Wednesday, October 15, 2014

Pitch


Pitch

Pugh Chart

I rated based on:
  1. Am I personally interested in the idea?
  2. Are there good market opportunities for the idea?
  3. Is the idea novel?
  4. Can the idea have strategic competitive advantages?
  5. Am I capable of producing the idea as an actual product?
  6. How profitable is the idea?
I used the Cleanup pen as the baseline.


Selection - Fingertip Pen

Using the Pugh Chart as a resource, I ultimately chose the fingertip pen. I am personally interested in it, it is novel, and it was proven to be the most profitable of my five ideas through market research.

Here is a sketch of my final idea:



Video

Here is my elevator pitch for fingertip pen:








Sunday, October 12, 2014

Evaluation

Preliminary Idea Evaluation

Marketable

My top 10 ideas from last week:

  1. Insomnia Pen
  2. Ring Storage Binder
  3. Pen Stapler
  4. Detachable Poster Board
  5. Custom Clip Pen
  6. Cleanup Pen
  7. Fingertip Headband Pen
  8. Protective Defense Pen
  9. Ring Binger Clip Pen
  10. Wristband Pen


The Poll:
I collected 20 responses from an online survey to test how marketable my top 10 ideas were.  To ensure that I was collecting information from an appropriate user base, I required that all respondents were U of M students.



The survey asked the same series of questions for each of my top 10 ideas.  The first question gauged how much the user liked or disliked the product.  I chose an even number of responses to force the user to take a side.  The second question asked if the user would buy the product with a simple yes or no response.  If the user answered yes, they were then prompted to respond how much they would pay for the product.  See the example below for Insomnia Pen (all 10 products followed the same series of questions).



A link to the survey can be found here (for grading purposes I have removed the U of M username requirement): Click here

Results:

To narrow down to 5 products I selected purely by the percentage of the user base that is willing purchase.  In the case of a tie, the product with a higher sum of likes, loves, and best ideas gets a higher ranking.

Top 5
Ring Clip Pen (60% would buy)
Insomnia Pen (45% would buy)
Detachable Poster Board (45% would buy)
Cleanup Pen (45% would buy)
Finger Tip Pen (35% would buy)

Ring Clip Pen

Insomnia Pen

Detachable Poster Board

Cleanup Pen

Fingertip Pen


Bottom 5 - Eliminated
Ring Binder Storage (35% would buy)
Pen Stapler (35% would buy)
Wristband Pen (35% would buy)
Custom Clip Pen (20% would buy)
Protective Defense Pen (10% would buy)

Novel

To benchmark each of my ideas I created a 2x2, compared prices, and searched for similar patents.

2x2, Price Comparison, and Patent for Each Product

Ring Clip Pen

Insights: There is a market opportunity for a pen that can be securely attached to things that is easy to access.  The ring clip pen can meet this need.  There is a gap between standard pens and more sophisticated attaching pens (like the magnet pen).  The market would be willing to pay between $2 and $8 dollars for a secure and easy to access pen.

Related Patent: Safety Lock Loose-Leaf Ring Binder Mechanism


Link: http://www.google.com/patents/US3884586?dq=ring+binder&hl=en&sa=X&ei=_ZQ7VNuQAYrK8gHpvYCICw&ved=0CB8Q6AEwAA

 Detachable Poster Board

Insights: The detachable poster board has market opportunities because its size can be scaled to meet consumer needs.  It will be used relatively infrequently.  Its unique characteristics will yield an opportunity to charge more than $10.

Related Patent: Toy Building Brick
Link: 
https://www.google.com/patents/US3005282?dq=lego&hl=en&sa=X&ei=zpc7VPWfNOeZ8gGblIHgAg&ved=0CB0Q6AEwAA

Fingertip Pen


Insights: There is a market for a small, inexpensive, and easy to write with finger tip pen.  Some products already exist, but they are significantly larger than the fingertip headband pen.  Using a size reduction to drive cost down gives an opportunity to produce an inexpensive finger tip option.

