Innovations how to sell them the value proposition Can you explain your innovationthesis in 3 minutes Including the need the approach the benefits and the competitionalternatives ID: 714408
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Slide1
R.D. Sisson
Value PropositionSlide2
Innovations: how
to “sell” themthe value proposition!
Can you explain your innovation/thesis in 3 minutes?
Including the need, the approach, the benefits and the competition/alternatives?Slide3
Elevator pitch Examples
http://
www.youtube.com/watch?v=Tq0tan49rmc
http://
www.youtube.com/watch?v=QK3ZdaoKXNQ&feature=relatedhttp://www.youtube.com/watch?v=Ed-gz93EXKk&feature=relatedSlide4
Three Minute Thesis Examples
http://
www.youtube.com/watch?v=Hah0OqK7D8M
http://
www.youtube.com/watch?v=sUd33kREcxE&feature=relatedhttp://www.wpi.edu/Admin/Provost/GRAD/2011ipc.htmlSlide5
Value Proposition Definition
Your
Value Proposition is
: a statement that includes your important customer and market
Need along with your new, compelling, and defensibleApproach to address that need with superiorBenefits per costs when compared to theCompetition and/or other alternativesSuccessful Value Propositions are quantitative and easy to understand and rememberThe four parts of your value proposition are the fundamentals: they must always be answeredSlide6
An All-Too-Typical First Draft…
“The world needs a little red wagon
…”
N
AB CSlide7
An Everyday Example
We naturally create Value Propositions in our everyday life
An SRI
employee even
developed one for a marriage proposalIt worked!When translated to the business environment, they are remarkably rareRemember: only your customer defines your valueI understand that you are hungry (Need). Let’s go to the Campus Center (Approach). It has great food, it’s quiet, and we can continue our discussion better (Benefits/costs) than McDonald’s (Competition/alternative).Slide8
Improve Your Value Proposition, Be
Quantitative
Qualitative statements are
not
persuasive!Slide9
i 3 – Judging Criteria
The
Need
was clearly presented in a compelling presentation.
(0 – 10) - (0-1) did not hear a need - 10 = the need was important and clear.-Is the idea based on a clearly identifiable client/customer need?-Is it innovative, bold, and world-changing?-Has the need been clearly defined and supported? The Approach will meet the Need. (0 – 5)-Does the idea represent a truly original concept?-Has technical feasibility been demonstrated?-Has a reasonable strategy for moving ahead been made?-Is there a path to commercialization? The Benefits of this project are clear. (0 – 5)-Is the value proposition defined?-Is there intellectual property involved?-Is there market data to support the proposed strategy?-Does the idea have a competitive advantage?-Is it a viable investment candidate? The Costs and Competition are clear. (0 – 5)-Have the risks inherent in the idea been identified and dealt with?-Is there a plan to mitigate risks?-Is feasibility based on evidence or assertions? Slide10
References
SRI International
Slides
– with RDS additions – from Curt Carlson – CEO SRI
Innovation by Curtis R. Carlson and William W. Wilmot, Crown Business, 2006.