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The Future of Innovation
Bill Reichert Managing Director
Garage Technology Ventures
The New Rules for Entrepreneurs
Digital October
June 30, 2011
Thanks, Digital October!
“The pace of innovation is accelerating at an exponential rate.”
“The cumulative knowledge of mankind is doubling every four years.”
-- Common Wisdom
The Pace of Innovation
If this were true …
n My computer wouldn’t freeze
n Cancer would be cured
n Energy would be cheap and clean
n I wouldn’t need to carry roubles.
The Pace of Innovation . . .
“The future ain’t what it used to be!”
-- Yogi Berra . . . Hint: It’s not about new ideas, and
it’s not about new technology
So, What Does the Future Hold?
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man.” -- George Bernard Shaw
The Engine of Innovation
Reasonable or Unreasonable?
Top Ten New Rules
for Innovators
Future of Innovation
Old Rule: n Create wealth
New Rule: n Create value
1. Fundamental Objective
Old Rule: n Brilliant leader
New Rule: n Brilliant team
2. Driving Innovation
A Parable: n The Optimist,
the Pessimist, and the Engineer
The Brilliant Team . . .
Old Rule: n Craft a Mission Statement
New Rule: n Create a Wow! Statement
3. Sharing the Vision
“The mission of {???} is to deliver superior quality products and services for our customers and communities through leadership, innovation, and partnerships.”
Mission Statements …
The essence of your value proposition . . .
n Unique offering
n Clear benefit
n Advantage over alternatives
Wow! Statements . . .
n Fedex: The only solution if you need to get it there overnight
n Simply Hired: More job listings than any other site on the planet
n MiaSole: The world’s most efficient and most cost effective thin film solar panels
Wow! Statements . . .
n What’s your Wow Statement ???
Wow! Statements . . .
Old Rule: n Plan the work, work the plan
New Rule: n Get going!
4. Management Style
Old Rule: n New ideas and technologies
New Rule: n “Stolen” ideas and technologies . . . applied in new ways
5. Foundation of Innovation
Old Rule: n Measure ROI, . . .
New Rule: n Measure customer delight, . . .
6. Business Metrics
Old Rule: n First mover advantage
New Rule: n Fast adaptor advantage . . . . . . IBM, Microsoft, Oracle,
Google, Facebook, Apple
7. Competitive Advantage
7. Competitive Advantage . . .
Flatbush National
Bank
Old Rule: n Build it and they will come
New Rule: n Everyone sells
8. Marketing Strategy
Old Rule: n The pace of change is
accelerating
New Rule: n Change takes time
9. Pace of Change
Actual progress is slower than we thought: n Mobile payments n Batteries n Software n Bandwidth n Medicine n Transportation n Television.
Pace of Change . . .
Old Rule: n Technology drives innovation
New Rule: n People trump technology
10. Source of Innovation
1. Focus on value 2. It’s a team sport 3. Craft a Wow! statement 4. Don’t just plan, get going! 5. Steal good ideas 6. Measure customer delight 7. Be a fast adaptor 8. Make everyone customer focused 9. Be realistic about pace of adoption 10. People trump technology
Top Ten New Rules for Innovators
New Rules for Innovators
For questions, comments, or slides:
Resources: § Garage website: www.garage.com § Art of the Start, the classic book
The Art of Going Global
How to Increase the Likelihood that You Will Achieve World Domination
1. Learn how to sell
2. Pick the right geography
3. Dedicate your team
4. Find the right partners
5. Make new mistakes
The Art of Going Global
n Elena Masolova
n Nick Puntikov
n Aynur Abdulnasyrov
n Marc Burch
n Bill Reichert
The Art of Going Global
The Art of Attracting Resources When Going Global
How to Increase the Likelihood that You Will Achieve World Domination
Part II
1. Understand your funding alternatives
2. Get the right advisors
3. Connect with funding sources early
4. Put the right infrastructure in place
5. Make new mistakes
The Art of Attracting Resources
n Andrey Kazakov
n Pavel Bogdanov
n Boris Ryabov
n Marc Burch
n Bill Reichert
The Art of Attracting Resources
The Art of Going Global
How to Increase the Likelihood that You Will Achieve World Domination
