The 24 hours of Innovation

The 24 Hours of Innovation is a non-stop, online marathon of innovation initiatives around the world. The event takes place during a full day and night on May 15-16 from 10.00 am to 10.00 am (CET).  The InnovationChef Blog will be contributing a special post to the  “My half time pep talk for 2009″ blog action.  We will also be contributing our talents to the program as well as trying to take in as many of the innovations on display. This should be a great event. You can confirm your interest and participation on the LinkedIn event page.

The 24 hours are divided in time slots, each one featuring an exciting innovation ranging from an innovation award to creativity sessions, an innovative auction, start-ups, and interviews with global thought leaders. Everyone can follow and join the 24 Hours of Innovation on www.boardofinnovation.com, from where theevent will be covered cross-media on blogs, traditional media, twitter, slideshare, ustream, coveritlive, flickr, scribd, vimeo,…

Irish Dragons Den TV Review Week 5

We have been offline for a little while but now we are back with the traditional Thursday night review of the Irish Version of Dragons Den. Ideally we would have a show packed with new and useful ideas. A showcase of the best of Irish Innovation and talent. The Dragons would be discerning and adventurous business angels ready to help give the struggling entrepreneur the kick start they need. It all hasn’t worked out that way but there are still some glimmers of hope. It is a fun show to watch and to have twitter running a live commentary on #ddire is added entertainment.

No experimentation with the format of the show is matched by a unimaginative review structure

  • 3 reasonably comprehensive pitches
  • a few short unsuccessful tries
  • the final pitch of the show

Pitch 1

Elaine Sarah is a trained goldsmith and her product was a novel take on the charm bracelet. Inspired by her mothers button box, Elaine Sarah has created silver button charms to be collected on “needle and thread” style bracelet, The innovation is probably low in this idea but it looks well implemented and I wouldn’t underestimate the design elements or craft that was needed. This kind of a business requires a brand to be built in order to be successful. The button bracelet has to be more than just another bangle, it has to have the cachet that allows the wearer and the admirer to see additional value and that only genuine additional buttons are bought to fill out the bracelet. She was looking €45k to build the brand. Elaine Sarah was a little nervous but had offers of the 45K in return for hefty chunks of equity in her company. She went with Niall, a fellow silversmith in return for 45% of the company.

I think this business will fly.

Pitch 2.

Leprechaun hair….Really…..

In the style of air in a jar, lucky shamrocks and other novelty items this is fake hair in a plastic bag stuck to a little piece of printed material with nonsense printed on it. This is a niche market and Gary is making sales. Anyone who saw the reception that the Paddygames got a couple of weeks ago won’t be surprised that the Dragons didn’t go for this. This kind of thing is either one of a multitude of products rolled out or a simple oneshot wonder. The latter may be the case.

Pitch 3

Ken the engineer has invented FAXCOP. It is a device you plug into your fax machine and it prevents junk faxes. Useful and environmentally friendly. Now, junk faxes are pretty wasteful, but if you think about it so are fax machines. Email does the same job and the resolution and readability you get from a printed document is much better and probably in colour and you choose if and when to print it out. Nevertheless, Ken has spend €100k of his own money in developing the device and sees a multibillion dollar business potential. Most of the Dragons baulked at investing €85k in a Fax machine busines reckoning it was 20 years too late.

Sean and Gavin looked like they might have gone in but for Ken’s reluctance to share how the device worked. Ken was looking to protect his Intellectual Property and not disclosing secrets on TV is one way to do that. However he had already said that he had filed for Patent protection and that the patents here at the national filing stage. This essentially means that he has already disclosed publically how the device works! That is the fundamental part of a patent filing, even if it is NOT granted – you still have to tell everyone how your invention works. (The application is kept secret for a while though you can change your mind after the process starts, but not at the national filing stage) Anyway, Ken felt he couldn’t share and the Dragon’s didn’t share with Ken.

