Post on 25-Jul-2020
Innovation FundWorkshop Series
Part I
Shorouq Almallah-Director
Richard M. and Helen DeVos Center for Entrepreneurship & Innovation
Seidman College of Business
AGENDA
What is Innovation?
Customer Development
Idea Development
INNOVATION CHANGE
Future World Current Situation
Uncertain Certain
Fundamental Mechanical
Transformative Administrative
Innovation vs. Change
Innovation is the process of solving a problem
and generating an idea to create a novel solution
that adds value.
What is Innovation?
DisruptiveInnovation
ProductInnovation
BusinessModelInnovation
CustomerExperienceInnovation
CulturalInnovation
Customer Development
SAME IDEAS
LOW IMPACT
INFESIABLE
Ideation Problem
IMPACTFUL
FEASIABLE
CREATIVE IDEA GENERATONSKILLS
Solution
IMPACTFUL
FEASIABLE
CREATIVE IDEA GENERATONSKILLS
Solution
Founder
NotIdea
Generation
NotIdea
GenerationCUSTOMERS DO NOT BUYPRODUCTS
CUSTOMERS BUY SOLUTIONS TO PROBLEMS
ProblemDiscovery
Founder
ProblemSolution
ProblemDiscovery
Founder
ProblemSolution
Good Idea
How to Identify Problems
Segment you belong to
1 ____________
2 ____________
Passion segment
1 ______________
2 ______________
How to Identify Problems
Potential Segment #1
Biggest Problem
Hardest Part of Their Day
Potential Segment #2
Biggest Problem
Hardest Part of Their Day
Customer Emotions
What is the Segment afraid of?
What frustrates this segment?
What overwhelms this segment?
What does this segment love?
Potential Segment #1 Potential Segment #2
Customer Emotions
What is the Segment afraid of?
What frustrates this segment?
What overwhelms this segment?
What does this segment love?
Potential Segment #1 Potential Segment #2
The Most Intense
The Most Intense
The Most Intense
The Most Intense
How to Identify Problems
My Ideal Customers are……Vegetarians………………………………………………………..,
I want to help them……Find great food when they travel………….
My Ideal Customers are……………………………………………………………..,
I want to help them…………………………………………………………………….
Please direct any
questions about the
Innovation Fund to
innovationfund@gvsu.edu
Thank You!
Innovation FundWorkshop Series
Part I
• Innovation Fund
• Criteria
• Application Materials
• Deadlines & Review Process
• Funded Proposals Evaluations
AGENDA
From Problem Discovery to Project Description Development
Innovation Fund
Application
• To invest in new initiatives to propel Grand Valley forward
• Seed efforts that help us narrow in on the most high-impact areas
• Social inequity in the K-12 system
• High engagement online learning and the virtual experience
• New forms of integrated work and learning
• Any other initiative that will allow us to support and retain our students
Innovation Fund
Initiatives proposed should support at
least one of the 5 Presidential Priorities
Strengthening the GV Experience: A Lifetime Value
• 1. Knowledge & Skills for the 21st Century
• 2. Build on the Reciprocity of Learning
• 3. Laker Lifetime Learning (L3)
A Diverse & Inclusive Economic Engine
• 4. Expand Access to New
Learners
• 5. Talent Epicenter
• At least one of the 5 Presidential Priorities
• Funding commitment for 2 years
• Metrics of success
• 20% commitment; university will invest up
to 80%
• Endorsements are encouraged but not
required
Innovation Fund General Criteria
Evaluation Criteria for
Innovation Fund Proposals
Beyond the previously mentioned General Criteria:
• Overview• Communication/Presentation• Presidential Priorities• Team
• Opportunity/Problem• The Model/Solution• Clear Plans & Implementation• Current Status and Validation
• Addressable Need• Competitive Landscape
• Revenue Model• Unlocking Opportunity
Return on Investment (ROI)
Prestige
New learners Revenue
Innovation Fund Application
• Must NOT exceed 3
(three) pages
• Must be MS Word
Doc or PDF
Project
Description
Must Include:
1. Primary author name, email address, and division
2. Name, email address, and division of co-leads and/or partners
3. Total requested amount
4. Cost-sharing plan
5. Length of the project
6. Assessment and success metrics
7. Implementation plan
8. Post-grant plan for project continuation
Applications reviewed on a rolling basis
Initial review by a small team
President’s Cabinet review &
your “pitch”
President Mantella decision
notification
Innovation Fund Deadline & Review Process
Funded Proposals Evaluation
• Proposals will be reviewed by the small team on a
regular basis
• Quarterly progress reports
• Final review for determination of next steps
• At the end of two years of funding
• Initiative or unit/department/college/division contributes back to the
Innovation Fund
Innovation Fund Project Description Checklist
My Innovation Fund Project Description Includes…
Primary author name, email address, and division
Name, email address, and division of co-leads/partners
Total requested amount
At least one of the 5 Presidential Priorities
Cost-sharing plan: 20:80
Length of the project
Assessment and success metrics
Implementation plan
Endorsements-encouraged, but not required
Post-grant plan for project continuation
Other evaluation criteria
No more than 3 pages and formatted as a MS Word or PDF
NEXT STEPS
•View the next video in the workshop series: Part II-
Innovation Fund Budget Development
•Visit the FAQs page at gvsu.edu/president/innovation
•Please direct any other questions to
innovationfund@gvsu.edu
Innovation FundWorkshop Series