Ideation - BM2313 - STI PDF

BM2313 IDEATION Overview With the current market conditions (i.e., COVID-19, the rise of e-commerce, digitalization, etc.), now is the time to make innovation everybody’s business. Ideation is an innovative tool for adding value to ideas, products, and...

BM2313 IDEATION Overview With the current market conditions (i.e., COVID-19, the rise of e-commerce, digitalization, etc.), now is the time to make innovation everybody’s business. Ideation is an innovative tool for adding value to ideas, products, and available services. The pandemic has accelerated specific product trends and slowed down others. A case in point is the rise of online shopping and the decline of brick-and-mortar stores. To stay abreast, companies must experiment with new business ideas, models, and solutions through ideation. The following are the elements in generating an idea: Personal skill set. Evaluate marketable skill sets and identify which skill is a potential business venture. For example, if an individual is good at cooking, he may develop a new recipe for a dish or dessert. Current events. Research market trends and industry news that may have business possibilities. For instance, lockdowns brought by the COVID-19 pandemic transition many businesses to online selling, which can be an opportunity and a platform for small-time entrepreneurs. Invention. Analyze an existing market need and position a product or service that will meet the identified need. For example, a TV manufacturer revealed a common issue that people regularly misplace their TV remote control. Though this is not recognized as a problem that needs an immediate solution, the company was able to develop a “remote-control finder” button on the TV itself, resonating with the silent call of the customers (MaRS Discovery, 2023). Product improvement. Experiment and put a product through an additional process, add services to a product or combine an existing product with other products to increase its value. For instance, a water refilling station provides free delivery services for its customers. Another example is the Ariel powder detergent and Downy fabric conditioner combined in a single product. Devising Customer-Centric Innovation Four (4) methods can be applied during the ideation phase: Brainstorming Brainstorming is used when there is a large volume of ideas. In the ideation process, brainstorming can help generate ideas about important issues. Brainstorming must be directed and focused on creative solutions for identified opportunities. A moderator must be present to stimulate the team. In addition, for brainstorming to be successful, observe the following precepts: Quality through quantity. The quality and vigor of the ideas generated are attained through quantity. The more ideas the team develops, the greater the chance of producing an innovative and functional solution. Refrain from judging ideas. Criticism should not hinder the creative process and the generation of bold ideas. The focus should be on producing and embellishing ideas, postponing evaluation to later. Bold ideas are welcomed. New ideas and different angles on the same idea can generate innovative solutions. Therefore, it is best to contribute bold perspectives without letting one’s critical sense derail the discussion and the development of the idea. 09 Handout 1 *Property of STI  [email protected] Page 1 of 2  BM2313 Combining and embellishing ideas. Brainstorming should be a 100% collaborative process. Ideas can be combined, adapted, transformed, and split into many others by any team member (Mauricio et al., 2014). Co-creation Workshop The co-creation workshop is organized in group activities to stimulate creativity and collaboration to foster innovative solutions. This method is best used when an extended team can deal with a large amount of data or when it is necessary to add knowledge from different specialists involved in a project. In addition, it is beneficial for moments of gridlock when new insights about ideas are needed (Mauricio et al., 2014). Menu of Ideas It is best used in collaborative meetings, project presentations, and co-creation workshops to make the volume of ideas generated tangible. It allows better visualization for the decision-making process. It also serves to document the partial results of the project. Decision Matrix In the Decision Matrix, the ideas generated in the project are listed and grouped by similarity, or, with huge volumes, an arrangement may be worked out in advance. Then, the guiding criteria created throughout the project are combined to form a collaborative matrix, with an evaluation of how each idea meets each requirement (Mauricio et al., 2014). References: Mauricio, V., Vianna, Y., Adler, I.K., Lucena, B., & Russo, B. (2014). Design thinking: Business innovation. MJV Press. MaRS Discovery. (2023). Identifying market problems: Building products to meet customers’ needs. https://learn.marsdd.com/article/identifying-market-problems/ 09 Handout 1 *Property of STI  [email protected] Page 2 of 2