Category Archives: Entrepreneurship

Don’t Forget Branding as You Look for Business Growth

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Don't Forget Branding as You Look for Business Growth

People underestimate the importance of brand as they look to grow their business beyond their initial set of successful products and services. But, if you grow your business beyond your brand you’re doomed to fail.

Few of us have the luxury of being branding experts. Many of us can’t afford to engage an expensive branding agency to conduct a brand study.

Most small business owners are busy with the day-to-day operations of their business. The money they do have to spend on sales and marketing, they tend to invest in demand generation. This is a very logical choice as every business must maximize its revenue and minimize expenses to keep the lights on. But, if your business has been successful and has grown, you may find yourself in a slightly different situation.

Many companies that succeed and grow reach a point where that growth begins to taper off. It is often at this point where entrepreneurs begin to think about adding new products or services in new areas beyond their initial focus. If you choose to ignore the role of your brand at this point, you do so at your own peril.

A brand is more than the name of your business, your products, or your logo. If you have done a good job running your business, delivering your products and services, and the experiences around them, then your brand will stand for something – and might be worth something (brand equity). But what your brand stands for, your brand identity, is something that ultimately you do not control.

Yes, you can invest in brand positioning to shape your brand identity, but ultimately your customers (and non-customers) determine what your brand stands for. This fact is important as you look to expand your business into new areas you’re not currently in, to sell new products and services you don’t currently sell. The brand you have built up to this point will either be an asset or a liability as you look to grow into these new areas.

Your business exists because customers give it permission to exist. It can only grow into areas that prospective customers give it permission to grow into. If Taco Bell decides to enter the healthcare business, would you find them credible? Would you trust them to diagnose and treat you?

There must be an overlap between the directions you want to grow your business and the directions that prospective customers trust you to grow your business. If your new products and services don’t lie within the mental circle of trust that exists in the collective minds of your prospective customers, you will struggle.

Notice the focus on ‘prospective customers’ as I speak about your growth areas. This is because as you grow into new areas, your circle of trust may intersect with new people who are aware of your brand that are not currently your customers. Yes, your brand means something, even to those people who are NOT your customers.

You must mind your brand positioning and brand permissions not just with customers for your current products and services, but also with the most likely customers of the new products and services you’re hoping will provide the future growth of your business.

So, how do you find out what your brand stands for and what areas you can credibly extend into?

Unfortunately, there is no way to find this out without making an investment into interviewing people. Here are some options:

  1. Pay a branding or market research agency to do this for you
  2. Pay someone who works at one of these agencies to conduct these interviews for you as a side hustle through a gig worker exchange like fiverr
  3. Create a short & sharp list of 2-3 questions to ask a handful of customers that quickly get to the heart of what your brand stands for and whether they view you as credible in the new area you’re considering
  4. Use this same list of questions to quickly ask customers of businesses you view as potential competitors in the growth areas you’re looking to enter
  5. Pay some of your customers, that you have a good relationship with and will give you the time and honest feedback, to spend more time understanding why they do business with you now and what other kinds of products & services they would trust you to provide

Whether you lack money or courage, there are options above to overcome either limitation. If you lack both, then see my previous article on what I’ve learned from becoming an accidental entrepreneur.

For the rest of you, I hope that you will heed the warnings of this article, find the suggestions useful, incorporate them as you consider potential areas to grow your business into, and select those products and services to invest in where you have both credibility and ability to execute with excellence.

Keep innovating!

This article originally appeared on Entrepreneur.com

Image credit: Pixabay


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How to Conduct Virtual Office Hours

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How to Conduct Virtual Office Hours

Guest Post from Arlen Meyers

We have all had experience with various forms of virtual interactions, be they meetings, seminars, presentations, informal get togethers or virtual networking events. One form of that experience is office hours be they as part of a formal class or a more informal meeting.

In the academic setting, office hours are a way for professor and student to communicate outside of the pressure and sometimes hurried nature of a class. To persuade students to come to office hours, professors can invite students genuinely, and also post their office hours in a way that students can easily sign up.

