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…………………………………………………………………….

https://www.straightupbusiness.institute/toolkit

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