the right service, companies create offerings to address brand new markets. The second business model is co-create. Some companies have generated innovation breakthroughs by providing infrastructure, simple governance, and individual freedom to create. The third model is pricey refillables. A large set of innovation breakthroughs follow this model of charging very little or giving away the product, and making money from selling the refills. The fourth type of business model is Intel Inside. Many innovations are built around becoming more visible to the end consumer, which we termed as I ntel inside. All of these types of business models, and others, are designed to capture the values of innovation breakthroughs.

It is not enough to know the trends, human needs and business models to generate innovation breakthroughs. Combining capabilities in unique ways is also needed to wow customers, and build barriers to entry. By putting production, offering, delivery and markets together, you can create a value proposition that is both compelling to the customer and differentiated from what competitors offer.


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In summary, there are four components that drive Innovation Breakthroughs. First, breakthroughs take advantage of emerging and sustaining trends. Second, all innovations provide for basic human nee ds. Third, simple but proven business models are keys to capturing value. And finally, breakthroughs wow customers and build barriers to competition by combining capabilities in unique ways.


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Chapter 2 – Innovation Techniques

Chapter 2: Innovation Techniques There are four basic innovation fundamentals to thinking and acting differently.

Individuals and Teams The first involves using individuals and teams to put disparate pieces of information together. When someone thinks of an idea, it is usually incomplete. We call this an idea fragment. For example, you may think that using a new type of technology is a great idea. But in reality, this is just an idea fragment. You also need to think about the production, offering, deli very, market, partners and business models that will make your idea complete and a success. Partnering with others within your organization can help make your idea fragment more complete by adding their dots to your dots. Additionally, internal partnering can help you gain support and buy-in for your innovation initiative and even participate as a member of your project team. By working with a team, you can pull disparate pieces of information together to create a complete idea or what we call a robust concept. You can overcome barriers and enable your innovation initiatives to progress faster by gaining support from your team members.


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Structured Approach in Problem Solving The second innovation fundamental requires a structured approach for creative problem-solving. All problem-solving requires spending the right amount of time on the setup, divergence, connecting and convergence processes to be effective. The right mindset and a structured approach to creative problem solving are critical.

Begin with the setup. Before you start pr oblem-solving, you need to identify the problem and set a goal for what needs to be solved. Once you have identified your goal, the next step is to diverge. Re-frame the problem and generate ideas. One person will never have all of the possible solutions to answer any problem. Therefore, everyone on the team should be encouraged to put forward new ideas, options and alternatives. Explore all possible solutions but avoid being critical and skeptical of any ideas during this stage, no matter how impossible an idea m ay seem. After diverging, the next step is to connect. Organize and combine ideas and idea fragments in new ways. Group similar ideas to make them more complete and robust. Once you have connected ideas, the next step is to converge. Prioritize which idea you want to develop further, and refine it. Being analytical, critical and cautious will be helpful during this stage. Note that in the convergence stage , you and your team should not be collecting new ideas anymore, but instead should be making a decision. The last step is to emerge. Set the action plan on how to take the prioritized idea forward.

Thinking Styles The third innovation fundamental uses different thinking styles throughout the innovation process. We use different thinking styles for different situations, but it is particularly important in innovation to use all six of these thinking styles. People who typically wear the blue hat are organized a nd controlled. Individuals with this thinking style organize thoughts and actions, and lay out and control objectives, purposes & processes. People who typically wear the green hat are creative and put forward new ideas, options and alternatives, as well as modify and improve ideas. People who typically wear the yellow hat are optimistic and positive. They focus on capturing opportunity, seeking out value, and providing reasons to take chances. People who typically wear the black hat are cautious and critical. They focus on detecting risks and faults, and providing reasons for caution. People who typically wear the white hat are analytical. They focus on the information and facts required and how to obtain them. People who typically wear the red hat are emotional and intuitive. They are expressive of their feelings, emotions and intuition. Which hat are you most comfortable in?


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It is important in innovation that you use all six thinking styles. But it is also important to be aware of which stage you are in, and to use the appropriate style at each stage in the process.

During setup, the blue and white hats should be worn because you are identifying problems and setting goals. When diverging, wear the blue, green, yellow and red hats to collect as many ideas as possible, regardless of feasibility. When connecting, the blue, green and yellow hats are appropriate. When converging, wear the blue, black, white and red hats are key because this is the time to prioritize and make decisions, not generate more ideas. Finally, during the emerge stage, the blue, black and white hats are appropriate because you are setting up the action plan. Always be clear as to which thinking


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styles are appropriate in each stage of this process. Make sure you know which hats you are comfortable in, so you know when you may need to change your behavior.

