Startup and Innovation Management

Using and Implementing the
Business Plan (cont.)

 Updating the Plan

 Entrepreneurs must be sensitive to changes in the company,
industry, and market.

 Determine what revisions are needed if changes are likely to affect
the business plan.

 This helps entrepreneurs to:

 Maintain reasonable targets and goals.
 Keep the new venture on a course to high probability of success.

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Why Some Business Plans Fail

 Goals are unreasonable.
 Objectives are not measurable.
 Entrepreneur has not made a total commitment to the business

or to the family.
 Lack of experience in the planned business.
 No sense of potential threats or weaknesses to the business.
 No customer need was established for the proposed product or

service.

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“EYES OF IDEA”
IDEA GENERATION

P. BABA GNANAKUMAR

















IDEA

“

TOOLS AND TECHNIQUES FOR GENERATING IDEAS

Idea Challenge SCAMPER Opposite Brainstorm Analogy
Technique Thinking Cards Thinking

IDEA  Idea challenge is a focused form of innovation where
CHALLENGE you raise a problem or opportunity with the hopes of
coming up with creative solutions.The point of idea
challenge is to participate in ideation and generate
ideas around a pre-defined theme for a limited period
of time.It allows you to form a specific question and
direct that question at a specific audience to receive
new ideas and unique insights





PHOTO
CHALLENGE

 For Content writier
 Ad Agency





 The initiative requests customers to pay ₹550 AN ALUMNI OF
(inclusive of the shipping charges within India) BITS PILANI, SHE
and get 2.5 metres or its multiples of ikat fabric. RESIGNED FROM
“Among the handspun fabric from across India, HER JOB WITH
ikat has been Anjali’s online boutique’s niche WIPRO IN
product.Although I stock ikat from Orissa as BENGALURU
well, this challenge is to help weavers in
Andhra,” she says.Within a week of the
announcement, there has been an overwhelming
response.

 Once she came back with the salwar sets she IDEA
purchased, she opened a Facebook page to sell CHALLENGE
them. Impresa (means ‘signature’ or ‘emblem’)
took off from there.As it grew, it was selected as
one among the best ten global social start-ups by
the MNC, Capgemini, in its Innovators Race and
was the only start-up from India founded by a
woman to be part of the event.



SCAMPER  1. Substitute – Substitution technique refers to replacing a part of your
TECHNIQUE product, concept or process with another to achieve even better outcome.

 2. Combine – The combine technique explores the possibility to combine two
ideas into a single, more effective solution.

 3.Adapt – Adaptation analyses the possibilities to make the process more
flexible and focuses on other similar incremental improvements to the idea,
process, or concept.

 4. Modify – Modifying the idea looks at the problem or opportunity from a
bigger perspective and aims for improving the overall results, not just the idea.

 5. Put to another use – This approach focuses on finding ways to use the idea
or existing solution for another purpose and analyses the possible benefits if
applied to other parts of the business.

 6. Eliminate – The elimination technique is quite straightforward: it examines
the possible outcomes if one or more parts of the concept were eliminated.

 7. Reverse – This action focuses on reversing the order of interchangeable
elements of an idea.



SUBSTITUTE

ENTREPRENEURS PROVIDE
SUSTAINABLE ALTERNATIVES TO
PLASTIC

COMBINE

ADAPT

 Airbrushing is a popular artform
that can translate to a lot of
different mediums.You can use
your airbrushing talents to
customize t-shirts and accessories
and sell them online or in local
markets.

MODIFY

 Fragrant candles- (Creative
business idea)

 Let you creativity and sense of
fragrances run wild. Making
candles is fairly easy. Fragrant oils
are readily available.With some
training and experience, you can
make fragrant candles of all
shapes, sizes and colors.

 Nowadays, such candles are
becoming increasingly popular for
meditation and relaxation
purposes.

PUT TO ANOTHER
USE

 To help curb the issue faced
by the common man, Sandhya
Nambiar founded IsthriPetti
in 2017 to take care of
clothes, which are ironed and
washed with the utmost care
and with special instructions
from customers as per their
requirement.

 Read more at:
https://yourstory.com/2019/1
1/laundry-ironing-startup-
isthripetti-oyo-ford

ELIMINATE

 Story writer – Writer -
Ghostwriter

 Write a biography or story
from a person’s narration

 Get paid project-wise
 As a ghostwriter, projects can

fetch you anything from Rs 50k
to Rs 2 lakh per project.

REVERSE

 Image: Gireesh GV For Forbes India

 Raman says 25-30 percent of all Indian mobile users are caller
tune subscribers and bring in more revenues than even
person-to-person SMS

 The operators pay OnMobile a monthly subscription fee that
is relative to the actual value of VAS services bought by their
users. On an average, OnMobile gets around 25 percent of the
value of any VAS service for carrying it around.And because its
services are “white label”, or without a brand, mobile
operators are free to stick their own brands before offering
them to subscribers. So, mobile operators don’t see OnMobile
as a future competitor.

IDEA
GENERATION II

OPPOSITE  Opposite/reverse thinking is a technique that can help
THINKING you question long-held assumptions related to your
business. It’s a useful tool to consider if you feel your
team is stuck with the conventional mindset and
coming up with those “out-of-the-box ideas” seems to
be difficult.

YOGESH BHATIA, FOUNDER &
CEO, DETELPRO,



BRAINSTORM  Brainstorm cards are a useful tool created by the
CARDS Board of Innovation for coming up with dozens of new
ideas related to whatever challenge or problem you
are currently working with. Brainstorm cards help you
consider external factors such as: societal trends, new
technologies, and regulation in the context of your
business.



ANALOGY
THINKING

 Analogy thinking is a technique
for using information from one
source to solve a problem in
another context. Often one
solution to a problem or
opportunity can be used to
solve another problem.



ANALOGY
THINKING

 There are three plans under which the
customers are given the option of choosing
between basic, easy and intermediate. The
basic plan of Rs350/month provides 125 litres
whereas in the easy plan the company
provides 300 litres for Rs500/month. The
saver pack gives 600 litres for Rs700/month.
Payment could be done through the Drink
Prime mobile app. Technology is used to
prevent any inconvenience to the user.

 DrinkPrime combines the convenience of a
water purifier and the economics of bottled
water into one product. The team has
excelled in providing a cost-effective and user-
friendly purifier along with the convenience of
water supply to the people's home. With over
10K customers spread throughout the city,
DrinkPrime has set a new standard for water
purity in Bangalore.















IDEA  As idea management is such a vast topic and larger companies are
MANAGEMENT always going to have thousands of ideas, using a dedicated idea
TOOL management tool often makes sense for most companies.An idea
management tool serves as the backbone of your idea management
process. It's where you’ll collect the ideas, discuss them, evaluate
and prioritize them, and keep track of their progress, as well as the
strategic direction of your ideation activities.