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Innovation FundWorkshop Series
Part I
Shorouq Almallah-Director
Richard M. and Helen DeVos Center for Entrepreneurship & Innovation
Seidman College of Business
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AGENDA
What is Innovation?
Customer Development
Idea Development
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INNOVATION CHANGE
Future World Current Situation
Uncertain Certain
Fundamental Mechanical
Transformative Administrative
Innovation vs. Change
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Innovation is the process of solving a problem
and generating an idea to create a novel solution
that adds value.
What is Innovation?
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DisruptiveInnovation
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ProductInnovation
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BusinessModelInnovation
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CustomerExperienceInnovation
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CulturalInnovation
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Customer Development
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SAME IDEAS
LOW IMPACT
INFESIABLE
Ideation Problem
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IMPACTFUL
FEASIABLE
CREATIVE IDEA GENERATONSKILLS
Solution
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IMPACTFUL
FEASIABLE
CREATIVE IDEA GENERATONSKILLS
Solution
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Founder
NotIdea
Generation
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NotIdea
GenerationCUSTOMERS DO NOT BUYPRODUCTS
CUSTOMERS BUY SOLUTIONS TO PROBLEMS
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ProblemDiscovery
Founder
ProblemSolution
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ProblemDiscovery
Founder
ProblemSolution
Good Idea
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How to Identify Problems
Segment you belong to
1 ____________
2 ____________
Passion segment
1 ______________
2 ______________
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How to Identify Problems
Potential Segment #1
Biggest Problem
Hardest Part of Their Day
Potential Segment #2
Biggest Problem
Hardest Part of Their Day
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Customer Emotions
What is the Segment afraid of?
What frustrates this segment?
What overwhelms this segment?
What does this segment love?
Potential Segment #1 Potential Segment #2
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Customer Emotions
What is the Segment afraid of?
What frustrates this segment?
What overwhelms this segment?
What does this segment love?
Potential Segment #1 Potential Segment #2
The Most Intense
The Most Intense
The Most Intense
The Most Intense
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How to Identify Problems
My Ideal Customers are……Vegetarians………………………………………………………..,
I want to help them……Find great food when they travel………….
My Ideal Customers are……………………………………………………………..,
I want to help them…………………………………………………………………….
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Please direct any
questions about the
Innovation Fund to
Thank You!
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Innovation FundWorkshop Series
Part I
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• Innovation Fund
• Criteria
• Application Materials
• Deadlines & Review Process
• Funded Proposals Evaluations
AGENDA
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From Problem Discovery to Project Description Development
Innovation Fund
Application
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• To invest in new initiatives to propel Grand Valley forward
• Seed efforts that help us narrow in on the most high-impact areas
• Social inequity in the K-12 system
• High engagement online learning and the virtual experience
• New forms of integrated work and learning
• Any other initiative that will allow us to support and retain our students
Innovation Fund
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Initiatives proposed should support at
least one of the 5 Presidential Priorities
Strengthening the GV Experience: A Lifetime Value
• 1. Knowledge & Skills for the 21st Century
• 2. Build on the Reciprocity of Learning
• 3. Laker Lifetime Learning (L3)
A Diverse & Inclusive Economic Engine
• 4. Expand Access to New
Learners
• 5. Talent Epicenter
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• At least one of the 5 Presidential Priorities
• Funding commitment for 2 years
• Metrics of success
• 20% commitment; university will invest up
to 80%
• Endorsements are encouraged but not
required
Innovation Fund General Criteria
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Evaluation Criteria for
Innovation Fund Proposals
Beyond the previously mentioned General Criteria:
• Overview• Communication/Presentation• Presidential Priorities• Team
• Opportunity/Problem• The Model/Solution• Clear Plans & Implementation• Current Status and Validation
• Addressable Need• Competitive Landscape
• Revenue Model• Unlocking Opportunity
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Return on Investment (ROI)
Prestige
New learners Revenue
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Innovation Fund Application
• Must NOT exceed 3
(three) pages
• Must be MS Word
Doc or PDF
Project
Description
Must Include:
1. Primary author name, email address, and division
2. Name, email address, and division of co-leads and/or partners
3. Total requested amount
4. Cost-sharing plan
5. Length of the project
6. Assessment and success metrics
7. Implementation plan
8. Post-grant plan for project continuation
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Applications reviewed on a rolling basis
Initial review by a small team
President’s Cabinet review &
your “pitch”
President Mantella decision
notification
Innovation Fund Deadline & Review Process
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Funded Proposals Evaluation
• Proposals will be reviewed by the small team on a
regular basis
• Quarterly progress reports
• Final review for determination of next steps
• At the end of two years of funding
• Initiative or unit/department/college/division contributes back to the
Innovation Fund
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Innovation Fund Project Description Checklist
My Innovation Fund Project Description Includes…
Primary author name, email address, and division
Name, email address, and division of co-leads/partners
Total requested amount
At least one of the 5 Presidential Priorities
Cost-sharing plan: 20:80
Length of the project
Assessment and success metrics
Implementation plan
Endorsements-encouraged, but not required
Post-grant plan for project continuation
Other evaluation criteria
No more than 3 pages and formatted as a MS Word or PDF
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NEXT STEPS
•View the next video in the workshop series: Part II-
Innovation Fund Budget Development
•Visit the FAQs page at gvsu.edu/president/innovation
•Please direct any other questions to
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Innovation FundWorkshop Series