Cross-functional Teams and Networks The fourth innovation fundamental includes working with cross-functional teams and networks to get different perspectives. Cross functional teams consist of individuals with business discipline expertise, such as finance, marketing, production and IT, but who work collaboratively on issues r equiring diverse resources. Bringing people together from different disciplines can improve problem solving, result in better insights and solutions, and lead to more thorough decision making. However, teams may encounter challenges beyond the expertise of an individual or team. Having powerful networks and sponsors that members of the team can tap into to overcome these challenges is a key factor that will help drive concepts forward. As such, whenever possible, we do encourage to create diverse teams of international and/or cross-functional backgrounds to gain these benefits.


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Chapter 3 – Innovation Breakthrough Process

Chapter 3: Innovation Breakthrough Process We will share with you methodology that has been used successfully with organizations from different industries around the world. There are five major steps to generate innovation breakthroughs, each with a set of activities and outputs associated with it. You will be provided with a set of companion tools, techniques and methods in the process to guide and support you at each step. We wi ll cover each step in the next sections.

Through this methodology, you will get a wealth of insights and business concepts that you and your innovation project team can pursue on Monday morning. You will g et: 

A Strategic Innovation Portfolio that defines your innovation campaign or initiatives and establishes boundaries for innovation

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500+ insights or idea fragments across the whole value chain – production, offering, delivery, market, business models and partners

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5+ new opportunity spaces or Fields of Play for your b usiness

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5+ new business concepts focused within each prioritized Fields of Play

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5+ business cases on business concepts that your innovation project team can review and develop further


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Chapter 3 – Step 1: Innovation Intent

Step 1: Innovation Intent

Similar to project management, before starting any i nnovation project or initiative, you must first clearly define the reasons for and boundaries of innovation by understanding your company's current situation and future outlook, including why, when, and where to innovate.

There are three activities you need to do to establish Innovation Intent: 1. Define the case for change 2. Quantify the growth gap 3. Set the acceptable types of projects and requirements for your innovation portfolio to close the growth gap


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Practice Activity 1: Define the Case for Change The first activity is defining the Case for Change. The Case for Change explains why your company needs to innovate. It identifies the drivers for innovation and connects them to initiatives and measureable outcomes. Innovation drivers can be an ambitious CEO or leader, changing environment, competition, or demanding customers and shareholders. These drivers are explicitly linked to your company's strategic focus.


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Create a compelling case for change that gives innovation a purpose. Here are two examples. During the 2009 Frankfurt Motor Show, Car los Ghosn, CEO of Renault, made his case for chang e. He said that our world is facing an environmental challenge. Everyone who produces and uses cars need to be part of the solution. As such, cars need to be built with a small er carbon footprint. Another example of a case for change was made by former US President John F Kennedy in a speech about putting a man on the moon in 1961. President John F. Ke nnedy said that no nation that expects to be the leader of other nations can e xpect to stay behind in the race f or space. He then announced the mission of putting the first man on the moon and returning him safely to earth.

Practice Activity 2: Quantify the Growth Gap The second activity is quantifying the Growth Gap. The Growth Gap clearly demonstrates size and timing for potential innovation efforts. As time passes, companies go through various stages of the business life cycle. Year after year, sales and profits tend to be stable. However, competition remains fierce and customer needs change. If your company does nothing, eventually, sales start to drop. Projected earnings growth will exceed your actual earnings. A gap emerges. We call this gap, the Growth Gap. The Growth Gap clearly exposes the nece ssary size and timing for potential innovation efforts. In order to close this gap, your company needs to set a Big Hairy Audacious Goal (BHAG). This BHAG will serve as breakout growth projections that force leaders and managers to think and act differently about how to achieve these targets. Additionally, this can also be linked back to the strategic initiatives and stretch targets of your case for change.


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Here are two examples. During the 2009 Frankfurt Motor Show, Carlos Ghosn announced that cars will be built with zero emissions that will appeal to the masses and launch by 2011. On his man on the moon speech, President Kennedy stated his mission to put the first man on the moon by the end of the 1960s. On July 20, 1969, Apollo 11 landed the fi rst human beings on the moon, accomplishing President Kennedy’s case for change.

Practice Activity 3: Set the Innovation Portfolio The third and last activity is setting the requirements for the innovation portfolio. An organization's positioning and strategy should determine the future composition of its innovation project portfolio. Whether you go tactical or strategic, this will help you understand the appropriate types of innovation project initiatives you want to be doing to close the growth gap.


