innovation for power & profit

InnovationFor PowerAnd Profit

Singapore Computer Society September 2009

What is Innovation?

How Important Is It?

How do you do it?

“The business has two basic functions.

Only Marketing & Innovation produce results.

All the rest are just costs.”

Prof. Peter Drucker

Innovation Marketing

Implementation

Marketing 3.0 – Kotler

1. What is Innovation?

PayPal

Banks Were Doing Better Sameness!

Innovation Is NOT

Better Sameness!

Steadily improving what we already do

The Parity Trap.

All make almost same thing.

All make almost same thing.Including small profits!

Significant changes to makesignificantly higher profits.

Why doesn’t every company innovate?

Risk Of Failure.

Famous Failures.

Different + Valuable.

DifferentFrom All The Rest

0

Valuable ToCustomers

DifferentFrom All The Rest

0

*

Valuable ToCustomers

DifferentFrom All The Rest

0

*

Valuable ToCustomers

DifferentFrom All The Rest

0 *Valuable ToCustomers

DifferentFrom All The Rest

0

*

Valuable ToCustomers

DifferentFrom All The Rest

0 *Valuable ToCustomers

Why Innovate?

Survival

Self defence

Market expansion

Diversification

Profitability

Power

To Control Your Own Destiny

How Do You Innovate?

3 Sources

Within your own company.

Culture for Creativity.

Autonomy.

Mastery.

Purpose.

Fast Changing Markets Need 2 Critical Modes.

• Active Waiting

• Alert for Anomalies

From outside your company.

Blend both – Open Innovation.

Open >50% of P&G Initiatives

How About You Personally?

Embrace Change.

Be a Change Agent.

Generate Ideas.

SCAMPER

• Substitute an aspect of it

• Combine elements with something else

• Adapt or Alter an aspect

• Minimize, Magnify or Multiply an aspect

• Put some part of it to other uses

• Eliminate an aspect

• Reverse an aspect

Explore Your Clients’Problems for Ideas.

Make Mistakes.

"The way to succeed is to double your error rate."

Thomas J. Watson Sr.

What is the process?

Innovation Process?

Have Ideas

Production

Innovation Process?

Have Ideas

Production

Innovation Process.

Ideas.Review.

Prototype/POC.Test.

Refine.Implement.

Review.Refine.

Implement.

Ideate Review Prototype/POC Test Implement

CREATIVITY

ANALYSIS

The Innovation Pathway

Refine

Innovation Summary.

• Significant, valuable changes

• Control of your destiny

• Culture & Leadership

• Essential process

• 3 main sources

• You can do it

Innovation Consulting:- Digital Marketing Consultancy

- Digital Advertising & Media Reviews

- Strategy, Structure & Staffing

- Acquisitions & Partnerships

- Culture & Leadership

- Methods & Systems

- Rent-An-Inventor

Mike.Langton@Innovize.com.sg.

MAKING IDEAS MAKE MONEY