Innovation in
Action @RBC
Avi Pollock
Head, Applied Innovation
RBC
July 9, 2009
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Some Famous Quotes on InnovationThat didnt quite come true
"Heavier-than-air flying machines are impossible." (Lord Kelvin, president, Royal Society, 1895)
"I think there is a world market for maybe five computers." (Thomas Watson, chairman of IBM, 1943)
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Defining Innovation
Innovation connects what is possible to
what is valuable to our clients and/or shareholders
Innovation can be broadly interpreted as something new new to the world, new to a particular market, new to the company or new within the company
Innovation is more than ideation it is a full range of activities from insight and idea generation, through testing and development, to launch and evaluation
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RBC & Innovation
Innovation connects what is possible to
what is valuable to our clients and/or shareholders
ClientNeeds
Business
Model
Technology
Innovation
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The Applied Innovation Team Mandate
Identify emerging technologies and new business and process opportunities that have the potential to drive growth
Support, facilitate and stimulate idea creation and innovation with access to internal and external thought leadership, tools and methodologies
Evaluate and test next generation technologies
Always looking to whats next, whats new,whats different and its application to RBC
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Finding the Right Team Members
An odd collection of habits, skills and experiences which shouldnt work together!
Creativity AND Process orientation Intellectual Curiosity, Comprehension and The Prepared
mind Desire to Synthesize Agnostic to the Tools, driven by the Concepts Willingness to Listen and to Argue
Need to know when to do either or both
Tireless Commitment, Belief and Thick Skin Low desire for Personal Glory, high Drive for Success Leapfrog Thinking and Action Social or Corporate Anthropologist, Archeologist and
Psychologist Diverse backgrounds and skill sets - Mix of entrepreneurs
and bank lifers
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The Innovation Pyramid
Incremental
Changing the
Industry
Changing the
Business
Improving the
Business
Evolutionary
Transformational
A portfolio approach is necessary to have a successful innovation agenda.
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Benefits of Innovation
Innovation
Attracts/Develops TalentBusiness Growth
Client Value
Strategic Agility
Clients recognize RBC as a
progressive institution
Increases client advocacy and
likelihood to recommend
Engages employees who view
the organization as innovative
and competitive
Attracts and retains innovative
and progressive leaders who
win and shape the future
More responsive to evolving
clients and markets
Better able to absorb shocks
from industry transformation,
competitors or new entrants
Contributes to earnings growth
that is required to maintain top
quartile performance
Promotes new earning streams
and maximizes opportunities
in existing businesses
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Looking for that Next Idea
Business Drivers
ScanScanScanScan
TryTryTryTry
SynthesizeSynthesizeSynthesizeSynthesize
Top Enterprise ChallengesTop Enterprise ChallengesTop Enterprise ChallengesTop Enterprise Challenges
External Trends
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Ideation: Driving New Ideas From Within
Profiles
Idea Portal
Pipeline Metrics
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Ideation: Looking Outside- Next Great Innovator Challenge
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Applied Innovation Labs
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RBC Beta
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Final Thoughts on Innovation
Innovation is about change more complex for service-oriented organizations
Dont starve tomorrow to feed today or let the urgent crowd out the important. Innovation is a mindset, not a department
Its about adding new value, not necessarily new things
Innovation doesnt just happen
Develop a common language
Innovation is a team sport
Small things matter; Incremental is ok
Do-learn-do is the optimal approach
Focus innovation efforts on client value, with caveats
Organizational Culture: Collaboration is king, aim for diversity of thought. Communication is key to employee empowerment
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Some people make things happen. Some watch while things happen. And some wonder "What
Happened?"
Avi Pollock
Head, Applied Innovation
Innovation in Action @ RBC