Related Patent: Finger Pen
Link:
https://www.google.com/patents/US5314260?dq=finger+pen&hl=en&sa=X&ei=sZs7VJ-vH8i_8QGQsoHwDQ&ved=0CB8Q6AEwAA

Insomnia Pen



Insights: There are lots of multifunctional alarm systems.  Some are stationary (in the wall), others are mobile (battery powered).  There is an opportunity for an alarm that also can be used as a pen.  This is unique to the market.  It can carry a middle of the market price somewhere between $20 and $50.

Related Patent: (Chinese) Pen with electronic watch and player
Link:
https://www.google.com/patents/CN103434305A?cl=en&dq=pen+watch&hl=en&sa=X&ei=gpw7VLv_LrOI8QGWxoH4Bg&ved=0CB0Q6AEwAA

Cleanup Pen



Insights: Because all other cleaners only have one function that cleanup pen can justify an expensive market price.  It gives the user more chances to utilize the product (either as a pen or cleaning agent).  The pen should both reliably write and clean, but this may be difficult to balance in such a small device.

Related Patent: Bleach stabilizer for stain remover pen
Link:
https://www.google.com/patents/CN103434305A?cl=en&dq=pen+watch&hl=en&sa=X&ei=gpw7VLv_LrOI8QGWxoH4Bg&ved=0CB0Q6AEwAA

Feasible

Biggest concerns

Ring Clip Pen:
I am concerned that the pen will be uncomfortable to write with.  Will the top-heavy weight of the ring throw the user's writing habits off?  I am also concerned that this product may not differentiate itself on the market.  Even if it does and is very successful, the idea could easily be copied by another company.

Insomnia Pen:
I am concerned that this product cannot be created at a low enough cost to meet customer price expectations.  I am also concerned that the pen will not be able to create a loud enough noise to wake people up.  How much sound can a pen really make?  The pen loses its value if it can't wake people up.

Fingertip Pen:
I am concerned that users will not be willing to adapt their writing style to use this pen.  Also, if it is successful, competitors will have an easy time copying the concept.  I am also concerned about people getting ink on themselves from using this pen.  Having a pen at your fingertip will be a new experience for almost all potential users.  I also hope that there will be enough ink storage capacity for the pen.

Detachable Poster Board:
I am concerned that users will view this as a "one time use" type of product and opt to purchase a whiteboard or other tool instead.  I am also concerned that the attaching feature will not be strong or reliable enough.  It needs to be strong enough to commute with, but also easy to pull apart so that content is not ruined when disassembling.

Cleanup Pen:
I am concerned that the bleach or ink chambers will accidentally mix.  This could cause problems on both ends of the pen.  Users will not want a Cleanup Pen that makes a mess.  I am also concerned that there will be a shortage of both ink and bleach because the two chambers are working together in limited space.

Prototyping
At Leonardo's Basement I had the opportunity to prototype some of my ideas.  I started by creating the fingertip pen (using an appleseed as the pen tip).


 I then had the idea to create a whole line of wearable pens.  I prototyped the wristband pen and made it a bit more upscale and fashionable.

I also created a not-to-scale necktie pen.  Users would essentially hide a pen behind their tie and they could be confident that they will look great and always have a pen with them!

The physical representation of my fingertip pen idea inspired some synergy between products.  Perhaps a whole product line of wearable pens would be a noble solution. 

Cost Estimation per Unit

Ring Clip Pen (cost estimates come from standard pen and raw material prices):
Raw Materials - $.10 pen + $.10 Ring Clip = $.20
Labor - $.20 for assembly
Manufacturing Cost - $.40
Wholesale Price - $.80
Retail Price - $2.00
Average Price the User is Willing to Pay (from survey results) - $2.14
Retail Price (2.00) < Market Price (2.14)

Insomnia Pen (cost estimates come from standard pen prices and working backwards on standard alarm prices):
Raw Materials - $.10 pen + $2.00 alarm + $1.00 writing sensor
Labor - $2.00 electronic configuration + $1.00 pen assembly
Manufacturing Cost - $6.10
Wholesale Price - $12.20
Retail Price - $30.50
Average Price the User is Willing to Pay (from survey results) - $17.80
Retail Price (30.50) > Market Price (17.80)

