El triángulo del conocimiento y el mundo financiero


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Universidad Menéndez Pelayo, 2010

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El triángulo del conocimiento y el mundo financiero

  2. 2. EL TRIÁNGULO DEL CONOCIMIENTO Y EL MUNDO FINANCIERO Mañana Sesión 3ª CIENCIA Y EMPRESAS Preguntas: • ¿Cómo conseguir que las actividades de I+D+i se incorporen de verdad a la estrategia de las empresas y tengan representación directa en los más altos niveles de decisión corporativa? • ¿Cómo fomentar la inserción de países y empresas en las agendas internacionales de I+D+i que configuran el futuro de muchos sectores industriales? • ¿Cómo crear una cultura empresarial de gestión de la innovación en todos sus aspectos, incluidos los financieros?Telefónica I+D 1
  3. 3. 01The CEOTelefónica I+D
  4. 4. The importance of being… CEOTelefónica I+D 3
  5. 5. HurdlesTelefónica I+D 4
  6. 6. “Youll always miss 100% of the shots you dont take”, Wayne Gretzky Innovation always involves risk. It can be hedged, mitigated, insured against, and shared with others, but—by definition— it never can be eliminated from innovation, nor should it be. Leaders and companies that will not take enough risk will never be able to achieve payback through innovation. Companies that say they want to innovate, but then do everything possible to remove all the risk, will confound the process and drive innovative people away. The greatest risk that leaders and their companies face is taking no risk at allTelefónica I+D 5
  7. 7. ROI: The missing link BAH, Global Innovation 1000, 2005, Money Isn’t EverythingTelefónica I+D 6
  8. 8. Risk AversionTelefónica I+D 7
  9. 9. Exploitation vs. Exploration innovatTelefónica I+D 8
  10. 10. A nightmare at the CIO Office: A fictional story Once upon a time, a young entrepreneur made a proposal to the Dreaming of innovation CIO of a big company to radically change IT management...Telefónica I+D 9
  11. 11. You are what you measure HBR, Dan Ariely CEOs care about stock value because that’s how we measure them. If we want to change what they care about, we should change what we measure. It can’t be that simple, you might argue— but psychologists and economists will tell you it is. Human beings adjust behavior based on the metrics they’re held against. Anything you measure will impel a person to optimize his score on that metric. What you measure is what you’ll get. Period. To change CEOs’ behavior, we need to change the numbers we measure. Stock value metrics that focus on the long term are a start, but even more important are new numbers that direct leaders’ attention to the real drivers of sustainable success. What are those numbers?Telefónica I+D 10
  12. 12. Gut feeling: Understanding our inner workings Mckinsey Quarterly “Left unchecked, subconscious biases will undermine strategic decision making. Here’s how to counter them and improve corporate performance” “Executives should trust their gut instincts—but only when four tests are met.”Telefónica I+D 11
  13. 13. 02CultureTelefónica I+D
  14. 14. Markets: The Innovation Machine (Richard Foster & Sarah Kaplan, “Creative Destruction: Why Companies that Are Built to Last Underperform the Market”) 70 60 Avg. life of a S&P 500 company has fallen from ~65 yrs in the 1930s to 50 ~20 yrs in the 1990s 40 30 20 Trend Line 10 0Telefónica I+D 13
  15. 15. The Red Queen Effect In two major studies published in 2002 and 2005, Robert Wiggins of the university of Memphis and Tim Ruefli of the University of Texas, added some rigor to the question of competitive advantage. They examined a sample of 6,772 companies across forty industries from 1974 to 1997. And their finding confirmed that true competitive advantage is both rare and relatively short lived: • Only 5% of the companies in the sample ever achieved a period of superior performance lasting 10 years or more • Only 32 companies (less than 0,5%) made it 20 years • Only 3 companies (American Home Products, Eli Lilly and 3M) sustained high performance to the 50 year mark Wiggins and Ruefli also found that the intensity of competition increased during the 23 year sample period and also showed that there is no such thing as a safe, stable industry. Schumpeter’s ghost was alive and well: “the gales of creative destruction” were blowing harder than ever While Wiggins and Ruefli’s data presents a major challenge to the notion of strategy based on traditional economy, the patterns they identified would come as no surprise to an evolutionary biology. Competitive advantage is rare and sort lived in the biological world as well. Indeed it is exactly what one would expect in an evolutionary systemTelefónica I+D 14
  16. 16. Non Zero-Sum Games: CooperationTelefónica I+D 15
  17. 17. 3 C’sTelefónica I+D 16
