Existing Businesses

One of the keys to Business Innovation is the ability to identify possible products, services and business ideas. Mark Rober has done some cool jobs, and some cool videos. He’s way cooler than me, so I’ll let him explain how he comes up with good ideas

What are the key strategies Rober identified to help him come up with and put in place his ideas?

For those who have seen the video, read this article: How to come up with hundreds of business ideas

What are the seven key areas? What are examples of each that YOU can think of?

Existing Businesses: Sustain and Transform

The focus this semester is on existing businesses (after looking at establishing a business in Semester 1).

Before we get onto developing or ‘transforming’ a business, what helps a new business become successful? Answer the questions below:

Without research – create a mind map of at least ten things that you think contribute to (small) business success

In a different colour, add another ten things you found through research that helps businesses succeed.

CASE STUDY: RUNNING SHOES

Read: A Brief History of the Running Shoe

Nike AFR Case study on the ‘Free’ (Handout)

Minimalist / Barefoot Running:

Impact of ‘Born to Run’ – read points 1, 3, 4, 11 of this article

‘The Barefoot Professor’ – watch this video

Nike Free is a shoe designed to give runners the feeling and benefits of running in bare feet. However, the idea of running in bare feet could be seen as a contradiction to the foundation stone of Nike, the world’s leading athletic shoe company.

Using the information above, present a Gaddie Pitch (30-60 sec) to Nike store managers and sales representatives, outlining the benefits the Nike Free shoe gives runners.

Gaddie Pitch

You know how…
Well what we do…. [what the Free does…]
In fact…

CASE STUDY: 3M & INNOVATION

Using the handout from AFR Case Studies, answer the following questions:

1. What is innovation?  Use an example to show how innovation can lead to the development of new products.

2. Explain the relationship between 3M’s vision, its brand promise and innovation.

3. Explain what you think is meant by the term, ‘patient money’?  Why is this important in a product development process?

4. Describe the key elements of a customer-focused organisation.  Outline three examples that illustrate how 3M is a customer-focused organisation.

5. What does it mean to empower employees?  Using examples explain why management at 3M place such emphasis on empowering employees?

6. Explain 3M’s 15% rule?  Why would it be important for an innovate company involved in new product development to have such a rule as this?  How do you think employees would respond to the 15% rule?

7. Briefly summarise 3Ms six principles of innovation.  Explain how each of these principles focuses on various people, i.e. management, employees or customers.

8. What style of management seems to predominate 3Ms culture?  Use an example to explain why you think that this style of management is successful at 3M.

9. Briefly describe three positive outcomes that resulted from the relationship between 3M Australia and DFAT.

10. Use examples to evaluate whether 3M is being successful in developing a culture of innovation.

Group Task:

New product development is the cornerstone of innovation at 3M.  So what new innovation can you offer the company?

Working in groups you are required to come up with a new product for 3M.  You should focus on a product that fits into the consumer adhesive range.

• Research 3M’s current product range and identify if any gaps exist.
• Develop a rationale for a new product to fill this gap as well as a name, and some packaging visuals.
• Explain how the product adds value to 3Ms current product range.
• Suggest 3 spin-off products that might complement this new product.
• You should draw sketches / pictures of each of your proposed products