Entrepreneurship_Development_Unit_2 - SOURCES OF INNOVATIVE IDEAS Presented by E.Veera Pratap Assistant Professor Department of Mechanical Engineering

SOURCES OF INNOVATIVE IDEAS Presented by: E.Veera Pratap Assistant Professor Department of Mechanical Engineering GITAM Hyderabad Campus

MODULE II • Methods of Generating Ideas • Opportunity Identification • Setting-up New Ventures • Acquiring Existing Business or Acquisitions • Franchising • Business Model • Components of Business Model • Types of Business Model

IDEA GENERATION • Idea Generation refers to the process of systematically searching for new approaches to solutions as well as generating new, previously non-existent ideas. • Idea Generation refers primarily to the early phase of the creative process. • Idea Generation is the creative process of generating, developing and communicating new ideas.

SOURCES OF IDEA GENERATION • Internal Sources: R & D (Research and Development) Employees • External Sources: Customers Distributors and Suppliers Competitors Others (Online Communities, Trade Magazines, Seminars, Government agencies and policies, Advertising agencies),

METHODS OF GENERATING IDEAS • The idea is the basis for the business. • The entrepreneur can use several methods to help generate and test new ideas, such as: • Focus Groups • Brainstorming • Brainwriting • Problem Inventory Analysis

METHODS OF GENERATING IDEAS Focus Groups: • Groups of individuals providing information in a structured format is called a Focus Groups. • The group of 8 to 14 participants is stimulated by comments form other group members in creatively conceptualizing and developing new product idea to fulfil a market need. • Focus group is an excellent method for generating screening ideas and concepts.

METHODS OF GENERATING IDEAS Brainstorming: • A group method of obtaining new ideas and solutions is called brainstorming. • The brainstorming method for generating new ideas is based on the fact that people can be stimulated to greater creativity by meeting with others and participating with organized group experiences. Although most of the ideas generated from the group have no basis for further development, often a good idea emerges.

METHODS OF GENERATING IDEAS Brainstorming: • When using brainstorming, four rules need to be followed: 1. No criticism is allowed by anyone in the group 2. Freewheeling is encouraged – the wilder the idea, the better 3. Quantity of ideas is desired 4. Combinations and improvements of ideas are encouraged.

METHODS OF GENERATING IDEAS Brainwriting: • A form of written brainstorming. • Participants write their ideas on special forms, that circulate within the groups.

METHODS OF GENERATING IDEAS Problem Inventory Analysis: • C onsumers are provided with a list of problems in a general product category. They are then asked to identify and discuss products in this category that have the particular problem.