The purpose of office hours outside of the classroom is to have a conversation about topics of interest and get to know each other better. By their nature, they are typically unstructured and open and require some moderator knowledge, skills, attitudes and competencies to be successful. In many ways, they are like a news anchor moderating a panel of analysts who are discussing a recent newsworthy event. The main purpose is to explore opinions and insights around a specific topic and inform, educate and engage the audience and participants. What’s more, they are a great way to include people with international cognitive diversity.

Here’s what I’ve learned about how to conduct virtual office hours inside or outside of the classroom:

  • Schedule them at convenient times and inform participants about the schedule sufficiently ahead of time.

  • Get to know the participants. Ask them to introduce themselves and post contact information in the chat box and introduce themselves. Ask them to turn on their video when they speak.

  • Clearly define the broad goal or subject of the conversation, but allow the learning objectives to evolve based on what the participants want to discuss

  • Perfect your moderator communication skills

  • Challenge participants with probing questions about controversial topics and explore them with follow up questions

In most Zoom office hours, 10% of the participants will do 90% of the talking. Prompted cold calling is way to engage the silent 90%, To avoid embarrassing the 90%, use the chat to ask them if they would be willing to comment. If they agree, then call on them.

It is best to have a “director” on the Zoom call who can direct traffic, deal with technical issues and questions so the host can focus on the conversation.

  • Be careful not to hog the podium and confuse your moderator role with being a member of the audience. If you want to add your two cents, wait until others have had a chance to speak and then contribute. Keep your comments short and to the point.

  • Be careful to stay within the allotted time, politely interrupt those who get on a soap box to allow others to speak, and let the audience know when there is only 5 minutes left.

  • At the end, summarize or synthesize the conversation and offer other resources or solicit them from the audience to post in the chat.

  • Invite a guest expert or key opinion leader to “tee up” the topic with a 10 minute discussion.

  • Try to make the sessions as Powerpointless as possible.

In short, invite the audience to discuss the topic, have the conversation, and then tell the audience what they discussed and thank them for their ideas.

I hope to see you at our next office hours on the First Friday of every month at 8am Mountain Time.

Image credit: Pexels.com


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Building Cumulative Advantage

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Exclusive Mark Schaefer Interview Excerpt from CustomerThink.com

Mark W SchaeferCumulative Advantage as a concept builds unstoppable momentum for your ideas and your business — even when the odds seem stacked against you. The book shows how initial advantages, seams of opportunity, sonic booms, and the lift from mentors can impact your world in powerful and permanent ways. It’s designed to be a practical source of inspiration for the entrepreneur, business leader, and every person with a dream that’s ready to take flight. The Cumulative Advantage concept focuses on:

  • How the initial advantage that drives momentum comes from everyday ideas.
  • The inside secrets of creating vast awareness for your projects.
  • How to nurture powerful connections that lead to break-through opportunities.
  • Why momentum is driven by the speed, time, and space of a “seam.”
  • How the “certainty of business uncertainty” can be used to your advantage.

I had the opportunity recently to interview Mark Schaefer, a globally-acclaimed author, keynote speaker, and marketing consultant. He is a faculty member of Rutgers University and one of the top business bloggers and podcasters in the world. Mark is the executive director of Schaefer Marketing Solutions, Chief Executive Officer of B Squared Media and on the advisory board of several startups. He has been a contributor to Harvard Business Review and Entrepreneur magazine.

His latest book is Cumulative Advantage: How to Build Momentum for Your Ideas, Business and Life Against All Odds.

Below is the text of the interview:

1. Is success random?

Yes and no.

Momentum in life begins with some initial advantage. That is almost always random and unearned. It could be inherited wealth, a special, early educational opportunity, or being in the right place at the right time. Even being born into a free country and living in a stable household with two parents can be an advantage.

Frans Johansson wrote an entire book about this phenomenon called “The Click Moment.” I can point to a random conversation with my boss in 1992 that led to this book!

However, just having an idea or an advantage is not enough. You must pursue the idea and apply it to something changing in the world to create an opportunity. Randomness is likely to get the ball rolling, but hard work and smarts still make a difference when it comes to success.

