2012.11.02 what innovation means for business
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James Cunningham, Director of the Whitaker Institute for Innovation and Societal Change, presented What Innovation Means for Business at the Irish Times Innovation cities road show 2012 held on Friday 2nd November 2012 at National University of Ireland, Galway.TRANSCRIPT
12/3/2012
1
Overview
Six fundamental
questions for your
business
Six fundamental
questions for your
business
Changing Nature of Innovation
Changing Nature of Innovation
Meaning of Innovation Meaning of Innovation
A Question of Strategy A Question of Strategy
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2
Why should anyone buy from you? ‘I do not think there is any other quality so essential to success of
any kind as the quality of perseverance. It overcomes almost everything, even nature.’ -John D. Rockefeller
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3
What is unique about your propositionor business?
‘A band's only unique thing is its chemistry, especially if none of you are prodigious players or particularly handsome. The one thing you have is
your uniqueness, so we hold on to that’ - Chris Martin, Coldplay
What are the economic returns?
A business that makes nothing but money is a poor business. ~Henry Ford
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4
Who in your business is managing your horizon one and two?
Does the organisation of work in your business support systematic
innovation?
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5
What is your motivation? Take calculated risks. That is quite different from being
rash.George S. Patton
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6
Changing Nature ofInnovation
• Beyond product, process and service innovation
• Now focusing on
• Business model innovation
• Management innovation
• Open innovation models
Investing in R&D is just not enough
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7
12/3/2012
8
Ray NolanInnovation & Strategy
• Founded Hostelworld.com,
• Grew to 12m visitors per month, $500MM+ total sales value
• 172 countries.
• Bought Hostels.com, Boo.com, Worldres.com.Sold in Dec 2009.Returned $500M on initial €130k investment
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9
A question of strategy ?
Cunningham and Harney (2012) Strategy and Strategists, Oxford University Press
Difference
Strategy, Innovation and Finance
Strategy(Purpose)
Difference
Value
Business Models
InnovationMix
Strategy Outcomes
Culture & Organisation of
Work
Growth Platforms
Enablers(Convergent TechnologiesPES Drivers)
CustomerProblems
How?
Profit Pools
Dominance
Finance Model & MixRisk and Return
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10
Excellence & Consistency in Execution
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11
Ambition
‘Without ambition, no conquests are made, no lands discovered
no businesses created. Ambition is the root of all achievement.
Ambition is the spirit of success, of striving for something worth
achieving’
(Champhy and Nohria, 2000).
So what are you going to do about innovation in your business this
afternoon?
