The Elevator Pitch

After talking about creating a value proposition and collecting a large number of ideas to improve it, the book has an entire chapter dedicated to the elevator pitch. An elevator pitch is a succinct, “pithy” summary of your idea told in 1-2 minutes. Hopefully you knew that. If you can’t pitch your value proposition eloquently in 1 minute, that’s a …

Getting More ideas

The next section of the book is called “More Ideas for Faster Value Creation.” This section logically follows the discussion on compounding ideas because having more ideas is part and parcel to compounding ideas. You need both quantity and quality when it comes to ideas. The book covers a wide range of possible methods for collecting ideas. I’m not really …

Compounding Ideas – How to do it

This is worth a second or third discussion because it’s so critical to innovation. How do you take a pretty good idea and refine it until it’s brilliant? The author’s lay out the following proposal: 1. Write* your value proposition. This is the NABC statement discussed before. 2. Share it. Get feedback. Collect new ideas. 3. Synthesize* the ideas and …

Compounding Ideas

Compounding Ideas. I mentioned this in the last post, but the whole concept is worth repeating. This term is used to describe ideas which build upon other ideas. They are compounded in the same manner money is compounded, increasing in value and dimension. I definitely like this term. It makes me think about the notion of standing on the shoulders …

Watering Holes – Where Value Propositions are Nurtured

So you have an understanding of consumer needs and what makes a good value proposition. That’s the “what.” But now…”how?” How do you go about developing and refining and good value proposition? There’s no doubt you’ve heard of and participated in brainstorming meetings. Everyone knows (or thinks they know) what those meetings are and how they contribute to the innovation …