New business idea generation practical implications of a systematic approach

Abstract

The challenges entrepreneurs are facing during their entrepreneurial journey are getting an increase attention of academia, society, and governments. The development of a new business is a long process that starts with a new business idea based on a recognized opportunity. New ventures are responsible for a relevant number of new job opportunities, an increase of their probability of success, by a systematic method, might generate positive effects in many dimensions of the new venture development.

The purpose of this research is to adapt existent systematic methodology TRIZ to support the process of new business idea generation of startups. The study implements multi-case study research strategy focused mainly on startups from Brazil and Finland. The research presents 24 interviews with startup founders to clarify their process of business idea generation and opportunity recognition. Also, an idea generation workshop with students of the Lappeenranta University of Technology is presented to deploy TRIZ for new business idea generation.

Research findings show frustration with the corporate life and personal motivation as the two main motivations for entrepreneurs to start their ventures. An even importance between personal traits, prior knowledge, and network for the recognition of opportunities. Also, entrepreneurs from developing countries present more an effectual approach than entrepreneurs from developed countries. Finally, this research suggests the value a systematic creativity approach might generate for entrepreneurs, as well as, a new deployment of TRIZ tools such as 9-windows, ideality, separation principles, and Su-field, into new business idea generation as an enhancement of entrepreneurs´ alertness.