2. Why is creating a cumulative advantage important?

There are many reasons to understand the patterns of momentum but for me, it’s the fact that it’s just so hard to stand out today. Even if you’re doing your best work, you can be buried because the level of competition and content out there is so great. How can a person or a business be heard? How can they be found?

For the past 10 years, most of my career has been devoted to this idea of becoming the signal instead of the noise. It’s never been harder for a business to be seen and heard and I think understanding how we can apply momentum to our lives is a big idea to help solve this problem.

3. Can anyone create cumulative advantage for their business or ideas?

This is going to sound weird, but honestly, no. This haunted me as I wrote the book. I realized that every business book and every self-help book is inherently elitist. The author assumes a person has the money to buy the book, the time to read it, and the resources to act on it.

But there is a big part of society that is being pulled under by Cumulative Disadvantage. It’s a cosmically complex topic that I address, in part, at the end of the book. I wanted to write a book that could help everyone, I don’t think anybody can, really.

But let’s put it this way — if you have the resources to buy the book and read it, then yes, you can probably build momentum!

4. What kinds of initial advantages might the average person have?

It can be anything really that leads to some momentum in later life. I already mentioned this idea about just living in a safe home as an advantage. Children adopted out of poverty had a substantial gain in IQ just from being in a safe environment.

Research has shown that early reading skills can lead to an advantage in education. Early athletic coaching can lead to longer and more profitable professional careers (just ask Tiger Woods or Serena Williams!). It can be a special ability, a personality trait, or even a stroke of luck along the way.

5. We are all surfing the crest of a wave that started long ago. Advantage builds on advantage. Why is curiosity so important?

I once had the opportunity to meet Walter Isaacson, the biographer of Steve Jobs, Leonardo DeVinci and Benjamin Franklin. I asked him what made a genius. He said endless curiosity and an ability to see patterns.

The world is filled with millions of ideas. An idea is worth nothing without the pursuit of curiosity, That is the beginning of momentum.

Click to read the rest of the interview on CustomerThink.com


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Five Lessons I Learned as an Accidental Entrepreneur

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Five Lessons I Learned as an Accidental Entrepreneur

You don’t have to start a business to learn from my journey.

I like think of myself as an accidental entrepreneur. I originally set out to make innovation insights accessible for the greater good. But, nearly 15 years after publishing my first article, I sold a site that had more than 8,000 articles from around 400 contributing authors.

Along the way I learned a great deal of things, some the easy way and some the hard way. Here are the five key lessons I learned from my 15-year journey as a webpreneur:

1. Before turning a passion into a business, nail the business model

My website, Innovation Excellence, started as a passion project that shared my own thoughts about innovation. The site didn’t begin with a business model and sort of evolved as my project grew. Even after bringing in partners to transform my project, everyone had a day job and didn’t have time to develop the most viable revenue streams. I began to experiment with advertising and sponsorships, but everything was difficult and quite manual. From this inability to invest, I learned that you shouldn’t start commercializing a passion project before nailing the business model. If you can’t, leave it as a small, manageable hobby.

2. Don’t give up too much equity too soon

I eventually brought on three partners, but ended up owning less than a third of my creation. I now see that I placed too little value on all of the work that I had done to that point.

Don’t give away half the commercial potential of your passion project to the first person offering you money to grow it. You always have the option of not growing it or growing it more slowly with more control. Make these choices carefully and err on the side of only giving up small amounts of equity for investment. I brought on some great people as partners, but the painful reality is that I gave up equity to fund a redesign that we ended up throwing away for another redesign that I did myself.

3. In any partnership, make sure ownership percentages match contributions

It takes work to run a website. If someone owns a third of your business, they should be doing a third of the day-to-day work involved. Even financial investors should be getting their hands dirty. Refuse purely financial investors unless their money funds the successful launching of a profitable business model.

4. Create as many win-wins as possible

My team was able to build Innovation Excellence into a saleable asset because it was a purpose-driven business focused on creating as many win-wins as possible. Every decision was measured against the mission to make innovation insights accessible, and we were focused on creating value for our global innovation community and value for our contributing authors. We turned down advertising dollars we didn’t think would be a win for our community and our authors.

