Innovation practice
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INNOVATION PRACTICE. ENGAGING THE ORGANIZATION IN TOP-LINE REVENUE GROWTH BIOMEDICAL ENGINEERING AND ENTREPRENEURSHIP SEPTEMBER 25, 2013. What we know. CEOs have recognized an innovation imperative If you want to grow your business, you need to innovate.

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Innovation practice

INNOVATION PRACTICE

ENGAGING THE ORGANIZATION IN

TOP-LINE REVENUE GROWTH

BIOMEDICAL ENGINEERING AND ENTREPRENEURSHIP

SEPTEMBER 25, 2013


What we know

What we know...

CEOs have recognized an innovation imperativeIf you want to grow your business, you need to innovate

“The only future source of profit­the only reason to invest in companies in the future­is the ability to innovate and their ability to differentiate.”

- Jeffery Immelt, GE


Innovation practice

What we know...

Relying on sporadic idea generation,

thinking employees will figure it out on their own, or

making it the sole responsibility of a separate small team…

…isn’t the way to outperform your competition

Instead, you need to effectively infuse and harness an innovation-based competency throughout your enterprise


What is your innovation effectiveness

What is your Innovation Effectiveness?

The return on innovationROI2varies among companies within their industries...

2Xindustry

average

10Xworst performers

Example:

Best performers in the consumer healthcare industry

Source: Booz Allen Hamilton


A few ideas drive most of the new profits

A few ideas drive most of the new profits

A study of 108 new product launches by the authors of Blue Ocean Strategy revealed the positive revenue and profit impact that came from offerings that could be characterized as truly “innovative.”

Innovations that created a new “market space”

Innovations that were not all that innovative


The true growth driver

The True Growth Driver

Expanding your innovation potential

Individuals

Enterprise

...is central to bringing the innovation imperative to life in your organization


Innovation practice

Holistic Innovation Covers 3 Areas

  • Value Creation:

  • Multi-dimensional Research

  • Strategy Formulation

  • Ideation & Design

  • Value Capture:

  • 4.Portfolio development & management

  • Intellectual Property

  • Processes

  • Financial Management

  • Value Delivery:

  • Organizational Development

  • Leadership & Culture

  • Incentives & Expectations

  • Collaboration & Outsourcing

2

1

3

11

4

5

10

9

7

6

8


Innovation practice

What we’ve learned at Fisher about Value Creation recognizes what happens before and after generating an idea are also critical to success in innovation. For that reason, our approach to Innovation Strategy Training begins before and extends beyond our best practices in Ideation Training, captured in a framework we call SPARK.

Key learning


Innovation practice

SPARK

Begin with choiceful strategies and a longer view and evaluate options

against a bigger picture

S

P

A

R

K

RAPID

DEVELOPMENT

Concepts, prototypes

and revenue models

STRATEGY

Beginning with focus and

aligning with corporate strategy

KILLER IDEAS

Killing ideas to get to

killer ideas

PROBLEMS &

ANSWERS

Uncovering customer wants

and needs and their solutions


Innovation practice

S

Start with strategy Instead of a ‘cold start’, teams ground their work in strategic relevance: determining areas of strategic importance or disruption to the future of the company, customer, or brand.


Innovation practice

P

Problems worth solving Client’s have business objectives; innovation begins with uncovering and identifying customers’ unmet needs, future dreams and problems within selected strategies. This results in problems worth solving and opportunities for incremental and radical innovation.


Innovation practice

A

Answers for the market Teams use brainstorming techniques as well as participatory design methods and tools to generate early ideas and initial concepts based on opportunities and problem statements.


Innovation practice

R

Rapid development

Challenge ideators to develop ideas into concepts. Ideas that come out of brainstorming usually require further development to become concrete. Often everyone is excited about an idea but can’t define what “IT” might look like or how it might make money. Developing a minimally viable prototype makes ideas more tangible and begins to tackle the design and engineering aspects.


Innovation practice

K

Killing ideas to get to killer ideasConsider what criteria to use to evaluate the value of ideas to the company including financial and strategic elements.

Build better ideas in an iterative process and consider a portfolio across 3 horizons of growth.