Fast pitches

  • correctfooddirect – healthy food baskets just for you! But not for the Dragons
  • Used wedding dresses – no again
  • Ecofriendly bicycle holidays seemed to be too expensive a proposition
  • The scales that weighed beer kegs to check if free pints were being pulled wasn’t a winner

Final Pitch

Geena and Joan with Greenme.ie It’s the Irish Green directory site, with great material to pull you back for more. Boasting of €55k sales in two months and millions being projected this was surely a winner. The inquiry began. The business model is essentially selling advertising space with a green heart. Concerns were raised about whether the green ethos could remain pure if they needed the revenue to come in. Assurances were given that was not the case. Concerns were raised they might be tree huggers, Assurances were given again that this was not the case. Concerns were raised that they might be overvaluing their business by looking for €150K for only 10% equity share, Assurances came forward but in this case failed to win over the dragons.

There seemed to be a bit of a theme in this evenings show about businesses being overvalued. If you have a great business idea based on a new technology I recommend you check out this podcast. It is from the Killer Innovations podcast series and comes highly recommended.

The Grass Carver won last weeks poll:

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Dragons Den week 1
Dragons Den week 2
Dragons Den week 3
Dragons den week 4

Irish Dragons Den TV Review week 4

dragonThis week I learned that #ddire is the hashtag for the Irish Dragons den. I watched the show with the twitter feed rolling and the experience was great, but was the show any good? Week 1 and week 2 hadn’t the most innovative products but were solid pieces of  TV with solid good lessons for the inventor & entrepreneur. Week 3 had the guy in the yellow suit. The clear winner in the innovationchef poll was the Hangout. What did week 4 have? What would you have invested in ?

The format seems to have settled into three lengthly pitches followed by some quick fire unsuccessful ones and then a final attempt.

Pitch 1.

Anna, with a background in IT was launching bagsoffashion.com. (no link because there is no site) The idea is an online membership club for women who want to rent and buy designer bags. Websites haven’t appealed to the dragons so far in the series and that trend wasn’t broken tonight. Niall, who runs a suit & formal wear hire business, understands the business and the customers. Niall reckons women don’t go for the hiring of brands  – they want to own the brand. Certainly with membership fee of €2400 per year it seemed pricey not to anything to show for it. The pitch seemed a little hollow too, no website up and running, no evidence of market testing. Disappointing start. Though Anna was very polite and gracious with the negative feedback.

Pitch 2 .

Father and son Adrian and Adam with the Grass Carver. It’s a big skateboard to essentially snowboard on grass. Travel up to 80km/hr. It looked fun. Get the kids out and interacting. The twitter stream quickly had pulled out a New Zealand version though. The Dragons had to look at the product on its merit without the hive mind though. They liked it and then they passed on it. Somewhat of a disappointment as it looked like none of the Irish dragons were willing to move outside their own comfort zone to support a good idea. That changed a little later in the show though.

Pitch 3.

Pat had the night light kneeler. The scenario is: you need to change a tyre in the rain and want to avoid wet knees. This is a plastic box that keeps your knees off the ground. has an integrated work lamp and opens up to contain gloves and a plastic rain mac. Pat does have a website http://carfriendly.net/that looks to have recieved 7000 hits during the airing of the show. Good piece of marketing. Pat brought this to market 10 years ago but lost the bulb supplier and the product ground to a halt. The dragons didn’t like that, didn’t really show commitment. The product itself is not bad. The kind of thing you might see in Lidl and probably would find a market. Sarah thought that any car manufacturer could stick a foam pad on a toolbox and blow the night light kneeler out of the water. Sean asked some reasonable questions regarding patent protection. The answers weren’t the most convincing, No one invested and Pat left without his investment.

Quick fire stuff:

  • Pouch to put your gum and cigarette butts in. Be tidy at the beach! No takers
  • Racegoer.com (not sure about this) It’s Facebook for racing punters! Not sure what the selling feature was. No takers.
  • Keg-box.com. keep your portable keg of beer chilled without electricity! Using ice!  No takers
  • Mullingar Crystal. It’s crystal glass ornaments from Mullingar! No takers.

