lecture 1: ideation
Post on 17-Oct-2014
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DESCRIPTION
This lecture was delivered to undergraduates at Duke University's Pratt School of Engineering for the course on How to Form New Ventures in Electrical and Computer Engineering.TRANSCRIPT
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Duke ECE 490L: How to Start New Ventures in Electrical and Computer Engineering
Poornima [email protected]
Jeff Glass [email protected]
Akshay [email protected]
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Introduction
• Story of how this course came to be!
• Pratt ’04 - ECE/CS
• R&D Engineer @ Synopsys
• Founding Engineer @ Mint.com
• Founder & CEO @ BizeeBee
• Founder of Femgineer.com
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Agenda
• Syllabus for this course
• Goals
• Unlisted goals
• Today’s lecture: Ideation
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Syllabus
• Lecture - Class Participation
• Readings - Quizzes
• Labs
• Final project
• Office hours: TTh 3-4pm CIEMAS 3431 & 3591
• e-mail listserv: [email protected]
• Texts: Lean Analytics
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Goals
• Goals
• Commercialize your idea
• Understand market research
• Customer discovery and development
• Dynamics of teamwork
• Explore financial models and fundraising
• Unlisted Goals
• Participate in the Duke Startup Challenge
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Resources
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Advantage of being an engineer.
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Ideation.
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Resist the urge to build.
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Romantic period.
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“Value in a startup is validating learning not creation of stuff.” - Eric Ries, Lean Startup
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1. Come up with a hypothesis. 2. Figure out what you want to measure3. Run an experiment. 4. Measure results from experiment.5. Learn.6. Move on to next hypothesis.
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Uncertainty.
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Limited resources.
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Learning
ReleasingBuilding
Balancing act.
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Can apply to ANY business.
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Let’s get started!
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Purpose of this class is to help Goldilocks...
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No idea!
Too many ideas!
Is this the right idea?!
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Where do ideas come from?
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Creative Minds.
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The idea fairy.Past experiencesPassions
Pains
ReadingConversations
InterestsHobbies
Digesting
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Don’t jump into building...
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Ideation Philosophy
• Don’t fear thought crime!
• Put a team together
• Make a list of people to reach out to: mentors, potential teammates, experts, influencers.
• Don’t fall in love with an idea!
• Fall in love with the process of generating and executing on ideas.
• Realize that ideas evolve.
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More on Thought Crime
• Get another company to steal your idea.
• Tell them your idea!
• Execution is key.
• Eventually someone will steal your idea if it is good.
• Market leader.
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Two Paths
Invention
understand advances & limitations in technology & create a commercially viable product
e.g. transistors v. vacuum tube key to modern day electronics, incandescent light bulb vs. candle and heating oil
Re-Invention
improve upon an existing product
e.g. Mint - Quicken
e.g. Tesla - Hybrid
come up with a new take on an old concept
e.g. Twitter - telegram, sms
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Invention
• List new forms of technology that interest you
• Understand the limitations
• Potential application
• Existing technology
• Why is this so popular?
• What are its limitations?
• New forms of technology
• How does it outperform existing technology? Saves money/time, takes up less space, more reliable, longer life, higher quality.
• What is limiting it from becoming popular? Regulations, additional R&D, additional infrastructure, change in behavior?
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Re-Invention
• List 5 things you have thought of improving.
• Who faces these pains?
• Have they tried to solve the pain themselves or are there solutions that solve these pains?
• For each existing solution list why it rocks and why it sucks.
• What are some related pains?
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Techniques.
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Mind Mapping
• Visual outline of information
• Ground rules
• 1-2 hours per session with breaks.
• Don’t discount of judge any ideas!
• Take your time & don’t rush.
• Capture all ideas and connections.
• MindMeister
Supplemental Reading: Mind Mapping Guidelines31
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Example of a Mind Map
BlogEducation
Consulting
Online Offline
Entrepreneurship Engineering Business Engineering
Brainstorming various directions to take the business mind map
Co-WorkingTwitter
Build prototypesMarketing
Analytics
Spotlighting women
Startups
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Review
• Ideation
• Invention & Re-Invention
• Thought Crime
• Techniques - Mind Mapping
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