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InnoQuest - Innovation Management Program

Develop. Connect. Grow. InnoQuest - Innovation Management Program. The Entrepreneurs EDGE is a non-profit economic development organization which fosters growth in mid-market companies and develops leadership talent in order to positively impact the Northeast Ohio economy. .

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InnoQuest - Innovation Management Program

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  1. Develop Connect Grow InnoQuest - Innovation Management Program The Entrepreneurs EDGE is a non-profit economic development organization which fosters growth in mid-market companies and develops leadership talent in order to positively impact the Northeast Ohio economy.

  2. InnoQuest – December 3, 2013 • 8:00 AM Reflection on Goodyear and InnoQuest Program • Food for Thought • Small Groups • Kichler • Tony Davidson, President and CEO • Jack Miller, Director of Product Management • John Andrisin, Director of Engineering • Greg Martin, Director of Design • ** Break ** • Price for Profit • Chaz Napoliand Jonathan Konkoly • Discussion Groups • 11:30Action Steps / Evaluations / Wrap Up • @11:40 Tour of Kichler

  3. Innovation Management – Three Gears

  4. Program Overview Goals: Share best practices Foster new connections “Raise the bar “  Help companies in managing the innovation process • Feb. 7 Case for Innovation / Drivers of Innovation • Nottingham-Spirk Design, Cleveland • April 23 Leadership and Culture • Hyland Software, Westlake • June19 Where and How to Innovate • GOJO, Akron • Aug.6 Ideas to Implementation • Parker Hannifinand ShurTech Brands at Baldwin Wallace • Oct. 3 Culture and Change Management • Goodyear Blimp Hangar, Mogadore • Dec. 3 Mid-Market Innovation / Value Pricing • Kichler, Independence

  5. Goodyear Session Take-aways 10-3-13 • “Success” – Define/determine short &long term organizational capacity for innovation • Innovation is sometimes seen as “nice-to-have” but no urgency • Set time lines for innovation - Get value proposition but don’t spend forever • Get prototypes out quickly; get customer feedback • Develop a value prop / business model &get rough prototype in front of customer • Discovering that an idea is not feasible, possible or valuable is success • Innovation is driven by identifying customer unmet needs • Need for dedicated resources; field time; get our people out to see our customers. • Customer-centered innovation; don’t just take the tour • Observation  data collection and assessment • Keys to a Successful Innovation Manager / Change Agent • Toughness; don’t be afraid to be wrong; risk-taking • Concept of the “true truth”; are we doing anything about the “true truths?” • Verified/validated truths from multiple perspectives. • Intentional change is important

  6. Action Steps • Apply customer-centered innovation learning immediately. • Find ways to get people out to the customer. • Time to lose my patience (to force change). • Set definite goals; schedule everything I do. • Look into our capacity for innovation. • Need to push for time dedication for innovation. • Don’t be afraid to keep challenging the status quo. • Read (i.e. Litchfield Books, etc.) • Meet Erin and James at Goodyear to share practices/knowledge. • Find the resources/people who may help me execute my risks. • Review value proposition and strategic intention. • Identify strategic questions for each of our primary products.

  7. Program Overview Goals: Share best practices Foster new connections “Raise the bar “  Help companies in managing the innovation process • Feb. 7 Case for Innovation / Drivers of Innovation • Nottingham-Spirk Design, Cleveland • April 23 Leadership and Culture • Hyland Software, Westlake • June19 Where and How to Innovate • GOJO, Akron • Aug.6 Ideas to Implementation • Parker Hannifinand ShurTech Brands at Baldwin Wallace • Oct. 3 Culture and Change Management • Goodyear Blimp Hangar, Mogadore • Dec. 3 Mid-Market Innovation + Value Pricing • Kichler, Independence

  8. 60 Minutes Amazon and Innovation 12-1-13

  9. Ice Breaker Today is your lucky day. You have been granted 3 wishes to accelerate your innovation process. You cannot wish for more wishes or for unlimited/undesignated $$.

  10. Tony Davidson, Jack Miller, John Andrisin, Greg Martin

  11. Chaz Napoli and Jonathan Konkoly

  12. Best Practices in Innovation Management • Understand what innovation is, and understand the reasons, motivations, risks and rewards for being innovative. • Innovation – something new that replicates in a market (or in a process).  • Closely related to entrepreneurship.  Solves a great problem or creates a great opportunity, thereby creating great value.  • Companies that continuously do this outperform companies that don’t, both in long- and shorter-term value metrics (profits, brand equity, employee engagement, etc.). • A company that is good at innovation has both leaders and problem solvers (or opportunity creators).  To be a good leader of innovation, one must be fluent (and act in) the languages of leadership, business and design.   • Foster good leaders and good problem solvers by building a culture of high trust (low fear) and high creativity.  

  13. Best Practices in Innovation Management • Timing is crucial for successful innovation: the market must be ready, but you must be (near the) first to meet those needs.   • Know your customers intimately, and let them know you, too. • Pay attention to trends, technological breakthroughs, political and social forces, and availability of resources (natural, human, financial).  • All of these will help create a strong innovation strategy. • Innovation needs the proper support of internal resources (time, money, people – including organizational buy-in). • Develop tools to determine ROI/Time that align with business goals, including all key stakeholders in those calculations.   Be objective in making a business case (will it be worth it?  Does it make sense?  Do we have the capacity to do this, and if not, should we build capacity?).  Monitor projects frequently.  When factors change, re-calculate and be prepared to change course. • You can shorten time to ROI (or any transaction) by building trust.  Trust comes from alignment of purpose and transparency. 

  14. Best Practices in Innovation Management • Companies can find other ways to monetize great ideas or opportunities, that don’t involve bringing those to market.  This includes selling or licensing Intellectual Property, creating spin-offs, or preventing competitors from seizing the same opportunity. • There is great value in following fast, modeling solutions from other industries or other markets, or shopping outside your organization for solutions. • Celebrate your successes, but do not rest on your laurels.  Learn from, but do not dwell on your mistakes. 

  15. Develop Connect Grow InnoQuest - Innovation Management Program Next Meeting: Thursday, February 20 Mid-Market Innovation Pressco Technology, Solon

  16. The Entrepreneurs EDGE

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