Step 1 Value:
In an extremely competitive toy industry; Michael Collins came up with the BIG Idea group (BIG). The purpose of this group is to find a way to exist in this industry, while making profits and achieving objectives. The objective is to process the idea as a resource and transform a valuable product into a highly profitable business (Economies of scales). According to Collins, “The basic concept (company Policy) was to create a company that would tap into the incredible entrepreneurial power of legions of individual inventors.” BIG saw that the players in the market were lacking imagination and innovation. Thus the group saw the opportunity to enter the toy industry and attempt to capture market shares and fill the gap of being better innovators of the industry (Timing of market entry, value added). BIG’s ideal entering strategy was to serve as intermediary between inventors and idea buying companies within the kids industry (linkage). This was invaluable to the idea buying companies. The various ways this created value for the idea companies are as follows: •Transformed ideas into valuable products
•Allowed inventors to have a platform to showcase their ideas •A panelist helped decide and contribute to ideas for refinement • Modification of toys that never made it to market
•BIG helped other corporations capture ideas which they were unable to bring into actuality •Provided a fresh perspective on product development
Step2 Value stream
BIGs strategy when it entered the toy industry in the year 2000, was to follow the four step process termed “innovation engine” these four steps are: •Generating Ideas
Since Larger manufacturers were unable to develop new products that lacked the imagination and innovation. BIG was able to utilize it overhead approach (differentiation) which welcomed all inventors. These larger manufactures discarded the inventor’s...