1. Fail Fast, Fail Cheap and Learn A Lot Be the Entrepreneur Bootcamp
Proof of Concepts
Fail Fast, Fail Cheap
and Learn A Lot
Be the Entrepreneur Bootcamp

2. Focus of today’s discussion
Overview of Innovation Process
Focus of today’s discussion

3. Are you ready for success?
By Demetri Martin

4. A way to frame a large complex problem in manageable chunks
The minimum amount of resources that can be expended to test a specific aspect of feasibility
A POC is
A minimum viable product
A full scale implementation
A full concept test
Appropriate for transformational investments
A POC is not

5. Before you begin POC planning
Know your purpose
Set your boundaries
Identify your barriers
Prioritize

6. An example Know your purpose:
To reduce damaged melons from falling off shelf
Set your boundaries:
Genetic modification will not be tolerated by consumers
Identify your barriers:
Retailers won’t want to change display fixtures or supply chain practices

7. What are the biggest challenges to making this idea a reality
POC Planning
Cost of Capital
Customer Demand
Technology Maturity
Strategic Alignment
Barrier to Entry/Exit
Partnerships
"People think focus means saying yes to the thing you've got to focus on. But that's not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I'm actually as proud of the things we haven't done as the things I have done. Innovation is saying no to 1,000 things."
Steve Jobs
(Apple Worldwide Developers' Conference, 1997)

8. Identifying the barriers
Does this solve a meaningful problem
How large is the potential market
Customer Demand
What is the magnitude of investment required
What are the opportunity cost of pursuing this opportunity versus others?
Cost of Capital
Is a group assigned to oversee this type of activity already
Who is paying for this effort and what do they expect to see out of it
Internal Structures

9. Identifying the barriers
How expensive is it to get this effort started
What are the regulatory hurdles involved
Barriers to Entry/Exit
Are we addressing an open space in the value chain
Are existing players likely to work with us
Partnerships
Is anyone using this technology successfully already
Have consumers expressed interest
Technology Maturity

10. Building the Plan Step 1 Step 2 Step 3 Step 4
Identify the barrier that is most likely to cause the idea to fail
Why does that barrier pose the biggest challenge
Step 2
To overcome the barrier what would be required
How will we know that we’ve overcome it
Step 3
What is the simplest way to test the barrier
What information would help us overcome the barrier in the future even if we can’t do it this time
Step 4
Identify the questions that you need to answer
Run your test and collect the data
Answer your questions and celebrate success

11. Embracing “failure”
POC success comes from answering the questions that you set out to answer
The focus is on answering the questions quickly
Rapid iteration can lead to competitive advantage
I have not failed. I've just found 10,000 ways that won't work. Thomas A. Edison 

12. Summary What you end up with is almost never what you expected
Trial and error work– if you learn from your mistakes
Success is making incremental progress towards your goal
Know your purpose and then take advantage of opportunities as they come

13. Questions?
Private Proposal Content All Rights Reserved

14. Brainstorming Template
3. Opportunities
w/o limitation
Limitation #1
2. limitations
Limitation #2
Limitation #3
1. Focus/Goal/Objective/Problem:
What problem are we trying to solve?
2. limitations
3. Opportunities
w/o limitation
Question Generation-Recipe: How might we use Opportunity #3 to overcome Limitation #2 and achieve/remove #1?
OR How might we achieve/remove #1 by using #3 without #2?