Okay, we're back here at the business bookshelf to see if we can get some validation around this concept of idea filtering. So first of all, let's take the element of questions. So a filter is asking a bunch of questions, and, that you're going to find lots in the bookshelf. Anyone who's talking about how to write a business plan, or say you've got an idea what do you do next. They are basically taking you right down through these factors asking you these questions. Who's going to buy it? How much is it going to cost you? Who's going to be on your team? How long's it going to take? So it's, it's very validated this concept of these questions. And while they may differ a little from book to book. You're going to see the same questions over and over again. We overall know the questions that should be asked. As far as one of the best references I've found most directly in idea filtering is McKnight, Will It Fly? McKnight has started has, has helped over 200 startup companies. He's been involved in, in some corporate development, and he's, and, and he's teaching and studying what works and doesn't work and his key core concept is to come up with an idea, filter. he has 44 elements in his filter talks about weighing them to see what's more important to you and, and rating them and coming up with a, a, a score as you work down through that. This concept of managing multiple ideas, is very much supported by the, the foundational work by Cooper on stage gate process and managing innovation. He studied companies a number of years ago, and tried to see what was different with the companies that were more innovative, that had more percentage of sales, that were based on products that had only been out for a couple of years. And he found that the, the management was very specific in stages and gates. And as they work through innovation and then keep coming out with this concept of Portfolio Management and being very proactive at managing a collection of new product ideas. Some are highly risky, they might be really huge, other ones are small and incremental but have less risk. They will probably succeed, but they're not going to drive a foundation new growth and new businesses. So this is of course a great one to validate this concept of looking at a lot of products. Christensen's Innovator's Dilemma, another foundational piece that really says if you're trying to do radical innovation, and,or if you want to stay in business for a long time. At some point, or with some portion of the resources, you need to be ignoring your current customers. You need to be not talking to your current customers. Because the current customers are just going to keep telling you what they know today, and they will definitely help you with incremental innovation, but they're not necessarily the good source for, for radical breakthroughs. And in fact, these corporations they completely go out of business because some start ups have usurped them because the start ups were working on wacky new stuff, that the current customers and the big companies were not worried about. So these large companies get blindsided, unless they are setting up some radical teams. And another, another group studied this Radical Innovation concept and saying that large corporations don't have to be blindsided by small companies, and in fact, large companies have a big advantage with radical innovation because they had a lot of people and a lot of budget, so they can allocate a portion of their budget through portfolio management to radical breakthroughs. As long as they understand that radical innovation needs to be handled and managed differently than incremental innovation. The, the factors on the, on the filters need to be weighed a little bit differently, and managed a little differently. They also talk about other techniques, as far as the new product teams and how to engage them for more radical, innovation. Last one I want to highlight is a fantastic book because it's all filled with pictures and charts and sketches, which I'm a huge fan of that. [SOUND] But Business Model Generation is doing something phenomenal, for the concept of rendering. And as we talk in the idea filter using the filter to look at the weak aspects of your idea. And render it. Shape it. Pivot it. Whatever you want to call it. So that that weak area becomes a little stronger. And in the, in this book they, the famous tool, is the business model, business model canvas. So a fantastic idea. While it's cheap and quick to make changes, put a big chart on the wall. Have a bunch of post it notes that are really looking at different factors. How you going to sell this? Who's going to sell it for you? Are you going to have your own factory or are you going to have a partner? Are you selling it for a whole bunch to a few people or are you selling a whole bunch of them to lots of people for a small profit? And really play around with your business models. While it's easy to consider a lot more. And this concept of not just running after the first pathway you see. I've got an idea, I know how I'm going to implement it, and just running down that pathway, they are really helping to tear that down. Saying that's not a good idea. Let's think of some other possible ways forward. Sometimes the second great idea is better, rather than the first one. So this a, a great book that really helps support that concept of renditions.
