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SAY
‘YES!’ TO
INNOVATION
Ted Chan
Image by JulienTromeur
© 2011 Thinking Trends LLP -‐ All rights reserved.
Change is inevitable
Growth is optional
Why Innovate?
“Because its purpose is to create a customer, the business enterprise
has two … basic func=ons: Marke=ng and Innova=on.
Marke=ng and innova=on produce results;
all the rest are 'costs‘. In its simplest form,
Innova=on is implemen=ng new ideas to create value.” Peter Drucker, People & Performance
Why Innovate?
• CompeBBon • Customer’s demand • Falling market share • Falling revenue • Rising cost • Product life cycle • MeeBng government standards/regulaBons
• Create new market • Increase market share • Improve quality • Improve service • Expand product range • Increase revenues • Enhance brand • MoBvate employees • Increase producBvity
What is Innova=on?
Inven=on vs. Innova=on
Inven@on Innova@on
Innova=on is the
profitable implementa=on
of ideas
Innova=on & Produc=vity
Rewire for crea=vity & growth
“Engine of Growth”
Courtesy of Julia Freeman-‐Woolpert
Dimensions of Innova=on
Sawhney, WolcoQ and Arroniz, 12 Different Ways for Companies to Innovate
• Processes • OrganizaBon • Supply Chain • Presence • Networking • Brand
• Offerings • PlaWorm
• SoluBons • Customers
• Customer Experience
• Value Capture
Innova=on Approaches Incremental Windows OS, Sony Walkman
Breakthrough Mouse, WWW, Search Engine
New-‐to-‐the-‐Market
IPhone
Disrup=ve Kawasaki and Honda Motorcycles
Some Myths of Innova=on
Gerald H. Gaynor, Innova@on by Design
Innova=on begins with
brainstorming Individuals drive innova=on
An innova=ve process will provide
the results
Innova=on requires crea=ve
people
Whose Business is it Anyway?
Service Team
Research and Development
Management
Marke=ng
Product Development IT’S EVERY
ONE’ BUS
INESS!
Process of Innova@on
Step 1: Define the Opportunity
Step 2: Discover the
Ideas
Step 3: Develop the Solu=ons
Step 4: Demonstrate the
Innova=on
Let’s try this …
What is the
“Job To Be Done”
in your organiza=on?
Why Companies don’t Innovate
Deny the need
Don’t have resources
Don’t know how to!
Paradox of Success
John O’Neil, Paradox of Success
“People fail is that their past and present
success blinds them to their
vulnerabili@es and renders them all but incapable of sustaining the
success that they are for now
enjoying”
What happened to these companies?
Cri=cal Success Factors
Culture
Leadership
Business Structure
Resources
Customers
Looking Beyond … Next Genera@on Innova@on
• Building a customer-‐centric culture
• Building beyond a product or service
• Leveraging on borderless economy
SAY ‘YES!’ TO INNOVATION
Just as energy is the basis of life itself, and ideas the source of innovaBon, so is !nnovaBon the vital spark of all human change, improvement and progress.
Are we ready?
