GRD 301 Week 3 SWOT Analysis & Idea Generation PDF

GRD301: Innovation and Entrepreneurship GRD301: Innovation and Entrepreneurship Innovation and Entrepreneurship Lesson Learning Outcomes: Students understand that innovation is not always positive. Students can apply the SWOT tool to evaluate ideas/innovations. Students understand that innovation is...

GRD301: Innovation and Entrepreneurship GRD301: Innovation and Entrepreneurship Innovation and Entrepreneurship Lesson Learning Outcomes: Students understand that innovation is not always positive. Students can apply the SWOT tool to evaluate ideas/innovations. Students understand that innovation is a process. Students are able to identify opportunities for innovation. Students recognize that creativity can be developed. GRD 301 *This course includes materials licensed by Stanford Center for Professional Development on behalf of Stanford University. The materials provided herein do not confer any academic credit, benefits, or rights from Stanford University or otherwise confer a relationship between the user and Stanford University. PowerPoint developed by David Vanhoutte How Can We Evaluate Ideas/Innovations? How Can We Evaluate Ideas/Innovations? There are a number of different tools that can be used to evaluate ideas. In this course we will use the SWOT analysis tool. The SWOT tool can be applied to just about anything including products, services, businesses … even ourselves! The acronym SWOT refers to four factors: S- strengths W- weaknesses O – opportunities T – threats Each of these 4 factors is worth considering when you are trying to evaluate the potential success of something SWOT Analysis Matrix Source: https://www.business-to-you.com/swotanalysis/ How to use the SWOT tool? The SWOT tool relies on you asking questions related to each factor and coming up with well thought out answers. For example, if you are trying to evaluate a new idea: Look at the idea itself first by looking at its strengths and weaknesses. Some questions you could ask include: Strengths: - What are the advantages of the new idea? - What is unique or special about the new idea - In what way is the new idea better than existing ideas used for the same/similar purpose Weaknesses - What could be furthered improved? - Where is the idea likely to fail? - Can everyone use/access the idea? Does this matter? NEXT Look at what is happening around the new idea by looking at the opportunities and threats. Some questions you could ask include: Opportunity - What are the opportunities for the new idea? - What changes are there in the market or government regulations that could lead to opportunities? - What trends (technology, social..) could lead to further opportunities? Threats - What ideas exist and are they as good as or better than the new idea? - What changes in trends (technology, social…) are there that could remove the need for the new idea? - What alternatives are there available and how much better are they than the new idea Example 1 – Medical Drone Source: https://www.researchgate.net/figure/SWOT-analysis-of-delivering-medical-products-using-delivery-drones_tbl2_345850883 SWOT – Example 2- VR/MR Technologies Source: https://www.researchgate.net/publication/329228115_Implementing_Virtual_Reality_and_Mixed_Reality_Technologies_in_Construction _Education_Students'_Perceptions_and_Lessons_Learned Where ideas come from? Let’s have a poll. (Alone or in group; Outside or Inside; whilst concentrating or when focusing; when at home of when out; morning/afternoon/ evening/night; etc.) IDEO (https://www.ideo.com/) One of the most successful design and innovation firms. Headquartered in Palo Alto, California. One Year at IDEO … 12 Products sold 4,000 Ideas generated 226 Prototypes developed 2 or 3 Commercial successes Innovation case: The IDEO Shopping Cart (Video: https://www.youtube.com/watch?app=desktop&v=M66ZU2PCIcM) Student ‘open-microphone’ discussion Why is this team creative? What practices from this case can you use in your group? Which practices would not work for you? Where do good ideas come from? First Apple iPod Concept to Market in a short 8 months. How did they do this? The first version of the iPod was created in 8 months because it was largely built out of prefabricated materials that Apple could purchase. The interface and design were done by Apple, but they did not create every piece of it. Creativity is not just about inventing everything yourself, it is about finding new products, places, or ways to bring new combinations to existing ideas. Innovation therefore becomes a social process because you have to engage to think about how to recombine ideas in new ways! Escape from a Sunken Submarine Charles ‘Swede’ Momsen What is the best technology for escaping? Sometimes the best ideas come from reevaluating the problem and identifying solutions that already exist, but have been overlooked. Somewhere between science and product design in the middle of the 20th century, Swede Momson was obsessed with getting people out of sunken submarines after he had heard a radio transmission of 200 people who sunk and died. The best way to escape is to open the hatch, hold your breath and just float up to the surface. The solution to the problem was a reframe of the problem, and to realize that the best technology was no technology at all! Charles ‘Swede’ Momsen Christensen, C., Raynor, M. and McDonald, R., 2015. What Is Disruptive Innovation?. [online] Harvard Business Review. Available at: [Accessed 20 January 2022 by David S. Vanhoutte]. Drucker P. (2002): ‘’The discipline of Innovation’’, Harvard Business Review -Online via https://hbr.org/2002/08/the-discipline-of-innovation - Accessed by David S. Vanhoutte on 18 January 2022 Evidence-Based Leadership, Innovation and Entrepreneurship in Nursing and Healthcare : A Practical Guide to Success, edited by Bernadette Mazurek, PhD, APRN-CNP, FAANP, FNAP, FAAN Melnyk, and Tim, DNP, RN Raderstorf, Springer Publishing Company, 2019. ProQuest Ebook Central, http://ebookcentral.proquest.com/lib/fchsae/detail.action?docID=5970676. (Created from fchsae on 2021-08-23 07:33:57 by Dr. Bridget Sarah Rice) G.P. Pisano (2015). You need an innovation strategy. Available at [online] Harvard Business Review. [Accessed 19 January 2022 by David S. Vanhoutte]. Rothaermel, F. T. (2015). Strategic management. 2nd ed., Georgia Institute of Technology, McGraw-Hill Education. VIDEO: ‘Tom Kelley: Building Creative Confidence’, Online accessed by David S. Vanhoutte on 17 Jan. 2022 via www.youtube.com/watch?app=desktop&v=16p9YRF0l-g – ‘’Amazon Care is a big deal - here's why’’ - Online: Healthcare IT News; accessed by David S. Vanhoutte on 18 January 2022 via www.healthcareitnews.com/blog/amazoncare-big-deal-heres-why, https://morethandigital.info/en/what-is-a-digital-ecosystem-understanding-the-mostprofitable-business-model/Accessed 19 January 2022 by David S. Vanhoutte.