If I start a new site, it will definitely follow this paradigm of creating value for as many stakeholders as possible. Win-win relationships create value over time, while win-lose relationships destroy value until it reaches zero.

5. When it’s time to sell, make sure the buyers share your vision

I’m proud of what I built with Innovation Excellence and grateful for my partners. Sadly, Innovation Excellence has disappeared. The buyers said they shared our vision, wanted to do no harm, respected what we had built and only wanted to make it better, but they completely replaced the brand nonetheless.

The buyer had every right to do this in pursuit of leveraging the assets they purchased, but it’s still painful as a founder to not be able to point people to the thing that you built. This should be a consideration when you sell something you’ve poured your heart and soul into.

Building and selling the Innovation Excellence was a wild ride, and I definitely learned a lot along the way. But you don’t have to build a company to gain insights. You can learn so much about how investors think by watching Shark Tank or reading articles. Talk to other entrepreneurs so you can learn without going through the hard part. Always look to grow and keep innovating, so you’re prepared when entrepreneurship comes knocking.

This article originally appeared on Entrepreneur.com

Image credit: Pixabay


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The Social Impact Investing Revolution

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Opportunities for Organizations

The Social Impact Investing Revolution

GUEST POST from Chateau G Pato

In recent years, there has been a significant shift in the way organizations approach investing. A growing number of companies are realizing that they can make a positive impact on society while also generating financial returns. This movement, known as social impact investing, focuses on investing in projects, businesses, and initiatives that have a measurable positive social or environmental impact.

Case Study 1: Patagonia

One prime example of the social impact investing revolution is the case of Patagonia, the outdoor clothing company known for its commitment to sustainability and environmental conservation. In 2013, Patagonia launched its own venture capital fund, Tin Shed Ventures, with the goal of investing in startups that align with its values and mission. Through Tin Shed Ventures, Patagonia has invested in companies like Beyond Meat, a plant-based meat alternative company, and Bureo, a company that turns discarded fishing nets into skateboards and sunglasses. By leveraging its financial resources to support socially responsible businesses, Patagonia is not only driving positive change in the world but also generating financial returns for itself and its investors.

Case Study 2: Acumen

Another compelling case study is the impact investing efforts of Acumen, a non-profit global venture fund that invests in companies serving low-income communities in developing countries. Working in sectors such as healthcare, agriculture, and energy, Acumen provides patient capital to entrepreneurs who are addressing pressing social and environmental issues in their communities. One notable success story is d.light, a company that provides affordable solar-powered lights to off-grid communities in Africa and Asia. By investing in companies like d.light, Acumen is not only increasing access to essential products and services for marginalized populations but also demonstrating the potential for financial sustainability and scalability in the impact investing space.

Conclusion

The rise of social impact investing presents a unique opportunity for organizations to align their financial interests with their social and environmental values. By investing in projects and companies that are creating positive change in the world, organizations can not only drive meaningful impact but also build long-term value for themselves and their stakeholders. As the social impact investing revolution continues to gain momentum, organizations have the chance to lead the charge in building a more sustainable and equitable future for all.

Bottom line: The Change Planning Toolkit™ is grounded in extensive research and proven methodologies, providing users with a reliable and evidence-based approach to change management. The toolkit offers a comprehensive set of tools and resources that guide users through each stage of the change planning process, enabling them to develop effective strategies and navigate potential obstacles with confidence.

Image credit: misterinnovation.com

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Effective Collaboration Strategies for Startups and Small Businesses

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Effective Collaboration Strategies for Startups and Small Businesses

GUEST POST from Chateau G Pato

Collaboration is a key component of success for startups and small businesses. By working together, teams can achieve greater results and overcome challenges more efficiently. However, collaboration is not always easy to achieve. It requires good communication, trust, and a shared vision. In this article, we will explore some effective collaboration strategies for startups and small businesses, as well as two case studies of successful collaborations.