  18. 18. Innovator’s DNA HBR, Jeffrey Dyer, Hal Gregersen, Clayton Christensen  Associating: The ability to successfully connect unrelated questions, problems or ideas from different fields… The Medici Effect  Questioning: Ask Why, Why not, What if. Play the devil advocate. Hold two diametrically opposing ideas in your head at the same time. Constraints as catalysts  Observing: Discovery driven executives produce uncommon business ideas by scrutinizing common phenomena, particularly the behaviour of potential customers. In observing them, they act like anthropologist and social scientist  Experimenting: Like scientists, innovative entrepreneurs actively try out new ideas by creating prototypes and launching pilots  Networking: Unlike most executives, innovative entrepreneurs go out of their way to meet people with different kind of ideas and perspectives to extend their own knowledge domainsTelefónica I+D 17
  19. 19. Tinkering: "Siempre estoy haciendo cosas que no puedo hacer, así es como logro hacerlas." Pablo PicassoTelefónica I+D 18
  20. 20. OECD Innovation Strategy: Key Findings Foster entrepreneurship Businesses, especially new and young firms, are the main source of job growth from innovation. Barriers to firm entry and exit need to be reduced Policies that facilitate structural change are crucial for reallocating resources. • New enterprises drive many obsolete firms out of the market and often do not survive very long themselves. • Evidence from OECD countries suggests that between 20% and 40% of entering firms fail within the first two years. • This reallocation of resources to more efficient and innovative firms is central to innovation and economic growth and should be based on open and competitive markets. • Labour market policies should provide the flexibility and mobility necessary to enable reallocation of resources from declining to innovative firms, along with support for lifelong learning and re-skilling of workers.Telefónica I+D 19
  21. 21. How to start an entrepreneurial revolution HBR, Daniel J. Isenberg Do public leaders... 1. Stop Emulating Sillicon • Act as strong, public advocates of Valley entrepreneurs and entrepreneurship? • Open their doors to entrepreneurs and those promoting 2. Shape the Ecosystem entrepreneurship? Around Local Conditions Do governments... • Create effective institutions directly 3. Engage the Private Sector associated with entrepreneurship (research institutes, overseas from the Start liaisons, forums for public-private dialogue)? 4. Favour the High • Remove structural barriers to Potentials entrepreneurship, such as onerous bankruptcy legislation and poor contract enforcement? 5. Get a Big Win on the Board Does the culture at large... 6. Tackle Cultural Change • Tolerate honest mistakes, honorable failure, risk taking, and contrarian Head-On thinking? • Respect entrepreneurship as a 7. Stress the Roots worthy occupation? Are there visible success stories 8. Don’t Over engineer that... Clusters; Help Them Grow • Inspire youth and would-be entrepreneurs? Organically • Show ordinary people that they tooTelefónica I+D can become entrepreneurs? 20 9. Reform
  22. 22. What do you want to be when you grow up? Putting a ding in the universe!Telefónica I+D 21
  23. 23. Culture: The 10 Commanments Eric Beinhocker, The Origin of Wealth 1. PERFORMANCE ORIENTATION Performing 2. HONESTY norms 3. MERITOCRACY 4. MUTUAL TRUST Cooperating 5. RECIPROCITY norms 6. SHARED PURPOSE 7. NON-HIERARCHICAL: Junior people are expected to challenge senior people, and what matters is the quality of the idea, not the title of the person saying it 8. OPENNESS: Be curious, open to outside Innovating thinking, and willing to experiment; seek the norms best wherever it is 9. FACT BASED: Find out the facts. It is facts, not the opinions, that ultimately counts 10. CHALLENGE: Feel a sense of competitive urgency; it is race without a finish lineTelefónica I+D 22
  24. 24. 03HomeworkTelefónica I+D
  25. 25. OECD Innovation Strategy: Key Findings The OECD Innovation Strategy is built around five priorities for government action: 1. empowering people to innovate; 2. unleashing innovation in firms; 3. creating and applying knowledge; 4. applying innovation to address global and social challenges; and 5. improving the governance and measurement of policies for innovation.Telefónica I+D 24
  26. 26. Yes, we canTelefónica I+D 25
  27. 27. Others can: The new world orderTelefónica I+D 26
  28. 28. Telefónica I+D 27
