TRACK Workshop: Conducting Business Experiments

Who: 
Jim Euchner
What: 
Virtual Workshop
When: 
Wednesday November 04, 2020 1:00pm4:00pm
Business experiments are at the heart of new business innovation. The point of conducting business experiments is to learn quickly about the uncertainties in the business you are attempting to build.
 
This course is designed to provide enough background for participants to begin designing and executing their own business experiments. It will include guidance on how to design (and refine) a business experiment; the characteristics of a good business experiment; how to execute an experiment both “in market” and “with market”; and examples of the eight most common types of business experiments. We will also discuss the challenges of conducting business experiments in large companies and how to track and communicate results.
 
The course will feature practical illustrations based on the real-world experiences of the instructor.  It will include hands-on break-out sessions that will give participants confidence in applying these concepts. Upon completion, participants will quickly be able to use business experiments to learn in the real world about the viability of their new business concepts, which will increase the likelihood that a concept will be funded internally and successful in the marketplace.
 
Outline:
  • Two types of innovation
  • Why do business experiments?
  • The design of business experiments
  • Critiquing and improving a business experiment
  • The most common types of business experiments
  • Challenges with conducting business experiments in the corporate context
  • Tracking and reviewing business experiments
The session will include break-out exercises to work with the tools and techniques in order to improve understanding and also build connections with the other participants.
 

Who should attend this course:
The course is designed for those in innovation functions or within businesses who have responsibility for developing and bringing to market new business concepts.  It is useful both for practitioners developing new business concepts and for those who manage the innovation function. This course covers a broad range of business issues and can be viewed as a springboard to the participant’s professional advancement. 
 

About the Instructor
Jim Euchner is Honorary Professor at Aston Business School (UK) and Editor in Chief of Research-Technology Management, a peer-reviewed journal for practitioners of innovation, technology and research management. He was previously Vice President of Global Innovation at Goodyear Tire & Rubber Company, where he led the development of new businesses and helped launch five businesses on three continents.  Prior to his work at Goodyear, Jim held positions as Vice President of Growth Strategy and Innovation at Pitney Bowes, Inc. and Vice President, Network Systems Advanced Technology at Bell Atlantic (now Verizon). Jim has worked in the field of intelligent systems for over 25 years. In his consulting practice, he helps companies to implement businesses enabled by emerging technologies, including AI, the Internet of Things (IoT), automation, and predictive analytics. He helps companies to move quickly and in a disciplined way from concept to cash.  Areas of focus include the use of lean startup approaches in large organizations, business model innovation, and the challenges manufacturers confront in moving to services-led business models. Jim is a member of the Scientific Advisory Council for the Nissan Autonomous Vehicle program and industry co-chair of the Aston Advanced Services Partnership. He is also a co-founder of the MIT Innovation Laboratory, a consortium to nurture innovation in organizations. Jim has published and spoken extensively on innovation and technology management. Jim received his Bachelor of Science degree from Cornell University in mechanical and aerospace engineering and his Master of Science degree from Princeton University, where he was a Guggenheim Fellow.  He also holds an MBA from Southern Methodist University. He has received several awards for his work in AI, including two selections as Innovative Applications of AI, the Carnegie Mellon University/AMS Award for Managing Information Systems, and the Franz Edelman Award (finalist).

Click here for his Google Scholar page.

 

Registration Fees:

IRI Members: $295
Non Members: $395
 
Due to limited seating, we request that you cancel at least 48 hours before a scheduled class. This gives us the opportunity to fill the class. However, if you do not cancel prior to the 48 hours, you will lose the payment for the class.