1. Clear Communication: One of the most important aspects of effective collaboration is clear communication. Teams must be able to communicate their ideas, goals, and concerns openly and honestly. This can help avoid misunderstandings and ensure that everyone is on the same page. Regular team meetings, emails, and project management tools can all help facilitate clear communication within a team.

Case Study 1: Startup A is a small software development company that specializes in creating mobile apps. The team at Startup A struggled with communication, which led to missed deadlines and low morale among team members. To address this issue, the team implemented a daily stand-up meeting where everyone would share their progress, challenges, and goals for the day. This simple change in communication helped the team stay on track and build stronger relationships with each other.

2. Build Trust: Trust is another crucial element of effective collaboration. Team members must trust each other to do their work effectively and have each other’s backs when things get tough. Building trust can take time, but it is essential for a team to function well. Encouraging transparency, respecting each other’s opinions, and celebrating successes together can all help foster trust within a team.

Case Study 2: Small Business B is a marketing agency that works with various clients to create marketing campaigns. The team at Small Business B struggled with trust issues, as team members were often working in silos and not sharing their work with each other. To address this issue, the team implemented a project management tool where all team members could track their progress, share files, and communicate with each other. This improved transparency and collaboration within the team, leading to more successful campaigns and happier clients.

Conclusion: Effective collaboration is essential for startups and small businesses to succeed. By implementing clear communication strategies and building trust within a team, businesses can achieve greater results and overcome challenges more efficiently. The case studies of Startup A and Small Business B demonstrate the positive impact that effective collaboration can have on a team’s success. By prioritizing collaboration, startups and small businesses can create a strong foundation for growth and innovation.

Bottom line: Futurology is not fortune telling. Futurists use a scientific approach to create their deliverables, but a methodology and tools like those in FutureHacking™ can empower anyone to engage in futurology themselves.

Image credit: misterinnovation.com

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Innovation Strategies for Small Businesses

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How to Compete with Big Players

Innovation Strategies for Small Businesses

GUEST POST from Art Inteligencia

Small businesses often find themselves facing tough competition from larger, more established players in the market. However, with the right innovation strategies, small businesses can not only stay afloat but also carve a niche for themselves, attracting customers and giving the big players a run for their money. In this article, we will explore two case studies showcasing how small businesses used innovation to compete with big players in their respective industries.

Case Study 1: Warby Parker

Warby Parker is a renowned eyewear company that disrupted the traditional eyewear industry by offering an innovative solution to a common problem – the high cost of eyeglasses. Before Warby Parker, purchasing prescription eyewear was a time-consuming and expensive process. Warby Parker revolutionized the industry by designing and manufacturing stylish and affordable eyeglasses, eliminating the need for costly intermediaries.

The company’s innovative “Try at Home” program allowed customers to select five frames online, try them on at home, and purchase the pair they liked the most. This unique approach gave Warby Parker an edge over traditional brick-and-mortar stores and large eyewear chains. By leveraging e-commerce and cutting out middlemen, Warby Parker offered quality eyewear at a fraction of the price, attracting customers who were tired of overpriced options.

Additionally, Warby Parker’s social mission played a significant role in its success. For every pair of glasses sold, the company donates a pair to someone in need. This socially responsible approach resonated with consumers, and the word-of-mouth marketing generated from their mission further fueled their growth.

By combining innovative business models, leveraging e-commerce, and having a socially responsible brand, Warby Parker successfully competed against large players in the eyewear industry.

Case Study 2: Square

Square, the mobile payment solutions provider, is another impressive example of a small business competing with big players. Before Square, accepting card payments was often expensive and required complex setup processes. Square disrupted the industry by introducing a small dongle that could be attached to smartphones or tablets, transforming them into mobile card readers.

This innovative solution allowed small businesses, such as food trucks and local vendors, to accept card payments without the need for expensive equipment or contracts with traditional payment processors. Square simplified the payment landscape by making it accessible to businesses of all sizes.

Furthermore, Square expanded its offerings beyond mobile card readers. They introduced additional services such as invoicing, online payments, and point-of-sale systems. By continuously innovating and adapting to market needs, Square has become a trusted brand for small businesses looking for reliable and affordable payment solutions.