  29. 29. OECD Innovation Strategy: Foster efficient knowledge flows, networks and markets  Knowledge drives economies, but mechanisms for its diffusion are not well developed. Knowledge networks and markets are so far much less developed than product, labour and financial markets. Public policy should therefore support the formation of knowledge networks and markets.  This can be done through policies that encourage the development of knowledge brokerages. In appropriate cases these could facilitate the securitisation of intellectual assets, thereby enabling the capture of value on a much broader range of knowledge assets.  Effective protection of IPRs is necessary to encourage innovation, investment and trade ... Patents are particularly important for small firms, as they can facilitate entry into new markets and enable competition and collaboration with other firms  The protection of knowledge needs to be combined with policies and mechanisms that facilitate access and transfer. Excessively strong IPR may hamper the appropriate use of protected knowledge and discourage follow-on research and research in adjacent areas to the detriment of both competition and innovation.  The quality of patents is important to ensure competition.  IPRs not only contribute to innovation, they are also a means of diffusing knowledge and creating value. A variety of collaborative mechanisms, such as licensing markets or pools and clearing houses, can facilitate access to and use of knowledge  In a knowledge-based economy, governments need to take concrete steps to foster the development of knowledge networks and markets.Telefónica I+D 28
  30. 30. Global Challenge: Building an IP Marketplace US Companies intangible Assets as a Percentage of Total Assets, WIPO  Historically, the economic activity generated by the exchange and valuation of physical goods has been supported by functioning marketplaces that provide transparency of ownership, integrity that creates a stable environment, and mechanisms that enable valuation based on the principles of an open market.  As economic focus shifts from physical goods to intangible assets in the 21st century, many agree an analogous supporting marketplace needs to be developed.  Patents have become an important currency and a principal means to establish value for creators and users of knowledge-based assets.  A fully functioning IP marketplace infrastructure has yet to emerge, however, placing an undue burden on patent systems. This void creates uncertainty that leads to a number of problems including increased litigation and speculative behaviors that Inhibit the innovation patent systems were designed to protect.Telefónica I+D
  31. 31. Spain – a bird’s eye view Indicator Value Year Rank Trend Best SourceGDP (nominal) 1.464 B US$ 2009 9 = EU IMF R&D Intensity 1,12% GDP 2007 25 UP Sweden (3,82%) OECD BERD 0,46% GDP 2010 28 UP Israel (3,93%) OECD Direct Gov. Funding of 0,12% GDP 2010 5 ? USA (0,18%) OECD BERD Scientific 1996- 448.240 9 UP USA (4.307.536) SJR Production 2008 3.267 Resident 12 Japan (333.498) Patents 2007 UP WIPO 4.289 Non 18 USA (168.605) Res. Networked 4,37 2010 34 DOWN Sweden (5,65) WEF Readiness Ease of doing WORLD 2010 62 DOWN Singapore Business BANKTelefónica I+D 30
  32. 32. Investing in Innovation Expenditure on innovation, by firm size, 2006 Firms receiving public support for innovation, by As a percentage of turnover) size, 2004-06 (As a percentage of innovating firms) Large firms SMEs Large firms SMEs Canada (2004, Canada (2002-04, manufacturing) manufacturing) Korea (2008, Italy manufacturing) Korea (2005-07, Estonia manufacturing) South Africa (2005) Netherlands Luxembourg Austria Germany Spain Italy Belgium Denmark China Sweden Japan (1999-2001) New Zealand Germany Ireland Luxembourg Belgium Czech Republic China Chile Czech Republic Portugal Iceland (2004) Iceland (2002-04) Netherlands Estonia United Kingdom Australia (2006-07) Spain South Africa (2002-04) 0 2 4 6 8 10 0 20 40 60 80 % %Telefónica I+D 31
  33. 33. Ease of doing BusinessTelefónica I+D 32
  34. 34. Ease of doing Business Spain 51 to 62 1 REFORMTelefónica I+D 33
  35. 35. Spain: Entrepreneurial MotivationGlobal Entrepreneurship Monitor, GEM España, Informe Ejecutivo, 2009 Telefónica I+D 34
  36. 36. How we innovateTelefónica I+D
  37. 37. We have an open innovation framework steered by TEF operating businesses... PARTNERSHIPS SCIENTIFI C GROUPS UX LABS TECH OBSERVATOR Y TECH TRANSFER - + Local OBs/Competence CentersDERSHIP Telefonica I+D + - Customers ... and guided by Technology provide us a sustainable should lead the definition of our two principles competitive advantage product and services Telefónica I+D 36
  38. 38. Scientific Teams Early radar: for warning and discovery beyond vendors and gov funding agencies. • Access high-impact early ideas before the buzz is already on… To speak to talented people, you need talent… Learning the process, not just the result. • Often understanding what did not work is most important. To generate unique differential technology whenever it makes sense: • in areas where the operator has a lever • developing technologies that accelerate the commoditization of vendors equipment or that are against vendors’ interest • opening new markets adjacent to Telcos (e.g. Amazon Dynamo and cloud computing)Telefónica I+D
  39. 39. User experience & Usability testing: making sure it works (and delights)Telefónica I+D
  40. 40. Software design, coding and testing: making it realTelefónica I+D
  41. 41. Telefónica I+D
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