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It is important for companies to understand their curre nt strategy in innovation – where they currently are, and where they want to be in the future. Based on our experience, all companies have an explicit, or in most cases, implicit innovation positioning being an Imitator, a Transformer or a Pathfinder. Imitator companies focus on low-cost, reverse-engineered copies of other brands. Transformer companies take the best existing offerings and enhance them in cre ative ways. Pathfinder companies invent products and services, markets, channels, technologies, business models and processes that are entirely new and original.

Your positioning informs your what, how and why you innovate. Below is a table listing the strategy, needs, market, products, R&D and processes of each p ositioning. Knowing your innovation positioning is Innovation Management Body of Knowledge – A Guide on Breakthrough Innovations (IMBOK Level 1 Guide) ©2013 Global Innovation Management Institute

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important because this will help you not only define what types of innovation initiatives your company would tend to accept for your innovation portfolio, but also set the stage for the innovation intent.

Here are two examples. During the 2009 Frankfurt Motor Show, Carlos Ghosn announced that Renault will lead the way to mass-market zero emission mobility with new batteries, new charging systems, and new partners. On his man on the moon speech, President John F. Kennedy announced that the United States of America has to land a man on the moon, and do it right, and do it first before the end of 1960s. He also announced that the space budget will be three times what it was in January 1961 to accomplish his case for change.


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Innovation Intent Summary In summary, there are three activities you need to do to establish Innovation Intent: (1) define the case for change; (2) quantify the growth gap, and (3) s et the acceptable types of projects and requirements for your innovation portfolio to close the growth gap.


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Chapter 3 – Step 2: Opportunity Insights

Step 2: Opportunity Insights

After defining the innovation intent of your company, the next step is to use trends impacting your business. It is in this step that we create the space for divergent thinking and new ideas, view the opportunity from a variety of internal and external perspectives, and develop unique insights into the problems and identify the potential pieces of the solutions. You need more dots and a structure to look at the dots. It is critical to use different perspectives to see opportunity in new ways and identify a range of trends, idea fragments, and insights. Multi-source intelligence need not be from just inside of your comp any, but can also come from outside your company. It can be from your customers, e mployees, competitors, partners and suppliers. Gathering dots from multiple sources ensures to a greater degree that we can look at all the potential opportunities possible for our company.


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Once we have gathered as many dots as you can, you need to organize them in a systematic way that makes it easy for anyone to access and understand. The Business Opportunity Map or BOM, which is the final output of the Opportunity Insights step, is a way you can organize these dots. It is a visual tool that can provide structure to workshops and ideation sessions as well as a platform to discuss new opportunity areas.

The BOM democratizes the dots for anyone to system atically connect the dots. Through this map, it helps you see the current, future, and potential aspects of a business. The purpose of the BOM is no t to generate ideas, but to look at insights that your compa ny may want to consider. And in the next steps of the innovation breakthrough process, you will be connecting these insights to generate different ideas. So, the more insights you can collect, the better ideas or connections you may get later on. So how do you collect these insights? There are four activities you need to do to generate Opportunity Insights that capture the current and future aspects of your company: 1. Map your company’s current business (your company) 2. Look at the future with scenarios (future) 3. Walk in someone else’s shoes (value chain) 4. Look at new partners…new moves (adjacencies) 5. Organize all dots or ideas into a single Business Opportunity Map


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Use these guide questions listed below, to generate dots for the BOM. The questions are divided into the five rows of the BOM. Make sure to write down your dots on the B OM template as you go through the guide questions of each row of the BOM.

BOM Guide Questions:

1. Markets (customers, needs and experiences) 

What market segments do we target?

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Who could be a lead user or influencers?


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What customer needs do we serve?

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What kind of experiences do our customers get?

2. Delivery (occasions, locations and channels) 

In which places is the offering provided?

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Through which channels is the offering provided?

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What are the logistics of the offering?

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When do we offer it?

3. Offering (products, services and brands) 

What are the products and/or services being offered?

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What experiences do the offerings provide?

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How is the offering branded?

4. Production (competencies, assets and technologies) 

What capabilities do we require?

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What assets (equipment, human skills etc.) do we use to create the offering?

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What technologies do we use to create the offering?

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What processes do we have to create the offering?

5. Business Model (networks, partners and pricing model) 

Which networks and partners do we use?

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What pricing strategy do we use?