Conclusion

In summary, both Warby Parker and Square utilized innovative approaches to compete with big players in their respective industries. By identifying gaps in the market, leveraging technology, and offering unique value propositions, these small businesses gained a competitive edge and attracted a loyal customer base. As a small business owner, by adopting similar innovation strategies and continuously adapting to market demands, you can also compete with the big players, thrive, and grow in your industry.

Bottom line: Futurists are not fortune tellers. They use a formal approach to achieve their outcomes, but a methodology and tools like those in FutureHacking™ can empower anyone to be their own futurist.

Image credit: Pixabay

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Confessions of a Business Artist

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Confessions of a Business Artist

I am an artist.

There, I’ve said it. This statement may confuse some people who know me, and come as a shock to others.

Braden, what do you mean you’re an artist? You’ve got an MBA from London Business School, you’ve led change programs for global organizations, helped companies build their innovation capabilities and cultures, are an expert in digital transformation, and you can’t even draw a straight line without a ruler. What makes you think you’re an artist?

Well, okay, that may all be true, but there are lots of different kinds of artists. I may not be a painter, a sculptor, a musician, an illustrator, or even a singer, but I am an artist, a business artist.

What is a business artist you ask?

A business artist sees through complexity to what matters most. A business artist loves working with PowerPoint and telling stories, often through keynote speeches and training facilitation, or through writing. A business artist loves to share, often doing so for the greater good, sometimes to their own financial detriment, in an effort to accelerate the knowledge, learning, and creating new capabilities in others. A business artist is a builder, often creating new businesses, new web sites, and new thinking. A business artist is comfortable stepping into a number of different business contexts and bringing a different energy and a different approach to creating solutions to complex requirements. Part of the reason a business artist can do this is because a business artist values their intuitive skills just as much as they value their intellectual skills, and may also consciously invest in getting in touch with higher levels of intuitive capabilities, enabling them to excel in roles that involve a great deal of what might be termed ‘organizational psychology’.

A business artist often appears to be a jack of all trades, sometimes bordering on what was portrayed in the television show The Pretender, and can be an incredibly powerful addition to any team tackling a big challenge, but a business artist’s incredible ability to contribute to the success of an organization is often discounted by the traditional recruiting processes of most human resource organizations because of its emphasis on skill matching and experience, skewing hiring in favor of someone with a lot of experience at being mediocre at a certain skillset over someone with limited experience but greater capability. A business artist often appears to be ahead of the curve, often to their own detriment, arriving too early to the party by grasping where organizations need to go before the rest of the organization is willing to accept the new reality. This is a real problem for business artists.

Now is the time for a change. Given human’s increasing access to knowledge, and the shorter time now required to acquire the necessary knowledge and skills required to perform a task, people who are comfortable with complexity, ambiguity, and capable of learning quickly are incredibly valuable to organizations as continual change becomes the new normal. Because experience is increasingly detrimental to success instead of a long-lived asset, given the accelerating pace of innovation and change, we need business artists now more than ever.

So how do we create more business artists?

Unfortunately our public schools are far too focused on indoctrination than education, on repetition over discovery. Our educational system specializes in creating trivia masters and kids that hate school, instead of building a new generation of creative problem solvers that love to learn and explore new approaches instead of defending status conferred based on mastery of current truths (which may be tomorrow’s fallacies). We are far too obsessed with STEM (Science Technology Engineering and Math) when we should be focused on STEAM (Science Technology Engineering Art and Music). Music is creative math after all. My daughter’s school has a limited music program and NO ART. How is this possible?

To create more business artists we need to shift our focus towards art, creative problem solving and demonstrated learning, and away from memorization, metrics, and repetition. Can we do this?

Can we create an environment where the status quo is seen not as a source of power through current mastery and instead towards a system where improvements to the status quo are seen as the new source of power?

Organizations that want to survive will do so. Countries that want to stay at the top of the economic pyramid will do so. So what kind of country do you want to live in? What kind of company do you want to be part of?

Do you have the courage to join me as a business artist or to help create a new generation of them?