Final Pitch

Cathal the tiler, marble mason and toy designer has a track record in building businesses. His product is the Tilego. Rather that attaching batons to the wall to give yourself a level start this is a simpler safer solution with integrated spirit level and adhesives. “Simply, push, pull and tile” Nice bit of work. This was a fully realised product. Had thought about patent protection, if not maybe got a complete handle on it. Has a nifty website and was committed to the product. Pitching the product as a DIY tool seemed to be the right positioning strategy too. In all this was probably the most complete pitch yet on the Dragon’s Den. Gavin who is shaping up to be the most adventurous dragon offered the €60k for 35%. Cathal even attempted to haggle a little on that before accepting. Seemed like a good result.

Well over to you:

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Dragons Den week 1

Dragons Den week 2
Dragons Den week 3

Institute for the Future video

We recently got to see Bob Johansen from the Institute for the Future. See original blog post here.  The videos are available on Vimeo. For all those who Twitter or use Facebook or Bebo or use any kind of social networking platform this is a must see. Remember this is ten years away.


Blended Reality Digital Story: The World As I Choose to See It from Institute for the Future on Vimeo.

Twitter Updates for 2009-03-06

  • looking at killerinnovations.com, excellent site #

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Text Tax

Mary White from the Irish Green Party suggested a novel way of raising some cash for the very strapped Irish economy. A 1 cent tax on every text sent would raise a lot from the text addicts in the Republic. Great Idea!  ..well maybe

First of all, we are happy to congratulate any politician who comes up with some new thoughts regarding the current financial debacle. The lack of innovative thinking in many political responses is second only perhaps to the lack of any structured thinking. The last thing we need is to make it difficult for new ideas to be evaluated. However there are lessons to be learned for the innovator from this little political episode.

Lesson 1. Double check the basics

The weakest link in your idea pitch can take you down. In Mary’s case getting the (simple) maths wrong is a major blow.Hard to look smart when your figures are out by €1bn. In many of the invention proposals I have seen, a little error in maths or physics or a units conversion have caused them to become undone. The simple things are the easy bits to get right and get checked. The weakest link can cause the chain to break.

Lesson 2. Can we implement it?

In theory a 1cent tax or a levy could be done, but many people get their texts for free in a bundle or free within a network, how would that work? Also VAT is paid at 21.5% on your mobile bill anyway so are we not getting taxed already? These could all be solved but in the implementation of the solutions the nature of the problem changes as well? Do people text because it is “free” for them?  Would people text less? In evaluating inventions the wider ecosystem must be taken into account. Business impact is often why some inventions do not progress, the cost to the business of implementation or retooling might be too high. The inventions might work on a technical level but fail on the business level. If your idea causes a change then factor assumptions about that change into the projected benefits, positive or negative.

Lesson 3. Consider the consequences of success

This is the Ecology piece ( irony much). If you got your idea implemented what would happen? In this case the burden of this tax would fall on the teens and their parents who pay the bills.Is that the target for taxation now? With those on pay monthly or  other plans the pain would probably be spread to all the customers, so we all pay more. Increasing the cost of doing business in Ireland is always the danger with any taxation. Texting is a cheap, useful and efficient method of communication. and encouragement should be given to solutions that are cheap, useful and efficient not penalties. It would raise some revenue, definitely, but what is the total cost? and to whom? Also consider the change in the system that your idea creates. Workarounds exist such as webtexts, just calling, not texting, Instant Messaging, Facebook, Bebo, Twitter, Skype, If other technologies or solutions exist then make sure your idea just doesn’t make them more attractive. If they don’t exist at the moment, they will in the future and you are accelerating their arrival.

Lesson 4. Don’t get put off.

I am sure Mary White, like all politicians, has a fairly thick skin and will bounce back. It is disheartening to have your great idea shot down. Especially if you have put a lot of effort into it and especially if the reasons have more to do with the business than your technology or design. I have learned something from every invention I proposed that got knocked back. I learned to present ideas more effectively, to include more business sensitivity and to clarify and express the benefits to the audience. There is no such thing as failure only feedback.

So, great to see some new ideas, like to see some more. A bit of thought into implementation and the consequences of success can go a long way too.