Practice Activity 1: Map Your Company’s Current Business (Your Company)

Map your company’s current business into the BOM template. Start with the Market row. Individually,

write as many things that your company does for that row. Do the same for the other rows of the BOM. Pair up and select a BOM row. Together with your partner, group similar dots together and label each group. Repeat until all BOM rows are organized and idea fragments are clustered properly. Finally,


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review to see if there are any other dots missing. Repeat this until you get a single, refined BOM of your company. Make sure to cluster idea fragments into groups, and label each group properly before adding them to the BOM.

Practice Activity 2: Look at the Future with Scenarios (Future)


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The second activity is to use emerging trends that could impact your organization to create scenarios to see and connect to a range of plausible potential futures. Organizations can miss or discount opportunities that lie “outside their sandbox” or core business.

Refocusing on the broader industry definition and the trends that affect this larger space is one way to start stepping out of the sandbox.

Use a range of internal and external perspectives to determine emerging trends that could impact your business. Emerging trends are mega global forces that affect social, technological, economic, environmental and political aspects of your business. Trends can come from changing needs of consumers, channels and influencers. The moves and responses of both competitors and substitutes can also affect your business. Changing capabilities of your suppliers, partners and networks as well as competencies and technologies can also impact your business.

Identify trends that are affecting or may affect your industry. Individually, write as many trends as you can for each quadrant. Identify the top five tre nds for each quadrant. Innovation Management Body of Knowledge – A Guide on Breakthrough Innovations (IMBOK Level 1 Guide) ©2013 Global Innovation Management Institute

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Next, rank each trend according to its impact and uncertainty. A high impact trend is a trend that could have a significant positive or negative impact on the business. An uncertain trend is a trend that is unclear which direction it will go or how soon it will occur. Use the scale of 1 as the lowest and 5 as the highest when ranking. Map the trends on the Impact- Uncertainty Matrix. Circle the top three trends with highest impact and highest uncertainty.

Once you have identified the high impact and high uncertainty trends, the next step is to do scenario mapping. Identify two high impact and high uncertainty trends affecting your industry. Create different scenarios that could occur within your industry. Describe how those future scenarios could look like. Generate dots to build a robust BOM.


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High impact and highly uncertain trends create future scenarios that your company needs to prepare for. Scenarios require two trends that will have a high impact on your organization and a high uncerntainty about the direction of the trend.

Why do we need to select trends that are high impact, and high uncertainty? Trends with low impact are not critical because they do not significantly affect your business. Trends with high certainty have already been prepared for because these trends will definitely happen. Therefore, to prepare for what's next, we have to select trends that have high impact and high uncertainty. Why do we need to do scenario analysis? Scenarios enable an organization to see and connect to a range of plausible potential futures. Scenarios are important in the i nnovation methods process because we use them to stimulate new and different ways of looking at the markets, customers, products, services, channels, technologies and business models that are inside and outside your company's sandbox. Here are some other benefits of scenarios. S cenarios create several alternative futures to test, make explicit the tacit beliefs about the organization and its future, facilitate outside-in thinking to better understand the external forces shaping the futur e, and encourage out-of-the-box thinking to anticipate unexpected developments, risks and opportunities. What are the characteristics of scenarios? Scenarios are outside-in, hypotheses and stories, and customized to context. Scenarios are NOT insideout, predictions or forecasts, or off the shel f. Let us look at an example. For a multinational corporation interested in entering Iraq in 2005, two trends were identified that had high impact, and high uncertainty – the price of fuel, and internal stability. Note that each trend has two opposite, but likely outcomes.


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Based on those two high impact and high uncertainty tr ends selected, four alternate scenarios can be developed, each with unique characteristics and a different name. Naming each scenario can help people easily distinguish scenarios from one another.

Next, for each scenario, identify insights and ideas. Split in pairs and assign one scenario to each pair. Imagine 5 years into the future. Cre ate a story; write down what that scenario looks like. What will your market be? What types of customers and their needs, products, services, channels, technologies, and partners will there be? Why would they buy the offering? Who is supplying it? Where are we located? Who are the competitors?


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Finally, synthesize your answers as a group. Each pair reads the description of the scenario to the group. Each pair writes three key ideas from thei r scenario and places them on the BOM. Identify ideas that were different for each scenario, those that you hadn’t thought of before . Summarize insights and ideas. Repeat this until you get a single, re fined BOM of the future scenarios. Make sure to cluster idea fragments into groups, and label each group properly before adding them to the BOM.

Practice Activity 3: Walk in Someone Else’s Shoes (Value Chain)

The third activity is to consider your partners along the value chain. Considering how other companies across the value chain would address similar challenges enables us to think differently about the problem.


