MANAGEMENT OF INNOVATION 2016/17 ©Guido Bortoluzzi
THE SMARTWATCH PROJECT
(Group Work)
TASK: to develop a concept for a new product/service for the Smart Watch. This conceptcould be an APP, a product (for example, a peculiar watchband, a unique recharger unit, external speakers, etc.) or in a service connected to the Smart Watch. The product/service can be totally new to the market or it can be similar to an already existing product. In this case, your idea should substantially improve the performances/usability of the product/service already existing in the market. It can not be a simple imitation of something already existing.
DELIVERABLES:
–A Microsoft Power Pointpresentation (downloadanduse“FORMAT_SMART_WATCH_PRESENTATION.pptx”)
–A Microsoft Word Report(downloadanduse“FORMAT_SMART_WATCH_REPORT.docx”)
PHASES OF THE PROJECT
1Needs identificationphase (Week 1)
Work individually, first. Think of possible (new or different) uses for the Smart Watch. Take inspiration from your daily life and observe people: you need to wake up in time, to take the bus, to meet with friends, to not forget your mum’s birthday, etc. Take note oftheneedsthat could be satisfied by a new solution developed for the Smart Watch (an innovative alarm, a new way for paying the bus ticket, etc.). You should produce a minimum of5ideas/uses.
Do not Google “Innovative uses for Smart Watch” to findinspiration. You will be evaluated also on the creativity (uniqueness) of your solution.
To make your work easier, target specific customers (for example, you could select up to 3 target groups such as: sales managers, students, sportsmen, doctors, musicians, dentists, tourists, lawyers, etc…) then thinkatthe specific needs they have and to the potential benefits that could come from the use of aSmart Watch (if any).
2 Sortingand selection phase (Weeks 2)
Start working in group, now.Put together all your ideas (to make your work easier,write them down using post-its).
TAKE A FIRST PICTURE of them ALL (the content should be readable)
Start sorting all the ideas, group the most similar ones or the ones that target the same type of consumer.
Start discussing about the different ideas in order to identify the most promising ones: the ones that couldreally have a chance to become a real product.
Take into consideration at least 2/3 candidate ideasbefore making your final selection
TAKE A SECOND PICTURE of the 2/3 selected ideas
Now apply the below evaluation matrix to the 2/3 best ideas you identified in the previous phase. Base your selection on the following criteria:
-originality/creativity of the idea: the higher, the better.
-technical feasibility of the idea: the product must be technically feasiblewith existing technologies
-expected returns of the idea: there is a potential market (and profits to be made)
Repeat the evaluation matrix for EACH IDEA
IDEA #1 / Creativity / Feasibility / Exp. Returns / TotalMarta / 6/10 / 4/10 / 5/10 / 15/30
James / 4 / 5 / 5 / 14
Paula / 4 / 6 / 5 / 15
Matt / 5 / 7 / 7 / 19
Brad / 8 / 8 / 7 / 23
Total / 27/50 / 30/50 / 29/50 / 86/150
Average / 5,4 / 6,0 / 5,8 / 5,7
repeat this table for each of the 2/3 pre-selected ideas
ALL THE MATRIXES MUST GO IN YOUR FINAL REPORT
3.Concept and business model identification (Weeks 3)
Start working on the concept. To do so, honestly answer to the following questions:
-What are the main strengths of the concept?
-What are the biggest weaknesses of the concept?
-Why should users use it? What are the main reasons?
-Is it easy to use? Can you make it even easier?
-To what extend is this concept different from other products/solutions already existing in the market?
-Are there any installation constraints?
-Does your concept require any training to be used? Who’s gonna provide such training?
-Is there any external condition (that you can’t control) that will determine the success or the failure of our business idea? For example, are there other firms involved?
By answering to the above questions (CAREFULLY, AND ONE BY ONE), you should be able to improve your concept and make it simpler, more user friendly, more unique, more technically feasible, more valuable to users, more profitable, etc.
DESCRIBE THE CONCEPT IN THE FINAL REPORT (DESCRIBE ALL THE TECHNICAL FEATURES) AND ADD ALSOA SKETCH OF IT
4. Business model identification (Week 4)
Start working on the “business model” that will be needed to turn your idea into a complete business. Use the definition of business model given in class and provide a short but exhaustive description of each dimension (value for money, benefits, supply chain, etc.). See the example below:
BM component / Description1. Market segment / Our target segment is…DESCRIBE IT IN DETAIL
2. Value for money / Our Value for Money proposition is the following: “PUT YOU VfM STATEMENT HERE”
3. Key attributes / The key attributes of our offering are the following: DESCRIBE YOUR KEY ATTRIBUTES IN DETAIL
4. Supply chain / The supply chain is the following (DEFINE IN GENERAL TERMS WHO WILL BE YOUR SUPPLIERS AND YOUR CLIENTS)
5. Getting paid / Our ways for getting paid will be the following: DESCRIBE IN WHICH WAYS YOU EXPECT TO GET MONEY FROM YOUR CLIENTS
6. Value network / Beyond suppliers and clients, the following actors will have an important role in our value network: DESCRIBE WHO THESE ACTORS ARE AND WHY THEY ARE RELEVANT TO YOU
DESCRIBE THE BUSINESS MODEL IN THEFINAL REPORT USING THE TABLE ABOVE
5. Report and Power point presentation preparation phase (Week 5)
Download the file “FORMAT_ SMART_WATCH_REPORT.docx” and fill it up with the outcomes of the above activities (the format can be downloaded from the moodle platform)
Do the same with the presentation“FORMAT_SMART_WATCH_PRESENTATION.pptx”. You are free to use animations, transitions, pictures, etc. and to add additional slides.
The presentation must not exceed5 minutesin length.
ByDecember 18thsend me both the files (REPORT and PRESENTATION)
On December 20thyou’ll present your idea to the class. You’ll have 5 minutes. Be precise, effective and convincing.
Good luck with your work!
1
MANAGEMENT OF INNOVATION 2015/16 ©Guido Bortoluzzi