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The Black Box, Cracked: How to Unleash Innovation Potential
- 1. The Black Box, Cracked Scott D. Anthony 22 May 2010 | NUS © Copyright 2010 Innosight LLC
- 2. Common questions • What does innovation really mean? • Why does innovation matter? • How do I spot innovation opportunities? • How do I come up with a winning idea? • How do I know if my idea is good? • How do I take my idea forward? • How do I encourage innovation in my organization? • How do I lead innovation? • How can I train to be a better innovator? © Copyright 2010 Innosight Ventures | Innosight Consulting 1
- 3. But before that – a tale of two innovators © Copyright 2010 Innosight Ventures | Innosight Consulting 2
- 4. What does innovation really mean? Leonardo da Vinci Thomas A. Edison Something different – that has impact! © Copyright 2010 Innosight Ventures | Innosight Consulting 3
- 5. Innovation comes in many flavors Strategic intent Commercial Extension Transformational Disruptive Type of innovation Product Revenue Model Sales Model Process © Copyright 2010 Innosight Ventures | Innosight Consulting 4
- 6. Why does innovation matter? 7% 6% 5% The Great Disruption 4% 3% Era of Optimization 2% 1% 0% 1932 1937 1942 1947 1952 1957 1962 1967 1972 1977 1982 1987 1992 1997 2002 2007 “It is not the strongest of the species that survives, nor the most intelligent, but rather the one most adaptable to change.” © Copyright 2010 Innosight Ventures | Innosight Consulting 5
- 7. Today's challenge Established Business New Business Strengthening and Creating the new extending the core AND not OR! “The test of a first rate intelligence is the ability to hold two opposed ideas in the mind at the same time and still retain the ability to function.” F. Scott Fitzgerald © Copyright 2010 Innosight Ventures | Innosight Consulting 6
- 8. It’s tougher than it looks © Copyright 2010 Innosight Ventures | Innosight Consulting 7
- 9. Rising to the challenge Yes, you are not Steve Jobs. But by … • Following the right approach • Developing your own skills • And removing critical organizational roadblocks You can unleash your own and your organization’s innovation potential © Copyright 2010 Innosight Ventures | Innosight Consulting 8
- 10. How do I spot opportunities for innovation? Refrigerators Households 250 250 117 110 100 27 USA China India © Copyright 2010 Innosight Ventures | Innosight Consulting 9
- 11. Find the job not done well © Copyright 2010 Innosight Ventures | Innosight Consulting 10
- 12. How do I come up with a winning idea? © Copyright 2010 Innosight Ventures | Innosight Consulting 11
- 13. How do I know if my idea is good? My gut check list • Is there an important problem that customers can‟t address because existing solutions are expensive or inconvenient? • Is there a disruptive way to solve the problem in an intuitive, convenient, affordable way? • Is there a plausible hypothesis about an economically attractive, scalable business model? • Does the team have the “right stuff” to manage the “For every one of our failures, iterative process of we had spreadsheets that emergent learning? looked awesome” • Can early profitability be a © Copyright 2010 Innosight Ventures | Innosight Consulting choice? 12
- 14. How do I bring my idea forward? Agree on what success looks like Determine “deal killing” and “path dependent” assumptions Execute “high ROI” experiments Adjust based on the learning © Copyright 2010 Innosight Ventures | Innosight Consulting 13
- 15. How do I encourage innovation in my organization? Bessemer Venture Partners is perhaps the nation's oldest venture capital firm, carrying on an unbroken practice of venture capital investing that stretches back to 1911. This long and storied history has afforded our firm an unparalleled number of opportunities to completely screw up. © Copyright 2010 Innosight Ventures | Innosight Consulting 14
- 16. How can I lead innovation? “If you count on innovation for Example senior leader behaviors the lion share of your growth, you can‟t delegate the chief • Spend time on innovation innovation officer job.” • Attend external research activities. • Actively participate in team brainstorming sessions • Role model new behaviors • Seek external experiences • Interact with key teams on a frequent basis • Evangelize the importance of innovation • Break processes when required • Intertwine innovation with corporate strategy & goal setting © Copyright 2010 Innosight Ventures | Innosight Consulting 15
- 17. How can I train to become a better innovator? Question Experiment Observe Network © Copyright 2010 Innosight Ventures | Innosight Consulting 16
- 18. A critical reminder Genius is… 1% inspiration and… 99% perspiration! Thomas Edison © Copyright 2010 Innosight Ventures | Innosight Consulting 17
- 19. Parting thoughts 1. The „choice‟ between innovation and survival is a false one 2. The first step in creation can be destruction 3. The conference room walls block more than the sun 4. The question of “Is this a good idea?” is easy to answer 5. The worst assumption you can make is that you are right 6. Spreadsheets report assumptions, not answers 7. Scarcity is the entrepreneur‟s advantage 8. 100% of 5 trumps 5% of 1,000 9. Where you spend your time is a reflection of your priorities. 10. Devil‟s advocates are abundant; problem solvers are scarce © Copyright 2010 Innosight Ventures | Innosight Consulting 18
- 20. For more information santhony@innosight.com +65 9640 4545 http://www.innosightventures.com http://discussionleader.hbsp.com/anthony http://www.SilverLiningPlaybook.com © Copyright 2010 Innosight Ventures | Innosight Consulting 19