Innovation
MANAGEMENT OF
INNOVATION?
INVENTION
R&D
PRODUCTS
TECHNOLOGY
DIFFICULT IN
CERTAIN COUNTRIES
LUCK!!
VALUABLE IN JUST A
FEW INDUSTRIES
EXPENSIVE
WHAT IS INNOVATION
“It is the means by which the entrepreneurial activity either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth”
Peter Drucker (HBR, 1985)
TYPES OF
INNOVATION
Radical
Incremental
TYPES OF
INNOVATION
Product
Service
Process
TYPES OF
INNOVATION
Product
Service
Organizational
Business
Model
Cultural
Routes to
Market
Process
Pricing Plans
Value
Chain
BE CLEAR ABOUT WHAT
INNOVATION IS AND IS NOT
Does it change the competitive dynamics of the industry?
Is it new to the industry or just new to your firm?
Is it just copying to catch up?
(Speaking the Lingua Franca of Innovation, HBR, 2012)
CHANGING THE
INNOVATION MIND-SET
Good enough can be great
Step, don’t leap
The right kind of failure is success
(Mapping your Innovation Strategy, HBR, 2006)
NO ONE WILL FORCE YOU
TO INNOVATE
The paralysis of the leading incumbent is the greatest Competitive Advantage enjoyed by new competitors WHY GOO AS
THE INNOVATION
MACHINE?
5 MYTHS OF
MYTH # 1: THE
EUREKA MOMENT
• Most innovation efforts fail not because of a lack of bright ideas, but because of a lack of careful and thoughtful follow-up.
• Smart companies know where the weakest links in their entire innovation value chain are, and they invest time in correcting those weaknesses rather than further reinforcing their strengths.
MYTH # 2. BUILD IT
AND THEY WILL COME
• Online forums are not a panacea for distributed innovation. Online forums are good for capturing and filtering large numbers of existing ideas; in-person forums are good for generating and building on new ideas. • Smart companies are selective in their use of online forums for innovation.
INNOVATION?
INVENTION
R&D
PRODUCTS
TECHNOLOGY
DIFFICULT IN
CERTAIN COUNTRIES
LUCK!!
VALUABLE IN JUST A
FEW INDUSTRIES
EXPENSIVE
WHAT IS INNOVATION
“It is the means by which the entrepreneurial activity either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth”
Peter Drucker (HBR, 1985)
TYPES OF
INNOVATION
Radical
Incremental
TYPES OF
INNOVATION
Product
Service
Process
TYPES OF
INNOVATION
Product
Service
Organizational
Business
Model
Cultural
Routes to
Market
Process
Pricing Plans
Value
Chain
BE CLEAR ABOUT WHAT
INNOVATION IS AND IS NOT
Does it change the competitive dynamics of the industry?
Is it new to the industry or just new to your firm?
Is it just copying to catch up?
(Speaking the Lingua Franca of Innovation, HBR, 2012)
CHANGING THE
INNOVATION MIND-SET
Good enough can be great
Step, don’t leap
The right kind of failure is success
(Mapping your Innovation Strategy, HBR, 2006)
NO ONE WILL FORCE YOU
TO INNOVATE
The paralysis of the leading incumbent is the greatest Competitive Advantage enjoyed by new competitors WHY GOO AS
THE INNOVATION
MACHINE?
5 MYTHS OF
MYTH # 1: THE
EUREKA MOMENT
• Most innovation efforts fail not because of a lack of bright ideas, but because of a lack of careful and thoughtful follow-up.
• Smart companies know where the weakest links in their entire innovation value chain are, and they invest time in correcting those weaknesses rather than further reinforcing their strengths.
MYTH # 2. BUILD IT
AND THEY WILL COME
• Online forums are not a panacea for distributed innovation. Online forums are good for capturing and filtering large numbers of existing ideas; in-person forums are good for generating and building on new ideas. • Smart companies are selective in their use of online forums for innovation.