VCW-Value Creation Wheel®
DO YOU HAVE A PROBLEM OR CHALLENGE TO SOLVE?
Try the VCW-Value Creation Wheel
WHAT IS THE VCW?
VCW-Value Creation Wheel is a real-life problem-solving framework which helps individuals and the key decision makers of organizations, governments, and societies to find a customised solution for their problems and challenges.
WHERE HAS THE VCW BEEN APPLIED?
For more than two decades, the VCW has been applied as a problem-solving tool in companies across different sectors (from start-ups to Fortune 500 companies), public policy projects (from rebranding of cities to creation of innovation cities), individual challenges (e.g. from finding a job to the best place to live), and over 20 schools across different countries specialized in different fields (e.g., business, medical, biotech, engineering and technology, law, and science schools). The VCW is used in over 20 countries for teaching, research, coaching, and consultancy purposes. The VCW and its components received coverage from leading international media (e.g., Time, Wall Street Journal) and scientific publications (e.g., Journal of Business Research, JIBS, Springer), and are taught in leading universities across the globe (e.g., Babson College, Korea University, MIT, Nova University of Lisbon).
WHY THE VCW?
Since no solution is perfect by itself, the VCW has been developed as a meta-framework, capable of integrating and complementing any existing framework, model, tool and/or theory across any field as well as allowing co-creation and partnering with any organization and individual. The VCW has been growing following values of co-creation, collaboration, collective wisdom, cooperation, equal opportunities, open-network, partnership and sharing, supported by principles of innovation,problem-solving, and global value creation. These two decades of collaborative research and open-projects, led to the robustness of the VCW and its current stage of development. To continue on the same path, all non-paid VCW projects conducted within an academic context continue to follow the principles of open-innovation, non-confidentiality, and co-creation.
To learn more about the VCW and two decades of cooperation with companies, executives, scientists, and universities across the world please read Lages, Luis Filipe (2016), “VCW-Value Creation Wheel: Innovation, technology, business, and society”, Journal of Business Research, 69(11), 4849-4855.
HOW TO START A VCWsprint?
We recommend starting with a VCWsprint before deciding to invest resources (i.e., human, time and financial resources) in a VCW meta-framework project. The VCWsprint takes about 10 to 60 minutes, depending on the size of the team, their know-how about the VCW methodology, complexity of the problem/challenge to be solved, the context, and the number of VCWsprint steps necessary (can be from 1 to 10 steps).
The VCWsprint is composed by a maximun of 10 sequential steps described as follows:
- VCW Phase 1: by KDMs
- Why do you have this problem?; Definition of problem/challenge (2m-5m)
- VCW Phase 2: individual
- Brainwriting of ideas/solutions followed by internet search for ideas/solutions (8m-14m)
- Brainwriting of criteria/filters (4m-10m)
- VCW Phase 3: by KDMs with or without team
- Select key ideas/solutions (2m-4m)
- Select key criteria/filters (2m-4m)
- Rank key filters (2m-4m)
- VCW Phase 4: by everybody
- Value Creation Funnel (5m-10m)
- Concept/protoype (2m-4m)
- VCW Phase 5: by KDMs
- 3Ms: Menpower, Minute, Money (2m-4m)
- Decision about future application of VCW Meta-Framework: Go or NoGo? (1m)
WHICH SERVICES ARE OFFERED BY THE VCW?
The VCW offers courses, training, masterclasses and workshops for universities, executives, companies, organizations, primary schools, trade associations, partnerships between different organizations, event organizers, and NGOs. These workshops are customized and developed by the VCW for team building activities and help organizations and individuals to solve their own problems/challenges.
Additionally, the VCW helps to create VCW Innovation Ecosystems inside those organizations which desire to develop a systematized innovation process (watch example). This VCW Innovation Ecosystem is built on three fundamental layers:
- The VCW Governance Model that establishes the main responsibilities and functions for the innovation management challenges.
- The VCW Framework, which has five phases: 1) Identification of the problem to be solved. 2) Generation of solutions and filters. 3) Selection of main ideas and ranking of the filters. 4) The VCF-Value Creation Funnel, followed by the development of concepts and prototypes. 5) The final decision phase, in which the implementation model for the final solutions is developed.
- The Network of Partners / Stakeholders, fundamental to increase the potential of the VCW framework. Through co-creation with all the stakeholders involved in the value chain (e.g., customers, employees, suppliers, distributors, investors, and shareholders), it becomes possible to solve the different problems/challenges.
To explore additional VCW Services visit www.openVCW.com.
HOW DIFFERENT IS THE VCW FROM EXISTING TOOLS & FRAMEWORKS?
Compared to other problem-solving tools, the VCW offers unique features at different levels:
1) The VCW is a meta-framework which can:
- Partner with any organization and/or individual,
- Integrate and/or complement any existing solutions, established theories, tools or frameworks (e.g., organizational tools, 5Whys, situational analysis, RELQUAL, brainwriting, brainstorming, bank of ideas, design thinking, scorecards, BCG Matriz, McKinsey matrix, McRisk Assessment Matrix, SERPVAL, strategic triangle, SCAMPER, business model, business plan, financial plan, KPIs).
2) The VCW is both agile and structured:
- Follows a structured-agile MAP approach (Maximize, Analyze, Prioritize),
- Does not judge, impose or invalidate any idea/solution, filter/criteria or framework,
- Allows VCWsprints and frequent re-runs to revisit past steps.
3) The VCW simplifies, streamlines and saves resources in the problem-solving process through:
- Managing the 3Ms (Menpower, Minute, Money).
- Conducting individual VCWsprints & combining multiple VCWsprints.
- Involving since the begining of the process the key decision makers on critical steps:
- defining the problem/challenge, 3Ms, diagnosis & KPIs,
- analysing solutions and filters,
- Purifying, organizing, separating, selecting and prioritizing:
- Ideas/solutions: i.e. direct answers to the challenge/problem to be solved,
- Filters/criteria: i.e. choice criteria related to the selection of the ideas/solutions to solve the challenge/problem..
- Achieving efficiency and effectiveness (e.g., predicting future mistakes/failures, continuous improvement, optimizing resources, improving productivity)
4) The VCW discovers implementable customised solutions (Go/No-Go), co-created and supported by a wide range of stakeholders:
- Involves a wide range of individuals, internal and external stakeholders of any organization,
- Finds the right bridge between:
- diferent stakeholders concerning their common problems, solutions and filters,
- supporters and divergent thinkers (e.g. devil’s advocate, skeptical people, laggards, late-adopters, children and/or elderly people),
- an idea/solution and an opportunity/need,
- a value proposition and a business model.
5) Every VCW project varies along three dimensions of width, lenght and height, regarding:
- Theory: DIANA- Define, Increase, Assess, Narrow, Act
- Practice: TIAGO- Tap, Induce, Analyse, Ground, Operate
The variation along these three dimensions are dependent on the 3Ms allocated to each project as well as on the existing databases of theory and practice, which will feed every VCW project.
6) The VCW is a transversal problem-solving framework which can be applied to a wide range of problems/challenges across individuals, organizations, industries and countries.
- Has been used to solve a wide range of paradoxes, such as:
- paradox of choice
- limited or lack of choice,
- paradox market-pull versus tech-push,
- paradox global versus local.
To learn more about the VCW, please explore the videos of some of past non-confidential projects at www.openVCW.com as well as this site: www.ValueCreationWheel.com.
Please contact us (vcw@ vcwhub.com) if you wish to find a tailored solution for your specific challenge aligned with your own vision.