Thursday, September 17, 2015

HHS IDEA Lab Demo Day

I am spending the morning at HHS in Washington DC. It is September 17th and the IDEA Lab is holding their Demo Day for the Ignite program graduates.
I am here representing the Entrepreneur-In-Residence program.

The Introductory session in a packed Idea Lab.

Can you identify a problem or need that enough people care about? ie. One of the tope couple of issues or pain points for these stakeholders.

Do you hav a solution. Search for the Product-Market Fit.

Search for the Business or Process Model Fit. Do you have a real business case? Who is willing to pay?

Framework from Business Model Generation book: Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers

Top 3 Innovation Mistakes:

  1. Build something nobody wants
  2. Hire poorly
  3. Lack of focus

Customer Segments = Why segment? Because they have different needs and value propositions.

Who will be the early adopters?
Who are the Internal and External customers

Understand the different people:
End user
Decision maker

Focus on benefits not features. Where is the value. Quantify the benefits.

What problems do you solve?
What customer needs do you satisfy.

Quantify benefits and rank order them.

Susannah Fox introduces Ned Holland, the Father of Innovation at HHS.

Ned with Todd Park set up the Innovation Council.

Today there are more innovation believers and fewer skeptics around HHS.
Real innovation needs to penetrate the Line Management of any organization.

Todd was the idea guy and Ned handle the corporate guerrilla warfare.

What is the best advice?

Ned: “Don’t take No for an Answer!” “Don’t Give No for an Answer”

“Start with Yes” – There is always a way to get to yes.

“Innovation – I will know it when I see it. It is a feel.

Talk in simple, non-jargon terms.

How do you escape the minutia of the day-to-day job to work on your big idea?
– The Ignite Bootcamp helps provide cover.

Thinking through value propositions?
– Focus on the user benefits. What is of value to them?

There is a distinction between Innovation and Invention.

October 1st opens up the applications for the Ignite Program at HHS and for the Ventures Fund.
These 2 programs open up on October 1st. Check out the HHS IDEA Lab web site for details.

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