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A value chain is a connected series of activities involved in the creation and delivery of a product or service to its end-users. Value chain partners can be your suppliers, customers, competitors, partners, distributors, government or regulators and others. Here’s an exercise to help you generate dots for the value chain’s BOM. List all players on the value

chain. Then, select a player and walks in his shoes. Make sure that you wear a different shoe. Write as many potential ideas as possible. Identify ideas that were diffe rent for each value chain player, those that you hadn’t thought of before. Repeat until you have added ideas for each player. Summarize

insights and ideas. Repeat this until you get a single, refi ned BOM of the value chain. Make sure to cluster idea fragments into groups, and label each group properly before adding them to the BOM.


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Practice Activity 4: Look at New Partners…New Moves (Adjacencies)

The fourth activity is to consider adjacent players and what they would do differently. A djacent players are companies that are similar to your company’s core market that share common characteristics in

needs or business processes. They can be your partner s, competitors, customers, distributors, suppliers, substitutes, and others. Leveraging the capabilities and assets of other companies would enable you to move faster, decrease costs and increase quality.

Here’s an exercise to help you generate dots for your adjacencies’ BOM. List all potential adjacent

players. Selects an adjacent player. Imagine you have access to all of that adjacency company’s capabilities and assets. Write as many potential ideas as possible for each BOM row. Repeat until you have added ideas for each adjacent player. Identify ideas that were different for each adjacent player, those that you hadn’t thought of before. Discuss and summarize insights and ideas. Repeat this until you


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get a single, refined BOM of the adjacencies. Make sure to cluster idea fragments into groups, and label each group properly before adding them to the BOM.

Practice Activity 5: Organize All Dots or I deas into a Single Business Opportunity Map

In the previous four activities, we have looked at the current business, future with scenarios, value chain and adjacencies. Now we need to organize all of the trends, insights and idea fragments into a single Business Opportunity Map.


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Combine all the outputs from each activity’s BOM into a sing le Business Opportunity Map. Do this one

BOM row at a time.

Make sure to review the idea fragments that were identified, remove duplicates, group similar items, label each group properly, and add new ideas that come to mind. Next, input the groupings and details into the relevant section on the BOM tem plate. Repeat this process until you have combined all of the outputs into a single BOM map.


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Here is an example of what a single BOM looks like. The example is on the lighting industry.


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Opportunity Insights Summary In summary, there are five activities you need to do to generate Opportunity Insights. You need to generate dots for your company, partners on the value chain, adjacencies and future with s cenarios. Then, combine and organize all dots into a single Business Opportunity Map.


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Chapter 3 – Step 3: Fields of Play

Step 3: Fields of Play

Fields of Play, or FOPs, help you broaden your business boundaries by defining new areas for growth. With the FOPs, you now have defined the spaces whe re you want your company to innovate. FOPs allow a company to mitigate risk when stepping outside their core business by targeting gr oups of related opportunities, not silver bullets. How is this possible? Recall the opportunity insights process. From the inside and outside of your company's core b usiness, we have collected trends, insights and idea fragments from your current business, future with scenarios, partners along the value chain and adjacencies. Using the collected insights and opportunities, we then group similar or related opportunities together to create different FOPs. Once you have generated several FOPs, you then prioritize the most attractive FOPs. The prioritized FOPs thus become your company's growth and innovation engines or platforms. By allowing you to have one foot inside your core busi ness, you can make FOPs actionable by tapping into your core competencies. On the other hand, by allowing the other foot to go outside the sandbox, you can broaden your boundaries and prepare for what's next. Looking at this diagram, which of the four FOPs is the most attractive? Is it A, B, C, or D?


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The answer is C. A, and D may be attractive but are not actionable because both are beyond our core competencies. Both B, and C are attra ctive and actionable, but C allows us to potentially connect to the adjacent space of D. Once you are in the space of C, you will have new capabilities that can eventually get you to D.

Let us look at the innovation journey of Bunge. Bunge is a leading agri-business and food company. As a major producer of soy based products, the company was focused on feeding humans. During the process, waste that crushed soy seed shells produced we re given to local farmers and used as animal feed. Exploratory initiatives convinced company executives that there were profitable opportunities in feeding animals beyond selling the shells. The required capabilities were similar. As the new business

expanded, Bunge developed new capabilities and technologies enabling it to consider making bio-fuels, which we refer to as feeding machines. This move to feeding machines helped Bunge double their growth, and expanded their Fields of P lay from feeding humans to feeding machines.


