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Capitalization of Ideas

Capitalization of Ideas

“If I develop ideas for new products and features, then I should be able to make some money from it, but I don’t know how to convert ideas to solutions, nor distribute those solutions so that they are profitable.”

Some types of information assets are more readily turned into cash than others. When information assets are close to being turned into cash, it's easy enough to recognize it as the intellectual capital of a firm or person. As information moves further and further away from liquidity, it may become harder and harder to recognize it as intellectual property, or an information asset.

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Consensus in Innovation

Consensus in Innovation

"If we use the community groups of the pmNERDS community, then we can support many of our innovation requirements, but we will need to learn how to use the community groups"

Community Groups within the Innovation Value Chain

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Do You Educate Your Market?

A step that product management teams often skip in the innovation process is working with the customers on what to expect in the next product release. The success of a new product release often hinges on the relationship between the product management team and the existing customers.

When that relationship goes smoothly, the new product initiative does as well. There are many factors to keeping that relationship on track, but perhaps none is as important as educating the customers on what to expect.

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FEATURE DEFINITION WITH VALUE

FEATURE DEFINITION WITH VALUE

"The feature is a capability that you strive to deliver, and is the basis for your perceived value." Visualization Accessibility Lasting Impact User-Centered Evolved Expectations

The first thing I noticed as we pulled into the driveway was that the house seemed to stand out. I knew it wasn’t the design. Throughout the neighborhood the homes shared a similar architecture. Yet, the paint seemed to be brighter, even though it was a pastel tan. Yes, the grass was healthier, but that wasn't it. Looking in through the windows, I noticed lovely curtains and I thought the rooms all seemed to shine brightly. Still, other homes had nice curtains too.

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Innovation and PM

OK, so are you a member of the Product Management Team or Innovation Group? Are you a product manager, or an innovation controller? What is the difference between innovation and product management? I think the problem resides in the definition of these two concepts; product management and innovation.

So let's grab the Oxford Dictionary and take a look. It tells us that innovation is "The action of innovating; introducing a new product into the market; a product newly brought on to the market. To change (a thing) into something new; to alter to make new; to make changes in something established."

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Innovation or Product Management

Innovation or Product Management

OK, so are you a member of the Product Management Team or Innovation Group? Are you a product manager, or an innovation controller? What is the difference between innovation and product management? I think the problem resides in the definition of these two concepts; product management and innovation.

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LAUNCH DEFINITION WITH MEANS

LAUNCH DEFINITION WITH MEANS

"The launch plan provides the means to a competitive advantage." Map Eliminate Acquire Nurture Secure

The first thing a person notices when they see Melissa are how blue her eyes are. Her straight blond hair only exaggerates their color. She doesn’t wear much makeup, which testifies of her natural beauty. I laughed at my own thoughts. Jack had asked Melissa to join us for lunch before our discussion on the last pillar. Though the food was great, I could hardly slow my eating I was so excited. At every pillar I’d learned more and more on how to improve myself and increase my competitive advantage. I knew the last pillar involved the implementation of the other pillars, so you understand my excitement.

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Open Market

Open Market

“If I create innovation assets, then I can sell them for real money, but I need a place to sell my assets.”

GrandView is an Open Market for buying, selling and trading innovation assets. We provide an Open Market with no barriers to free market activity. There are no licensing requirements, education requirements, or practices that interfere with people participating. Our Open Market does create some competition and you do have to join the pmNERDS community to participate, but membership is free. In an Open Market, there is a difference between barriers to entry and costs of entry.

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Recent comment in this post
Alden Ibbetson
I've actually been on those mountains! Love the picture! Who can I speak with to learn more information about grandview? When I go... Read More
Wednesday, 04 October 2017 11:56
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OPPORTUNITY DEFINITIONS WITH ALIGN

OPPORTUNITY DEFINITIONS WITH ALIGN

"Accumulate aligned alternatives to build the power of choice." Accumulate Logical Steps Incentive GOSPEL Neat

“Jack you old dog! How are you?” An elderly man started to approach Jack energetically with a huge grin on his face. He had very dark skin and a shockingly white head of shortly cropped hair. Other than his hair, there were few signs of the age he obviously bore. His step was springy and his back straight. I figured this must be Marcus and waved to him. Marcus shook Jack’s hand warmly then turned to me. “This must be the pup you’ve been showing around?”

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Problem Vetting & Levels of Innovation

Problem Vetting & Levels of Innovation

“If problems to be addressed are ranked according to level of innovation, then your limited resources will be used most wisely to create the largest competitive edge, but you must be careful to understand how much change you and your market are willing to make.”

Two important drivers of product development are knowing how much you can differentiate your solution, and how much innovation you can afford. Develop a me-too product at a reasonable cost, and your buyers may ignore yours because they can get it elsewhere. Develop an advanced capability at a higher cost, and your buyers may ignore it as well because they are not ready for it. Finding that sweet spot between satisfying your buyers desires better than the rest, and your cost-position to do that, is the challenge you need to meet in order to stay competitive.

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Project Ranking with the Benefit-to-Cost Ratio

Project Ranking with the Benefit-to-Cost Ratio

"If we rank our projects, then workers can prioritize their daily tasks, but this would require us to begin using Portfolios and a Portfolio Manager."

Project prioritization will be relatively simple, if you rank all the projects in the portfolio based on one single criterion representing one single project characteristic or attribute. You may identify a specific metric to measure that characteristic. If that metric can somehow be quantified, you can rank the projects, from best to worst, based on the actual value of that metric. You can then select projects on the ranked list in accordance with the resources available. Thus, you will be able to maximize the value of the portfolio with respect to whatever the sole criterion that you selected may be. For example, if your sole interest is in projects generating financial value, you may select benefit-to-cost ratio (BCR) as the metric to measure their financial merit and rank them starting with the highest BCR. In doing so, you are maximizing the financial value that the portfolio will create.

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REQUIREMENTS WITH MODEL

REQUIREMENTS WITH MODEL

"Requirements shall model your vision." Milestones Organized Design Estimates Legitimize

“Come on, what do you see?”

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ROADMAPPING WITH POWER

ROADMAPPING WITH POWER

"Your roadmap helps others anticipate your future, and throttles the power of change." Possible Alternatives Optimal Advantage Waybill Engaged Stakeholders Radio Channels

Feeling immensely satisfied, I stood up from my lunch and made my way to the exit. I saw Jack speaking to the waitress as I made my way past them and heard her laughing. As soon as I stepped outside, I felt the heat being reflected from the sidewalk and I cringed a little bit. The last three days had been increasingly hot and I controlled the sudden urge to dive back into the air conditioned restaurant. Jack soon followed me outside and when the sun hit his face he smiled happily. Not for the first time, I thought this guy was a little nuts.

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The Scientific Approach to Innovation

The Scientific Approach to Innovation

Doing performance modeling as a consultant, the biggest problem we had wasn't building the model, the devil was always in the model's validation. How do you know that the model is connected to reality? This issue was such a common occurrence that I named it the Excel Syndrome. I don't know if you've noticed, but Excel spreadsheets are this way. You may have all the formulas right, but those who haven't built it, or reviewed it in every detail, have little faith in the results. All modeling is this way, even fun simulators with fancy animations.The Excel Syndrome is such a basic truth that it extends way beyond modeling.

Let's take a look at The Scientific Approach to Innovation!

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