Finger Tip Pen (cost estimates come from standard pen prices):
Raw Materials - $.05 pen tip and ink + $.15 finger band
Labor - $.20 assembly
Manufacturing Cost - $.40
Wholesale Price - $.80
Retail Price - $2.00
Average Price the User is Willing to Pay (from survey results) - $6.21
Retail Price (2.00) < Market Price (6.21)

Detachable Poster Board (cost estimates come from standard poster board prices):
Raw Materials - $.50 poster material
Labor - $.50 cutting + $.50 testing
Manufacturing Cost - $1.50
Wholesale Price - $3.00
Retail Price - $7.50
Average Price the User is Willing to Pay (from survey results) - $8.89
Retail Price (7.50) < Market Price (8.89)

Cleanup Pen (cost estimates come from standard pen and bleach pen prices):
Raw Materials - $.10 pen + $.50 bleach cleaning pen
Labor - $.60 assembly
Manufacturing Cost - $1.20
Wholesale Price - $2.40
Retail Price - $6.00
Average Price the User is Willing to Pay (from survey results) - $8.22
Retail Price (6.00) < Market Price (8.22)

The fingertip pen and cleanup pen are projected to be the most profitable of the five remaining ideas.


Monday, October 6, 2014

Structure


Manipulation and Structured Ideation

SCAMPER

Topic: Class Preparation
Problem Statement: Students need a way to note or highlight information to prepare for exams or other class elements
Product: Ballpoint pen

Using SCAMPER as a framework I was able to generate the following list of ideas for ballpoint pen improvements:


Note: Thinking of ideas for Combine and Put to Other Use came easier than it did for Eliminate.  The pen is already a fairly simple and lean product.  This made it easy to combine alternative uses, but difficult to eliminate features because the pen is limited.

After completing my list I went through to eliminate ideas that already exist.  Next, I selected my favorite novel idea from each category.

Substitute: This pen will only yield ink while being held. Unlike its regular ballpoint pen counterpart, this pen will never cause damage during transit. Biometrics dictate whether or not the pen is wet or dry.

Combine: This pen has fully customizable and interchangeable clips. Much like a phone case, you can select a pen clip to match your style. The idea here is that consumers will also be able to design and create their own clips with special patters, team logos, or shapes.

Adapt: This pen has a Tide to Go stick on the end for quick and convenient clean up. Coffee spill on your pants at work? No problem! Ink stain on your shirt? No problem! This cleanup device is portable and useful.

Magnify/Modify: Precision is now at your fingertips. You can now strap a ballpoint pen to your fingertip for comfortable writing. The amount of ink in this pen does not last long, but much like mechanical pencil lead you can purchase extra pen heads. Be careful if you get a nose itch!

 Put to Other Use: This pen can now defend you from danger. It has a warning whistle and pepper spray inside. While walking to class you always have pens with you. Now you can feel safe that you'll always have pepper spray with you.

Eliminate: This pen doesn't need a clip or a grip. It snaps right around your wrist where you can be confident that you'll always have a pen with you. It comes in different colors to match your style. You can even wear more than one!

Reverse/Rearrange: If you have scrap notes or flashcards you can fold them and shred them through your pen. Then you can find the nearest recycling bin to recycle your unneeded notes.


TILMAG

To start I listed the functional requirements for a ballpoint pen. Of that list I selected the 4 highlighted below: 
1. Portable
2. Easy to hold and use with one hand
3. Holds fluid
4. Facilitates Documentation
Next, I set up my table with 1, 2, and 3 across the top and 4, 3, and 2 down the left side.

Many interesting products emerged within the table. I was able to use the materials above with the ballpoint pen to generate these three ideas:

1. This pen allows you to refill your ink when it is low using a miniature fuel tank that is filled with ink. The nozzle reaches directly into the ink cartridge to ensure no spilling.

 2.  A special phone case will allow you to carry a magnetic pen or stylus with you at all times. The case will protect the phone from magnetic damage.

3. This pen uses a ring binder clip on the end instead of a traditional clip. This will increase the likelihood that the pen will remain on whatever you attach it to. Pens with traditional clips often slide off or out of place.  The ring binder will keep the pen securely in place.