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Here are other examples of Fields-of-Play from different industries. Cemex, a cement company, went beyond cement to construction. A beverage company can go beyond colas by offering products such as juice drinks and water. Braskem, a petrochemical company, went into polyolefins, a type of plastics. SK Telecom, a South Korean mobile telecommunications operator, went beyond voice to ubiquitous paradigm such as wireless wallet and third screen. Renault, a French automaker, we nt to zero emission vehicles. Apple went to personal media communications such as iPods and i Phones. McDonalds went beyond burgers by offering healthier dishes and opening cafes. A lighting company can go beyond light bulbs through smart lighting.

Fields of Play should be broad enough to support many concepts but focused and descriptive enough to be easy to visualize. Identifying potential lead concepts that the organization can pilot and roll -out, can also help you visualize and assess the attractiveness and actionability of an FOP.


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Let’s look at the Indulgence FOP example. Listed are two concepts around this FOP. The first concept is

about portable caffeine for married women with children. The second concept is sports drinks targeti ng teenagers. Notice that both concepts are different fro m each other but are still within the space of indulgence.

Avoid Fields of Play that could be too narrow or specific. Here are some examples: (a) LED Highway Lighting System, (b) Check Card for KSA Youth, (c) Electrically Conductive Paint for Interior Walls. There are three activities you need to do to develop Fields of Play: 1. Identify Fields of Play 2. Prioritize one of these Fields of Play 3. Develop the prioritized Fields of Play


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Practice Activity 1: Identify Fields of Play There are many ways to identify potential Fields of Play by connecting different parts of the BOM at a high level. 1. A Field of Play can start with an idea, hotspot or a common theme, then, expand it by adding other ideas from the BOM.

2. A Field of Play can be within the core business.


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3. A Field of Play can extend bey ond the core but with significant overlap.

4. A Field of Play can be far from core with no overlap with the curren t business.

Here’s an exercise to help you identify FOPs. First, review the synthesized BOM. Next, identify FOPs.

Look for related idea fragments and group them together. Look for hotspots or theme s and link it to other idea fragments. Propose two to three FOPs for each of these hotspots or themes. Finally, describe each FOP. Select the top five FOPs that you feel strongly about.


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Make sure to use a story line to describe your FOPs. Start with trends. What major trends will affect your business? Which segments will be affected by these trends? What are their needs? What will be the offering? What major capabilities can you use? What is the potential market size and scale of this FOP? Finally, give a compelling and interesting name to the FOP that everyone will understand. Do the same for the other Fields of Play that you created.

Practice Activity 2: Prioritize a Field of Play After selecting the top FOPs, now you need to prioritize one Field of Play from the list. To do this, first, determine the criteria for ranking the FOPs. Here are examples of criteria that you can use. You can think of other criteria that should be considered when prioritizing FOPs.


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Once you have determined the criteri a, rank the five FOPs based on the cri teria. You can use the scale of 1 as the lowest and 5 as the highest when ranking. Get the total score for each FOP. Select the FOP with the highest score. Finalize and sele ct one prioritized FOP.

Practice Activity 3: Develop the Prioritized Field of Play Once you have prioritized a Field of Play, dev elop this further to make it more understandable to o thers. Develop the prioritized FOP to make it more understandable to others by listing down the insights or drivers for the opportunity, describing key market segments and competitive dynamics, identifying company and partner assets, develop value proposition, and explain why we will win.


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Answer these guide questions provided below: 1. List insights and drivers for the FOP 

What are the key insights or drivers of this new opportunity?



What are the trends around markets, del ivery, offerings, production and business models that drive this new opportunity?



Why makes this opportunity exciting?

2. Describe the key market segments and competitive dynamics 

Key market segments o

What is the key market segment and the likely nature of the competitive dynamic in this market space?



o

How big are the markets and how fast are they growing?

o

Who are the market segments?

Competitive dynamics o

What are their needs and behaviors?

o

How is the industry changing?

o

Is it a blue ocean with a lot of opportunity or are there a lot of competitors?

o

Who are the competitors?

3. Identify company and partner assets 

What are the current or potential assets that could best differentiate your company in this opportunity?



What are the current or potential partners that could best differe ntiate your company in this opportunity?



How differentiated could we be?



Do these assets and partners make your company go faster, better, cheaper?

4. Develop the value proposition 

In one sentence, what is the value proposition that best captures the compelling and differentiated nature of this opportunity and the likely types of offerings?



What are benefits do the customer, delivery channel, suppliers and partners get from of this new opportunity?

