This video covers the logic of simulating innovations; we’ll walk through a series of practical steps, including obtaining data, determining the most important variables, identifying the real variable correlations and distributions, creating random variables with required correlations, and simulating to distribution. You’ll also learn key concepts including functions, parameters, input and output, and composition. We’ll continue with a working example of a new business model--using simulation to understand the business of breeding a new species of Iris, and forming related business strategies for success.