Image credit: blogs.nd.edu

This article originally appeared on Linkedin


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Powering Monday Night Football with Feet?

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Shell Kinetic Soccer Field in BrazilElectricity.

It’s not exactly cheap, and in rapidly modernizing countries (or even U.S. municipalities with budget woes) the idea of illuminating a neighborhood soccer field so kids and adults can play at night (especially in a poorer neighborhood), might seem like an impossibility.

But a couple of weeks ago Pelé (the Brazilian soccer player) and Shell (the global oil – ahem energy company) this week showed off a soccer revolution, a field located in the heart of Morro da Mineira, a Rio de Janeiro favela, capable of capturing the kinetic energy created by the movement of players around the field and combining it with nearby solar power to provide a source of renewable electricity for lighting the field.

The field uses two hundred high-tech, underground tiles to capture the energy created by players running around the field, along with energy created by solar panels next to the field and stores it in batteries next to the field. These new floodlights provides the players with a lit field and everyone else in the favela a safe and secure community area at night.

Until it was redeveloped by Shell, the soccer field was largely unusable and many young people were forced to play in the streets. The Morro da Mineira project shows how creative ideas delivered through committed partnerships can shape neighborhoods and transform communities.

The effort is a component of the Shell #makethefuture program, which endeavors to inspire entrepreneurs and young people to see science and engineering as potential career choices, and hopes to inspire both to use their minds to develop energy solutions for our planet’s future. The kinetic technology used at the soccer field was developed by a UK Shell LiveWIRE grant, which is designed to be a catalyst for young students and entrepreneurs seeking to grow promising ideas into viable and sustainable businesses.

Could we someday see a World Cup match lit by the players or maybe even a Monday Night Football game?

Only time, and a continued commitment to advancements in renewable energy generation and storage, will tell.

For other interesting kinetic energy inventions (and potential innovations), continue reading here (link broken).

Image Source: Treehugger


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Where Does Value Come From?

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Stikkee 50 Dollar T-shirt

Where does value come from?

What makes people willing to pay $50 for a t-shirt that’s just like the one that ten other people are wearing in the club?

What makes people pay a premium for Apple products with features introduced by other companies months or years before?

If you are truly trying to be innovative, instead of creative or inventive, you MUST understand how your prospective customers assign value for the new solution you are about to introduce. This may require lots of customer interviews, ethnography, forced choices, and other upfront research, but it’s worth it, because if you don’t build your potential innovation on a new, unique insight then it has no chance of succeeding in the marketplace. And as I’ve said before, to achieve innovation you have to focus not just on creating value in the product or service itself, but all three sources of value:

  • Value Creation
  • Value Translation
  • Value Access

So, let’s get back to the $50 t-shirt…

Here in Seattle we are proud of Macklemore and Ryan Lewis, who became a chart topping rap music music act by choosing not to follow the traditional way of making it in the music business so they could not only maintain their creative freedom, but also to make more money. Their mega-hit “Thrift Shop” pokes fun at fashionistas and has helped to make thrift shopping cool instead of embarrassing. Thank you to their combination of skills, they’ve been able to do a lot of the hard work themselves to promote their music, including making this video:

By remaining independent, Macklemore and Ryan Lewis are free to collaborate with whomever they want, when they want, and with sponsors who add value in specific ways consistent with the current project they are working on, instead of a record company extracting a rent from all the artist’s activities (whether they are adding value or not). Here is one such project they undertook with another local artist, Fences, and sponsorship from a company headquartered here locally – T-Mobile USA. It’s a great song and a pretty cool video if you haven’t heard or seen it before:

I for one am grateful that Macklemore and Ryan Lewis didn’t sign a record deal, and record executives have candidly admitted that they would have totally ruined the act by forcing them to change to be more “marketable.” The success of Macklemore and Ryan Lewis (and others) serve to highlight the disruption in the music industry value chain that continues to occur, creating discontinuities that artists like Macklemore and Ryan Lewis can take advantage of. This is of course as long as they have the digital and social skills to get the word out and help their music spread.

Is there disruption happening in your industry’s value chain?

How can you take advantage of the discontinuities?

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