Product and Market Definition for Innovation

Greetings from the Product and Market Definition seminar by John Hemphill from Pyksis. This is one of a series by ANU Innovation to encourage staff and students to innovate:

This seminar will focus on the difference between an idea and a product and going from an idea to the product. It will then focus on the right market to target, market segmentation and the right approach to market analysis and validation.

Last week's seminar was replaced by a "speed dating" event, where budding innovators presented their ideas and then invited others to join there team. This was entertaining, as well as informative.

As well as the educational content of these events, there is excellent catering from "The Vanilla Bean" cafe. One extra source of entertainment this week is that four people were working on the electronic information sign in the foyer, next to the Jackie Chan Research Center. The people had the front of the electronic sign open and were working on the display.

This week's seminar was a conventional format with slides and talk by John Hemphill. This went through the process of working out if an invention is a good idea: what problem does it solve? Who has done it before? Will people pay for it? My favourite comments from the evening, was a quote from motoring writer Jeremy Clarkson on the topic of Tata India buying Range Rover: "What would Ghandi say?".

Also mentioned:

• Presentation by John Hemphill

• Market size estimator by John Hemphill

• The InnovationXchange (IXC)
• Nine Sigma