Structured Ideation: The Pathway to Innovation By Naveen Lakkur
On April 11th, The Institute of Product Leadership hosted a webinar on “Ideation: Transforming Unlimited Thoughts Into One Winning Idea”. The speaker for the webinar was Innovation Coach & IPL Faculty, Prof. Naveen Lakkur.
As has been the case always, Prof. Naveen started off passionately talking about his area of expertise - ideation and innovation! His goal for the webinar was to give listeners tips on how to transform our unlimited thoughts into one winning idea. He said there is no dearth of ideas at any given time, but the challenge is there are too many ideas that don’t matter, as ultimately none of the ideas find way to its completion.
Talking about Innovation, Prof. Naveen quoted, “In the game of Innovation, 99.9% of ideas do not survive”. He explained that there are multiple reasons why the ideas do not go all the way to a successful execution. Prof.Naveen was of the opinion that it is important we learn from those who have found their way to the top. One of the main points that he stressed upon was the “Art & Science of Ideation”, wherein he explained, “The art is to come up with new and novel ideas” and “The science is the process of developing a winning idea.“
Prof. Naveen also went on to explain the five-part funnel framework called FOUND that best guides ideators to zero in on the winning idea.
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He explained the framework in detail, giving insight into every step of the funnel -
● Free-flow: The more ideas, the better. Keep a target of 25 ideas
● Orient: Find the match between you and your idea
● Unearth: One of the steps mostly left undone, but important, nevertheless. Dig for data to find figures and facts.
● Negotiate: Verify if the idea is saleable in the market and if the customer will be willing to pay, use or refer your product or idea. Speak to anyone and everyone who will listen.
● Decide: Out of the 25 ideas, evaluate 10, research 5, discuss 3 and pursue the best idea.
The principle of the Golden Rose was introduced by Prof. Naveen as part of the idea valuation process. He assures that with the Golden Rose principle, valuation of an idea becomes easy and accurate. Finally, Prof. Naveen claimed that Ideation is extremely fun and the journey to the solution will be the most satisfying reward!
The webinar was followed by a Q & A session where Naveen responded to participants’ queries. One of the lucky participants won a book written by Prof. Naveen Lakkur himself, “Found: Transforming your unlimited ideas into one sustainable solution” for asking the most insightful question of the lot. With the tips that Naveen left us with, ideation and innovation need not be a far fetched activity!