Venture Out

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• Venture Out
• What is it?
• Categories
• Awards event
• Examples
• Resources
• How to enter
• Questions

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Teams only 2 to 6 people per entry
First prize only 200 per person (max. 1200 per
team)
5 entries shortlisted
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1 to 6 people per entry
3 prizes 1st 1000 2nd 500 3rd 250
5 entries shortlisted
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1 to 6 people per entry
3 prizes 1st 1000 2nd 500 3rd 250
3 entries shortlisted
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Award ceremony

• 20th November
• Poster viewing and networking
• From 12pm onwards in the Business Creation Unit,
  basement of the Zochonis Building
• Pitches and prize-giving
• 1pm, Lecture Theatre A, Zochonis Building
• Pitches between 1 and 1.30pm

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A continuum of ideas
Muhammad Yunus Founder Grameen Bank 1976 Nobel
Prize 2006
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8 steps to sharing your big idea
1) Find the opportunity
2) Define the problem
3) Develop your solution
4) Describe who will benefit
5) Explain how they will benefit
6) Say why your solution is better
7) Complete your entry form
8) E-mail your entry to ventureout_at_manchester.ac.u
k
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Find a need, fill a need Bigweld
1) Find the opportunity
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• Luck is what happens when preparation meets
  opportunity.
• Seneca (Roman dramatist, philosopher,
  politician)
• Prepare yourself in every way you can by
  increasing your knowledge and adding to your
  experience, so that you can make the most of
  opportunity when it occurs.
• Mario Andretti (Formula 1 driver)

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Utilise your experiences
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Look for gaps and build on ideas

• Day to day problems
• For you
• For your friends
• For others (papers)
• Things that dont work as they should
• Complaints
• E.g. Blogs
• Old ideas in new situations

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• Look for trends
• Trends mean changes
• Changes bring problems
• Problems demand solutions
• ? Opportunities

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Sometimes opportunities are just outside your
front door!!
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There must be a problem to solve!

• No point in implementing if the opportunity isnt
  big enough or doesnt exist
• No problem, no solution needed and so
• .. no opportunity!
• (Vinod Khosla)
• The entrepreneur always searches for change,
  responds to it, and exploits it as an
  opportunity.
• Peter Drucker (US writer, educator, management
  consultant)

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Fundamental drivers

• Human needs
• Subsistence
• Protection
• Affection
• Understanding
• Participation
• Leisure
• Creation
• Identity
• Freedom
• Max-Neef

• Business needs
• Greater profits
• Increased revenue
• Lower costs
• Create growth
• Remain legal
• Now and in the future
• Environmental impact
• Less waste / pollution
• Social impact
• Happy stakeholders

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Problem definition is key!!
2) Define the problem

• Why is this important?

"A problem is half-solved if properly stated."
John Dewey
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Reframe your problem?

• Click here for an alternative to the car alarm
• Is it better to have a warning that your is being
  stolen or to avoid being targeted in the first
  place?
• An example of lateral thinking and
• problem re-definition

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Droughts in the south of England

• What are the problems?
• Who for?
• Identify problems gt opportunities
• Select and frame problem
• Generate and evaluate solutions

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Creativity ? Innovation
3) Develop your solution

• Creativity is thinking up new things. Innovation
  is doing new things
• Theodore Levitt, Professor of Business
  Administration, Harvard Business School
• Creation of the new or the re-arranging
• of the old in a new way
• Michael Vance, American creativity expert and
  lecturer

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Run with your imagination
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Some suggestions

• Two helium filled balloons
• Doughnuts on sticks
• Flowers
• Trees
• End of two long tubes on sticks
• A dead roller skate
• Two cooks frying eggs over a veranda
• Remember there is no right answer!

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Play with ideas

• In my experience, the best creative work is
  never done when one is unhappy.
• Albert Einstein
• Play at things and have fun
• Combine seemingly unconnected ideas
• Humour allows us to take things less seriously
• Challenge the rules and come up with alternatives

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How to generate options

• Most new discoveries are suddenly-seeing things
  that were always there.
• Susanne K. Langer, American Philosopher
• Nothing is more dangerous than an idea when its
  the only one you have
• Emile Chartier, French philosopher

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Tools to help develop creativity
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Brainstorming / thought-showers

• The four main stages are
• Problem statement
• Quantity over quality
• No censorship
• Initially write down ideas
• Scribe (flipchart / screen)
• Improve combine

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Mind mapping
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Mind mapping

• Basic rules
• Put the main idea in the centre
• Look for relationships
• Draw quickly on unlined paper without pausing,
  judging or editing
• Use capitals
• Leave lots of space

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gif
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Worst Idea
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SCAMPER Ask What if?!

• S - Substitute
• Meat for Tofu
• C - Combine
• Indian Italian Food (Tandoori Pizza)
• A - Adapt
• Chop-Suey (Not authentic Chinese came from USA)
• M Modify / Magnify
• Meusli Bar (A cereal is modified to a confection)
  
• P - Put to other uses
• Nouvelle Cuisine (Make the presentation a work of
  art)
• E - Eliminate
• Alcohol free Lager
• R - Reverse / Rearrange
• Calzoni (An inverted Pizza with the topping
  inside)

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Other creative approaches / tools

• Changing perspective
• Synonyms
• Analogies / empathy / metaphor
• Cliches and proverbs
• Bioinspiration Biomimetics
• De Bonos TEC Framework
• Group approaches
• Brainstorming,
• Brainwriting,
• Lotus blossom,
• 6 thinking hats

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4) Describe who will benefit
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Applying the so-what test
5) Explain how they will benefit

• Speech recognition phonebook
• Feature
• Allows you to speak the persons name and get
  their number
• Advantage
• Dont have to look-up number
• Benefit
• Saves x minutes per number, can make more calls
  per day

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6) Say why your solution is better

• More than the value you create, how are you
  different?
• Defining the value proposition
• What is the problem?
• What is the solution?
• How is value generated by the user?
• Why should they select this over other possible
  solutions?

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Developing a new drug

• The opportunity
• 5 fold return in 3 to 7 yrs
• Generate superior return

• The risk
• New new thing
• High Risk
• Pre-product
• Pre-revenue

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Intra Phoenix Solutions

• Opportunity Statement
• 90 of prospective drugs fail pre-clinical tests,
  costing the European pharmaceutical industry
  35-50m a year.
• If a product fails at the pre-clinical stage it
  could cost up to 4.2m. Any delay to clinical
  trials, due to any necessary extra testing, costs
  an average of 700,000 per day.
• Many potential drugs fail due to adverse
  interactions with specific proteins, in
  particular ion channels, rendering the compound
  unsuitable in human patients.
• Currently there is the need for a more
  sophisticated drug screening tool that can
  reflect a variety of genetic backgrounds in
  assays that require minimal sample of test
  compound.
• This technology has the potential to overcome
  limitations in early drug screening and clinical
  testing

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7) Complete your entry form
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Click on the icon to the right to finish the
presentation
8) E-mail your entry to ventureout_at_manchester.ac.u
k
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Questions?
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8 steps to sharing your big idea
1) Find the opportunity
2) Define the problem
3) Develop your solution
4) Describe who will benefit
5) Explain how they will benefit
6) Say why your solution is better
7) Complete your entry form
8) E-mail your entry to ventureout_at_manchester.ac.u
k
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