Posts Tagged 'sussex innovation centre'

You want to start innovating, but how do you pick a winning idea?

One can picture a food or wine connoisseur or a fashion analyst at the catwalks of Paris, or a highly skilled auto engineer at a super car company. These highly specialised experts in their fields know what works in their field. And, because they are so expert, arguably, they are not put off by ideas that to others may seem radical. To experts, who have seen and understand much, to explore newness is an invitation to continue developing rather than accept normal incremental improvements so often prevalent. Perhaps we need to be more like the ‘connoisseurs’ so we can actually spot a useful idea next to a fad, mad or bad one.

The question about how one might cultivate intuition might be considered through the way in which airlines teach their staff to ‘Notice. Understand. Think ahead.’ This process was introduced to actively teach their staff to think about the impact of what they observed in flight. For example, whilst it is fairly inconspicuous to see someone with a lighter, this is extremely dangerous on an aeroplane mid flight. Many people would notice such an activity and stop there, perhaps thinking (intuitively) “something’s not right there” but doing nothing about it. Cabin crew are trained to understand what they see – that is, stop when they get a ‘feeling inside’ and seek to understand the impact it might have. Finally, they are taught to think ahead. The process follows; a) notice a person with a lighter, b) understand that this could start a fire c) think ahead about the dangers this presents and the danger that person may be willing to cause. Then, set about a course of action to mitigate the risks.

Western Union described Alexander Graham Bell’s telephone as an electrical toy and had no use for it. History is peppered with lost opportunities like this one. So, if you are looking to start a business, analyse your idea first by noticing things, understanding the impact if you could change them and think ahead about the greater impact it could have. Follow this idea and you just might be onto a winner!

Is recession a good time to start a business?

Lay-offs, redundancies, reduced working hours and financial hardship are headlines that seem to dominate the news, and with the UK officially in recession we will doubtless hear much more of them over the coming months. Companies like KPMG are taking unprecedented steps and asking employees to accept shorter working weeks or time out to prevent colleague redundancies.

But could this hardship also reveal an opportunity for some people to start their own business? During the last recession in the early 1990’s, redundancy and lay-offs lead thousands of people, otherwise seemingly content in their day to day lives, to strike out on their own. Many famous entrepreneurs including James Caan, of Dragon’s Den fame, found their first business successes when the chips were down.

In a recent article in The Times, Sir Richard Branson made clear his belief that the next generation of self-made billionaires will emerge from the corporate wreckage of this recession. In his words “Fortunes are made out of recessions. A lot of entrepreneurs get going in the economic depths because the barriers to entry are lower.”

So, if you’re caught up in the present turmoil and find yourself out of work or with extra time on your hands, should you consider revisiting that great business idea that’s been lurking in the back of your mind?

The team at the The New Product Network can help you answer this question. We’ll help you test the strength of your idea, give you impartial feedback as well as help you take the first steps into business. As part of one of the UK’s most successful business incubators we’ve got a wealth of experience to share .

Call us on 01273 704400 or email npn@sinc.co.uk

Accelerated Business Growth – The Superincubation Story Podcast

In mid 2007 Greig Holbrook, Managing Director of Oban Multilingual, knew he had a huge opportunity with his expertise in Multilingual search engine optimisation but was struggling to take full advantage. Based at the Sussex Innovation Centre (SInC) he decided to use a new SInC product, Superincubation, to help him structure and focus intensively on the growth of his business. In this podcast Greig gives his frank feedback on the process and how it worked for Oban.

Your Benefits Claim

One of the frustrations of working with new product and technology entrepreneurs is that they can have a very blinkered idea of their markets.  Often their business idea comes from solving a problem in the market where they have experience.  This is perfectly reasonable, but can be very limiting. 

 

A good example is a SInC company that developed on-body motion-capture technology.  The product is superb and takes away many of the limitations of doing mocap for film, TV and games animation within a “light studio”, therefore quite reasonably they focused on the media markets.  What they soon learned (mainly from their customers) was that their technology had enabled whole new mocap markets in industrial design and ergonomics, sports medicine and biomechanics research.  Each of these new markets is potentially bigger than their initial primary market.

 

So a key aspect for new technology entrepreneurs is to keep an open mind to potential markets and to finds ways to promote the innovation far more widely, you may find customers where you never expected.  This is one way that a good incubator can help as they can access their networks to canvas market feedback for new products.

 

As we enter an economic downturn, it becomes even more important how companies present and market their products and services.  Now, it’s not just about being flexible in targeting your markets, what about re-aligning the benefits of your product to the changing concerns of your customers.  Last year they may have wanted quicker now they want more efficient, companies are less concerned with carbon footprints and more with saving fuel.  It’s important to re-assess the features of your products and make sure they best suit to your customers ‘perceived’ needs.  As the marketeers would say – “where’s the customers’ pain”, well check it hasn’t moved!

 

Mike Herd, Sussex Innovation Centre, July 2008



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