12. Summary Ted talks As mentioned in my plan of approach, I had the intention to watch and write a summary about the documentary Inside Job. However, after 30 minutes of watching, I came to the conclusion that it would be totally impossible for me to write a good summary about a subject I did not understand at all. That is also the reason why I decided to watch three Ted talks instead. The summaries of those Ted talks can be found below. Guy Kawasaki: The art of innovation According to Guy Kawasaki there are ten steps to innovation: 1. The desire to make meaning rather than the desire to make money It is all about the desire to change the world, to make it a better place. If you succeed in changing the world, there is a fair chance that …show more content…
Make a mantra A mantra is a very short (two, three or four word) explanation of why your meaning should exist. Instead of making a comprehensive (50 word) mission statement, companies should make a mantra. 3. Jump to the next curve You should not stay on the same curve. You should not try to do things only 10 percent better. Companies should not define themselves in terms of what they do, but in terms of the benefits they provide. Companies that define themselves in terms of what they do, will always stay on the same curve. Those companies that define themselves in terms of the benefits they provide, will be able to jump to the next curve. Great innovation only occurs when companies manage to get to the next curve. Example: telephone > internet. 4. Roll the dice Great innovation is deep: it has lots of features, lots of functionalities. Great products are intelligent: they anticipate customers’ needs, wishes, desires and problems. Great products are complete: it is the totality of the product. Great products are empowering: they make consumers more creative and productive, they enhance them, they change the meaning of their lives. Great products are elegant: someone actually cared about the design. 5. Don’t worry, be …show more content…
Timing accounted for 42 percent of the difference between success and failure. Team and execution came in second (32 percent). And the idea, the differentiability of the idea, came in third (28 percent). This is not to say that the idea was not important, but it really surprised Bill that the idea was not the most important thing. Sometimes it mattered more when it was actually timed. According to Bill it is very obvious that the business model (24 percent) and funding (14 percent) came in fourth and fifth respectively. As Bill says: you can start without a business model and then add one later if your customers are demanding what you are creating. If you are underfunded at first, but you are gaining attention, especially in today’s age, it is very, very easy to get intense funding. Some examples of company successes Bill mentions during his Ted talk: Airbnb, Uber, Citysearch, GoTo.com, YouTube. Most important reason for success: perfect timing. Conclusion: when it comes to startup success, execution definitely matters a lot, the idea matters a lot, but timing might matter even more. The best way to assess timing, is to look whether consumers are really ready for what you have to offer