Unit Five- (MGT 6103)
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Transcript of Unit Five- (MGT 6103)
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Managing Innovation MBA 6103Unit 5Decision-making and Incremental Innovation
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Making the Case for Innovation• Secure Support
• Manage Financial Resources
• Project Planning
• Project Implementation
• Project Monitoring
• Financial Projections
• Business Plan
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Stages of Funding• Seed/Startup
• Development and Initial Launch
• Expansion and Growth Stage
• Mature Stage
• Exit Stage
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Do’s of Securing Support• Focus• Know your audience
• Tailor your pitch• Get a referral/references• Strengthen your advisory board• Solid legal counsel• Know your secret – inside and out• Solid business plan• Be specific about funding needs
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Dont’s of Securing Support• Unrealistic financial projections
• Revenue• Expenses• Market
• Be general about targets – sales, markets, etc• Focus on IP/proprietary tech at cost of consumer usage• Ask for NDAs• Ignore the immediate• Avoid discussing competition
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The Business Plan - Elements• Title Page• Executive Summary• The Business Model and Financial Goals• Market Analysis• Solutions: Technology, Product, Services• Sales Plan: Customer Targets, Distribution, Branding, Pricing• Operations, Production, and Supply• Organizational Plan• Funding Milestones• Projections
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The Business Model and Financial Goals• Revenue Model
• R&D Strategy
• Production/Manufacturing Strategy
• Distribution Strategy
• Financial Goals
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Market Analysis• The Addressable Market• Industry, Target Segment, Size, and Growth
• The Customer Profile and Need
• Competitive Assessment
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Solutions; Technology, Products, Services• Product Strategy
• Product/Service Design
• Proprietary Technology/Intellectual Property
• Underlying Platforms• Development Plan and Milestones• Development Costs
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Sales Plan: Customer Targets, Distribution, Branding, and Pricing• Customer Targets• B2B/B2C
• Trade/Channel Strategy
• Pricing Strategy
• Merchandizing/Promotional Strategy (Product)
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Operations, Production, and Supply• Managing Suppliers
• Managing Production
• Managing Logistics/Fulfillment
• Managing Customer Service
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Organizational Plan• The Management Team/Structure• Staffing Plan• Board of Advisors/ Directors
• Don’t forget funding milestones• Don’t forget financial projections