Innovation practice

Ethnography

+

Behavioral Psychology

= Empathology™


Innovation practice

UNCOVERING DISCONNECTS

With a connected POS

Doctors, nurses

Doctors and patients

Patients


Innovation practice

CUSTOMERS AS PARTNERS

Codevelopment


Disruptive innovation

Disruptive innovation

SINGLESGAME CHANGERS

Line extensionsNew ideas/markets

PredictableRisk

Obvious/Stretch/

easier to understandimagination

Short-term revenueInitially, lower profit

Low differentiationBreakthrough


Disruptive innovation1

Disruptive innovation

Do customers always want more?

Computer and iPad

(sorry, Verizon ads)


Disruptive innovation2

Disruptive innovation

Does more= features or value?

Blockbuster.

Bigness.

Profitability.

Category driver of breadth of titles.

Best customers.

Badwill.

Redbox, Netflix


Two views of change

Two views of change

ResistorsChallengers

See RiskSee Potential

Ask Why?Ask Why not?

Already isCould be

Too small/nicheOpen space

Best customersNew customers

Maintain positionNew order


How can we see opportunity in change

How can we see opportunity in change?

Trends are a way to look at what’s coming, and actively speculate on the opportunity that could be available.


We look at two types

We look at two types

TRENDS in an industry

Near-term opportunities, 12-24 months

Illustrate with examples for context

Go deep: implications, opportunities


We look at two types1

We look at two types

TRENDS that challenge an industry

No one has combined peanut butter

and chocolate yet

With an exercise called TRENDstorming


Innovation practice

coffee


How could you sell coffee for 100 lb in regular grocery stores

How could you sell coffee for $100/lbin regular grocery stores?


Innovation practice

TREND

1.

SOLO: LIVING ALONE

trend

Single households are more prevalent. Single parents, whether single from the start or from divorce, are managing work and parenting alone, or students move between two households in shared custody situations.


Innovation practice

TRENDstorming

1

coffee

trend

SOLO: LIVING ALONE:

Single households are more prevalent

  • Keurig

Once you buy the machine, you’re hooked into the k cups. At $1/serving, that’s about $87 a pound


Innovation practice

KEURIG


Innovation practice

TREND

2.

COLLECTIVE CONSUMPTION

trend

Fractional ownership or usage of services/things you don’t need all the time.


Innovation practice

ZIPCAR


Innovation practice

TREND

3

DIY HEALTH

trend

Seeking out and taking health action outside of traditional pharmaceutical solutions and Doctor advice.


Innovation practice

WEB MD


Innovation practice

TREND

4.

SCREEN CULTURE

trend

Thanks to the continued explosion of touchscreensmartphones, tablets, and the “cloud’, the screen culture will be not only more pervasive but more personal, more immersive and more interactive than ever.


Innovation practice

PANDORA


Innovation practice

TREND

5.

CROWDSOURCING

trend

The practice of obtaining needed services, ideas, or content by soliciting contributions from a large group of people, and especially from an online community, rather than from traditional employees or suppliers.


Innovation practice

KICKSTARTER


Innovation practice

TREND

6.

CASH-LESS

trend

Will coins and notes completely disappear in 2013. No. But a cashless feature is (finally) upon us, as major players such as MasterCard and Google work to build a whole new eco-system of payments, rewards and offers around new mobile technologies.


Innovation practice

SQUARE


Innovation practice

TREND

7.

DEALER CHIC

trend

Consumers continue to hunt for deals and discounts, but they will do so with relish. Deals are now about more than just saving money; it’s about the thrill, the pursuit, the control, and the perceived smartness, and thus a source of status too.


Innovation practice

GROUPON


Innovation practice

TREND

8

AUTO-PILOT &

ROBOTICS

trend

Turning tasks over to computers and using systems, without assistance from a person, so that continuous attention is not required, or to improve performance of humans.


Innovation practice

SELF-DRIVING

CARS


Innovation practice

DA VINCI,

BIONIC HANDS


Innovation practice

TREND

9

NANOTECHNOLOGY

trend

the manipulation of matter on an atomic and molecular scale, often with a technological goal of fabricating macroscale products.


Innovation practice

“NANO-BEES”


Innovation practice

TREND

10

QUANTIFIABLE ME

trend

the measurement of personal performance metrics, against goals or benchmarking, with the ability to share with others. Consumers take advantage of new technologies and apps to discreetly and continuously track, manage and be alerted to any changes in their personal health.


Innovation practice

NIKE FUELBAND


Innovation practice

TREND

11

RECOMMERCE

trend

It’s never been easier for savvy consumers to

resell or trade in past purchases, and unlock the

value in their current possessions. Trading in is the

new buying.


Innovation practice

EBAY


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