- How do we innovate?
- Customer Development
- The Lean Startup framework
Process:
Today was the second lesson of the technopreneurship programme held by Mr Chia. First, we started off appropriately with learning about one of the most important skills, not just in setting up a startup but in life as well, the skill of innovating.
How do we innovate?
Innovation is the thinking of and establishment of new ideas, methods or product. As Mr Chia said, one of the main problems faced by most people is that they set limit or thought confinements for themselves. These assumptions limit the thinking of the individual as they will hence streamline their thoughts along these false and unnecessary assumptions.
Why do people assume and how do we deal with it?
Only when we know why we assume, then we can learn how to get rid of our assumptions. Making assumptions are part of the human survival instinct. Making assumptions is an innate habit in all humans that have kept us alive. This same tool which makes us more efficient makes us less innovative as well. We have to learn and understand the situations in which we assume so that we can avoid doing so and thus innovate.
However, when we innovate, we must also be realistic. To innovate is commonly known as to 'think out of the box'. This box refers to the assumptions we make when we meet a problem. However, what is not commonly told is that another box exists. This box is the box of real world constraints. Our solutions must be practical. There are things we are unable to compromise, such as the laws of physics. To innovate, we must think outside our box of assumptions and within the box of real world constraints. Sometimes, this space can be extremely small and hence, it is often necessary to perservere before finding success.
Being able to innovate is not enough. We must have the knowledge of entrepreneurship to successfully put our innovation into effect. In this lesson, we started off by learning about customer development and value proposition.
There are four phases to customer development:
- Customer Discovery
- Customer Validation
- Customer Creation
- Company Building
He also told us about the 'Lean Startup' model, used by companies to improve their idea or product.
The objective is to accelerate this feedback loop with minimum resources.
The first step of of the Customer Development framework is Customer Discovery.
Customer Discovery is finding out more about the wants of the customer, hence allowing the company to adjust its products or services to the tastes of the consumer.
The next step is Customer Validation
This step is a presentation to customers, so that the customers will be able to understand what you are doing, and hence give feedback or decide whether to support you. There is a validation board for companies to present their ideas or products:
Most importantly, our ideas or products must have good value propositions in order for them to be attractive.
Reflection:
I find the part about innovation extremely useful and applicable in my life, even from this point in time. Many a time, I find myself unable to come up with innovative ideas or solutions. Upon reflection, I do realise that it is often my assumptions that cause such problems. I will keep Mr Chia's advice in mind when I approach problems in the future. Although the rest of the lesson is not yet currently applicable, I will also keep them in mind as it might be useful for me in the future still.
Personal Development:
After this lesson, I have gained an interest in entrepreneurship. Over the weekends, I will be exploring on my own the basics of starting, as well as maintaining, a start-up. I will also try to explore the relationship between the Singapore Government and start-ups, as well as the impacts of start-ups on the economy. I hope that through this, I will be able to broaden my horizons and understand more about entrepreneurship.
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