5. Explain the reasons why your prioritized FOP can win 

Why do we believe we could win in this space, both internally and externally?



Why will customers buy our offerings?



Why should we access the market differently?



Why is our offering different from the competition?



Why can we produce better, cheaper, faster?



Why is this opportunity significant to our partners?



Why will we make money?

Combine all the summary sentences you created for the key insights or drivers, ke y market segments and competitive dynamics, company and partner assets, value proposition, and why we will win.


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Here’s an example of a refined FOP for a battery company. The FOP is around home power management

solution.

Fields of Play Summary In summary, there are three activities you need to do to develop and prioritize Fields of Play. Identify five new opportunity areas for the company to play in. Pr ioritize one of these Fields of Play. And develop and refine your prioritized Field of Play to make it more understandable to others.


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Chapter 3 – Step 4: Business Concepts

Step 4: Business Concepts

After prioritizing an FOP, the next step is to develop and prioritize attractive business concepts within the defined FOP, not individual idea fragments. It i s in this step that we generate a range of business concepts for the prioritized Field of Pl ay, select the best concept to recommend, and conduct initial due diligence to validate the priority of the concept. So what is an idea fragment and how is it different from a concept? Idea fragments are incomplete ideas and will always require more information to complete the idea. Concepts are more complete and robust than ideas fragments because they are composed of idea fragments that link across all of the elements of the BOM. Like the Connect-the-dots game, the more dots you can connect, the more ideas you can generate. And the better dots you have, the better ideas you get. Recall the two concepts of the I ndulgence FOP example. Each concept contains one or more ideas from each section of the BOM. We have color -coded each idea fragments in e ach concept to match the color of the corresponding row of the BOM. By l inking ideas across all elements of the BOM – market, delivery, offering, production, and business model – these concepts are not only more robust and complete, but also easier to visualize.


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There are three activities you need to do to develop business concepts: 1. Identify business concepts around the prioritized Field of Play 2. Prioritize one business concept 3. Reverse engineer your prioritized business concept

Innovation Management Body of Knowledge – A A Guide on Breakthrough Innovations (IMBOK Level 1 Guide) ©2013 Global Innovation Management Institute

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Practice Activity 1: Identify Business Concepts How do we develop concepts? The type of c oncept generated is based on which dots are used to form the concepts. Concepts can be incremental, breakthro ugh or radical.

You can make concepts more actionable by tapping into your core competencies i.e., by adding BOM at least 2 dots that are within your company’s current business. This type of concept is what we call

breakthrough concepts. Concepts are made robust by asking rig orous questions about each element of the BOM. Reme mber to link ideas across all elements of the BOM – market, delivery, offering, production, and business model. If you have a hard time answering all the questions listed here, that means you have to go back to your BOM and rework your concepts. Repeat this until your concepts are robust and complete. 

Market – whom do we target?



Delivery – where and when do we offer?



Offering – what are our offerings?



Production – what capabilities do we require?



Business Model – what business models, pricing, networks and partners do we need?


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Here is an example of a concept around Apple’s Field of Play on seamless, portable, personal entertainment system – Apple’s iPod. Look at how Apple linked all the elements of BOM into the iPod concept.


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Here’s an exercise to help you identify business concepts. First, review the prioritized FOP. Next,

identify business concepts. Look for related idea fragments and group them together. Or look for a hotspot or theme and link it to other idea fragments around the prioritized FOP. Propose five to ten concepts based on the prioritized FOP. Finally, descri be each business concept and list the dots that make up this concept’s value chain. Select the top five business concepts that you feel strongly about.


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Use the story line to describe your c oncept. Start with what is the offering? Who needs it? What else is out there? Why is it unique? Why can’t competitors copy i t? What is the impact? Remember to give a

compelling and interesting name to the concept that eve ryone will understand. Insert an image to better describe your concept. Do the same for the other business concepts that you created.

Practice Activity 2: Prioritize a Business Concept After selecting the top concepts, now you need to prioritize best business concepts from the list based on attractiveness and fit. Attractiveness criteria can include relative size of benefits or addressable market, options it provides, or the rewards and risks. Fit criteria can include feasibility, winnability, the link with innovation intent or strategy, and passion. You can use the scale of 1 as the lowest and 5 as the highest when ranking. Rank the five concepts based on the agreed criteria.


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Map each concept to the screening matri x based on the scores. Look at the concepts that fall under the high priority box i.e. the concepts have high attractiveness and high fit scores. Finalize and select one prioritized concept. Then, develop that concept further.

