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P r e s e n t e d b y H e n r a M a y e r I n n o c e n t r i x : C E O
What is Innovation?
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Presentation Structure
What is innovation? Why innovation?What organisations experience when addressing
innovationHow to address innovation imperativesQ&A
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Defining Innovation
Google Search on Innovation definition: About 2,520,000 results (0.19 seconds) (2008) About 26,400,000 results (0.26 seconds) (2010) About 66,000,000 results (0.10 seconds) (2011)
Web definitions for innovation (http://www.merriam-webster.com/dictionary/innovation)1. the introduction of something new 2. a new idea, method, or device : novelty — in·no·va·tion·al adjective Synonyms: brainchild, coinage, concoction, contrivance, creation, invention, wrinkle !!!!
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Innovation definitionNew IdeaImplementValue
Innovation
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Types and forms of innovation
Types of innovation:Radical innovationIncremental innovation
Forms of innovation:ProductServiceProcessOrganisationalManagement innovationWhat about social?
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The Why of Innovation
Innovation distinguishes between a leader and a follower – Steve Jobs.
Innovation is the central issue in economic prosperity – Michael Porter.
Learning and innovation go hand in hand. The arrogance of success is to think that what you did yesterday will be sufficient for tomorrow – William Pollard.
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Organisational Innovation
Some innovation issues highlighted by organisations:
o Effectively managing ideas – (process)o Allocating responsibility and resources (crowdsourcing)o Successfully impacting on a culture for innovation
(engagement, reward)o Getting ideas to implementation (project management)o Demonstrating business value (measurement/reports)
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So what to do.......
Address innovation by thinking about:
How to improve the quality of ideasHow to sort ideas and find the valuable onesHow to create system adoption – by configuring the
platformHow to motivate staff – game mechanics, reward,
recognition and Collaboration
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5 Industry Trends on Innovation
TREND 1: Distributed co-creation moves into the mainstream.
TREND 2: Making the network the organization. TREND 3: Collaboration at scale. TREND 4: The age of the multisided business model. TREND 5: Innovating from the bottom of the pyramid.
An article on Mckinsey Quarterly (2010) outlines the top 10 innovation trends in business that are being enabled by new technologies — and shows how these trends are re-shaping the challenges and opportunities for companies.
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Thoughts to Ponder...
Customer advantage vs. Competitor Advantage?
Daily behaviours vs. Differentiation
The focus is not on the product or service, it is on finding ways of creating a transformational change in consumers’ everyday life.
Erich Joachimsthaler, founder and CEO of Vivaldi Partners, a strategy, innovation and marketing consulting company, in his newly published book - Hidden In Plain Sight : How to find and execute your company's next big growth strategy
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Innovation – Where to Start?
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Innovation = Balance and Daring
"Whatever you can do, or dream you can, begin it. Boldness has genius, power and magic in it." -- Goethe