Blue Sky Review

I used a basic Novel, Valuable, and Feasible table to review my brainstorming group's blue sky ideas. Only two ideas (Ultimate Alarm and Prioritizing Application) received a check for each NVF category.  These two ideas, however, have some significant flaws.  The Ultimate Alarm would not be valuable in an environment where the user has neighbors.  The alarm would be going off for much longer than need be while the user walks to class.  This could potentially tarnish the user/neighbor relationship.  The prioritizing application would require a significant amount of input and interaction from professors to make it a useful tool for students.  There is no incentive for the professor to provide the critical inputs (dates, grades, etc.) that drive the application's value.
I noticed a central theme from reviewing the Blue Sky ideas.  Students want to leverage technology to make class preparation easier.  From this, I can assume that students will also want to leverage product enhancements that make class preparation easier.  This will be important to consider while selecting my Top 10 ideas.

I also made some modifications to the Blue Sky ideas to make them more practical.  Here they are:

The Ultimate Alarm should be tied to practicing class material.  Students should have to complete a few flashcards or quiz questions before their alarm will shut off.  This will better prepare students by waking them up at the right time while helping them practice class material.

The Detachable Poster board can be made more valuable if it is used by groups.  This can be an effective divide and conquer tool.  For an exam that has four chapters, four students could group up to take one chapter each to investigate.  Each student would be responsible to create an effective summary and potential test questions for their respective chapter.  This information would then be pooled together and leveraged by the group for seamless preparation.

10 Best NVF Ideas

The following ideas are all novel (based on no similar products appearing after searching in Google and on Pinterest)

The following ideas are all feasible and tangible.  Many of the ideas generated from my Blue Sky Brainstorming event were mobile application based.  I added tangible to my feasibility assessment because I want to a physical product that I can create a physical prototype of.  The technology exists today to produce all of the following ideas as physical products:

1. Insomnia Pen
Value Proposition: To ensure that the student completes their assignment before accidentally dozing off.  The pen acts as a safety net to sleepy late-night studiers.  If you stop writing for 15 minutes while insomnia mode is on, an alarm will sound to wake you up.


 2. Three-Ring Binder Storage Unit
Value Proposition: Maximize the space of a three-ring binder. Students will be able to carry essential writing utensils in the vacant space between the rings.  Students can be confident that they have the tools they need to succeed at note taking and class preparation.


3. Pen Stapler
Value Proposition: Students can staple on the go with their pen stapler.  With this device in play, turning in unstapled papers will be a thing of the past.  This gives students two essential classroom tools in one device.

4. Detachable Poster board
Value Proposition: Students will be able to work alone or in groups to find synergy between class material.  When used, this product will allow students to seamlessly make insightful connections and practice class material.

5. Custom Clip Pen
Value Proposition: This product allows students to customize their pens without having to buy new pens.  Students can express themselves and be comfortable and confident while taking exams or notes in class.  What will your pen clip say about you?

6. Cleanup Pen
Value Proposition: This pen will allow students to have two tools in one device.  Students are often rushed and susceptible to acquiring stains on clothing.  This pen can give students a fresh and clean look without having to carry around extra tools.

7. Fingertip Headband Pen
Value Proposition: Comfortable and precise writing at your fingertips.  Because nearly all features are eliminated, this is the most cost effective way to write in pen.  Students can be ready to note anything at any time without having to reach in their bag or pockets.

8. Protective Defense Pen
Value Proposition: This pen gives student protection from armed robbery and assault.  A pen is an item that is used every day by students.  This three-in-one tool serves students by combing a pen with defense mechanisms that students should have with them on a daily basis.  Now these defense mechanisms are accessible through a medium that is also practical to academic life.

9. Ring Binder Pen Clip
Value Proposition:  This pen offers superior clipping security.  The pen will not fall off of its target and can be attached to everyday student items such as a backpack, notebook, or three-ring binder.

10. Wristband Pen
Value Proposition: Students have a tendency to lose or forget pens.  This pen offers students a stylish way to ensure that their pen is along side them.  It works just like a snap on wristband, but it is also a writing utensil.  It comes in different styles and colors to match the personality of the user.  Students will always be prepared for class because they will not be losing or forgetting their pens if they use the Wristband Pen.