Practice Activity 3: Reverse engineer your prioritized business concept Once you have prioritized a concept, conduct initial due diligence to validate this prioritized concept. Here’s an exercise to help you reverse engineer the prioritized concepts. Individually, list down as many

key uncertainties as possible by asking this questions – “What do you have to believe has to be true for the concept to be a success for your organization? Add your ideas or build off of what is written. Repeat ”

until you’ve listed all possible conditions. Then, select the top three conditions that you least bel ieve is likely to happen.


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Finally, define test for these three conditions and capture them. For each condition, list down what are the fast to failure tests or mission critical experiments. Then, list down the desired outcomes or decisions for each test.


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Business Concept Summary In summary, there are three activities you need to do to develop and prioritize Business Concepts. Identify five business concepts around the prioritized Field of Play. Prioritize one business concept. And, reverse engineer your prioritized business concept.


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Chapter 3 – Step 5: Business Case

Step 5: Business Case

After prioritizing a concept, the next step is to develop it further by creating a business case that helps you visualize the concept, address key uncertainties and create tactical plans. There are three types of information to include in your business case: key facts, visualizations, and tactical plans.

There are four activities you need to do to create a Business Case on your prioritized concepts. 1. Identify the key facts of the concept 2. Visualize the concept 3. Use several tactical issues or questions to address your concept 4. Bring the key facts, visualizations and tactical plans together


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Practice Activity 1: Identify Key Facts of the Concept There are six key facts to help you develop your business concept further to create a business case. Use the guide questions provided below to answer each key fact. 1. Key insight 2. Value proposition 3. Detailed description of the business concept 4. Business model 5. Market size 6. Action plan


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Practice Activity 2: Visualize the Concept There is a saying that a picture is worth a thousand words. Visualizations, brochures, pictures, charts, graphs, diagrams, and prototypes make the concept look and feel real beyond the key facts. Use im ages, diagrams, and mock-ups or prototypes to help you and your sponsors visualize your concept.

Use prototyping or protocepting to create three dimensional models, non-working prototypes or lifesize representations to move beyond sketches to something people can fee l, touch and hold. Use simulation to anticipate how customers, partners, competitors and your company wil l react. Use prototypes, mock-ups, and role-playing with real or fake customers to test and document reactions, results and other comments and suggestions.

Practice Activity 3: Use Tactical Questions to Address Your Concept There are several tactical issues or questions to address related to your concept and a r ange of tools and techniques to use.


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How can you work with potential stakeholders and sponsors to secure their support and resources? One tool you can use is concept visualization. Another tool is reverse engineering. What are the key uncertainties identified by you, your team, leaders and other stakeholders? Anticipate the skeptics and have answers to their questions before they ask them. Another tool is last experiment first. What are the fast-to-failure elements? What implementation barriers do you foresee within your organization? Test the biggest uncertainties that could put the conce pt in jeopardy first.

What implementation barriers do you foresee within your organization? Use protocepting or prototyping. Look for internal and external leads or potential partners. What internal stakeholders or companies in the value chain would benefit if this concept succeeds? Get them involved early; convince them of the opportunity and the need to share some of the risk. Use simulation to anticipate how customers, partners, competitors and your company will react. U se prototypes, mock-ups, and roleplaying with real or fake customers to test and document reactions, results, etcetera.


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What early wins can you design in the imple mentation to excite people about your concept? Use rapid experimentation or testing to get to a version 0.9, an 80% solution, or a “Good Enough” version. Get a working version of the product or service into a test market as soon as possible. Address emerging problems as they arise. Find lead customers or ear ly adopters to test your concept. What customer segments do you believe will be the first t o try your product? Why? Identify the segm ents and their needs and focus initial efforts with these groups.

Practice Activity 4: Bring the Key Facts, Visualizations and Tactical Plans Together Bring the key facts, visualizations and tactical plans together in a coherent, insightful, and compelling presentation. Start with an executive summary, followed by the key insight, value proposition, detailed business concept, business model, market size, key uncertainties and action plan. Follow the suggested outline, and feel free to use your own template in creating your business case.


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Business Case Summary In summary, there are four activities you need to do to create a Business C ase on your prioritized concept. Identify the key facts of the concept including insight, value proposition, detailed description of business concept, business model, market size and action plan. Visualize the concept Visualizations, brochures, pictures, charts, graphs, diagrams, and prototypes to make the concept’s look and feel real beyond the key facts. Use several tactical issues or questions to address related to your concept. Then, bring the key facts, visualizations and tactical plans together in a coherent, insightful, and compelling presentation.


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