1. Business Model Canvas and innovation

BMC was useful because it gives you good visual overview about your business and how the different blocks affecting to whole BMC and to other blocks. One important thing in BMC is that you should use different colours for different customer segments so BMC is clear and easy to read. BMC is a useful tool so I think I will use it in the future.

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Picture 1. Gillette’s BMC.

Sometimes people think that an invention means an innovation which is not true. “An invention is a novel idea and innovation is the commercialization of that novel idea.” Creating a successful invention can be a lot harder and might requires a lot of money so that is one reason why big companies like Apple can create strong long lasting innovations. There are four types of innovations: technology, process, product/service and business model innovation. For me the most eye opening innovations were product/service and business model innovation because just changing those a little bit it might affect to your business income a lot. For example the right business model can be the main reason for the success, one good example about that is Spotify whose business model is totally different comparing to iTunes’ and that is their main reason for success.

  1. Approaches to Product Ideas

I liked this part because the way how you think is usually quite limited so getting better ideas you have to break the old chains. You should think really carefully what you really need and not need or how you can make your product more interesting for your customers. Variation of product attributes or functions is divided to 5 categories:

  1. Subtraction: Remove a key element.
  2. Multiplication: Copy a key element.
  3. Division: Dividing a product into components.
  4. Task unification: assign new task to exiting elements.
  5. Attribute dependency change: create new dependencies or break old ones.

Nophone was a good example about subtraction but the whole idea behind that is just a joke so is it really anymore subtraction when you remove almost all key elements? Like my friend said “I just created NoNophone which volume and weight is zero, and you can summon it by just using your imagination”. The example about camels and task unification was great because a camel is a lot more than just a carrier. Also the example about sprinklers and removing dependencies were really useful.

  1. Start Up Finance & Venture Capital

For me this part of the course was maybe the most important because getting an invention and if you want to rise it to innovation level or just get started you will need funding. Three the most common way to get funding are 3Fs & Bootstrapping, Debt financing and Equity financing. Understanding these financing opinions advantages and disadvantages generally helps you think which kind funding is good for your company. Very important part of equity financing was to know differences between angel investors and venture capital investors also when to use them, how they might affect, advantages and disadvantages.

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3 Thoughts on “Useful things about the course for me

  1. Linda Nilsson Linda Nilsson on October 24, 2015 at 11:03 am said:

    I completely agree on the two first parts. I like your thought about subtraction.

    If you want to see more about this I world recommend this PDF that dives into subtraction as an SIT-attribute.

    Here is another example of subtraction:

    “The Metro newspaper – created a new business model by
    subtracting both price and the traditional morning delivery,
    replacing delivery with public transport and the price with income
    from advertising.”

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