THERE’S JUST MORE THAN The Little Light on the Left Wichert van Engelen Innovation-management & Consultancy
Change & Innovation <ul><li>Internal Objections </li></ul><ul><li>External Restrictions </li></ul><ul><li>Personal blockad...
Internal hurdles <ul><li>Not invented here </li></ul><ul><li>IT-investments are scattered </li></ul><ul><li>We first need ...
External hurdles <ul><li>No market </li></ul><ul><li>Not known by clients </li></ul><ul><li>Cannibalism </li></ul><ul><li>...
Buzz or now-or-never?
Yet ……
Disruptive   innovation is mostly  coming  from  outside <ul><li>Electronic typemachine -> IBM </li></ul><ul><li>Consumer ...
Competitors <ul><li>Non- local </li></ul><ul><li>Non -financial </li></ul><ul><li>Look  behind  you </li></ul>
Post-offices sell financial products
Retailers sell financial products
Car manufacturers sell financial products
Direct sellers sell financial products
Virgin is everything and a bank
Zopa: peer-to-peer lending An  online marketplace  where people meet to lend and borrow has huge cost advantages which is ...
Social networks are the dominant internet hotspots Banks must be where the people are Where  are  You ?
Facebook: peer-to-peer Lending
Opportunities on Social networks <ul><li>financial services already launched on Facebook: </li></ul><ul><li>Lending Club's...
Own your own bank in SL LindeX  - the official Second Life Linden Dollar exchange.
E-bay en Google offer payments anywhere
Lown entrance walls
Ideeen Genoeg Slagvaardig innoveren in de dienstverlening
Nine Thoughts <ul><li>Look for  Fresh Money </li></ul><ul><li>There are more than  enough ideas </li></ul><ul><li>Develop ...
Nine Thoughts <ul><li>Look for  Fresh Money </li></ul><ul><li>There are more than  enough ideas </li></ul><ul><li>Develop ...
More of the same money Incremental Radical New  Business  creation Radical  innovation in current  business Continious imp...
1% Innovation 99% Execution Grow by managing mature business efficiently and incremental improvements Invest in creating f...
Nine Thoughts <ul><li>Look for  Fresh Money </li></ul><ul><li>There are more than  enough ideas </li></ul><ul><li>Develop ...
<ul><li>Functionality </li></ul><ul><li>Kills </li></ul><ul><li>Creativity </li></ul><ul><li>Kills </li></ul><ul><li>Funct...
Only  implemented  ideas will become part of history
Ideas in your organisation <ul><li>The last 4 months: </li></ul><ul><li>How  many  ideas were  rejected ? </li></ul>
No company ever grew to greatness by cutting costs. (Jack Welch)
Nine Thoughts <ul><li>Look for  Fresh Money </li></ul><ul><li>There are more than  enough ideas </li></ul><ul><li>Develop ...
Customer Made Brand spaces Massclusivity Trendwatching.com No  Frill  Chic Infolust Futureguru.com Trendwatchers
In all likelihood,  world inflation is over. CEO of IMF, 1959
Remote shopping, while entirely feasible, will flop,  because women like to get out of the house … Time magazine, 1966
Man will not fly for 50 years. Wilbur Wright, 1901
<ul><li>It will be years </li></ul><ul><li>not in my time – </li></ul><ul><li>before a woman </li></ul><ul><li>will become...
The Japanese auto industry isn’t likely to carve out a big share of the market. Business Week, aug 1968
I think there is a world market for maybe five computers. Cthomas Watson, CEO IBM 1943
The automobile has practically reached the limit of its development. Scientific American, 1909
640 K ought to be enough for anyone. Bill Gates, 1982
The possibilities of the aeroplane have been exhausted, we must turn elsewhere. Thomas Edison, 1895
There is no reason anyone would want a computer in their home. Ken Olson, founder of Digital Equipment Org. 1977
Who the hell wants to hear actors talk? H.N. Warner, Warner Bros, 1927
Everything that can be invented, has been invented. C.H. Duell, dir. US Patent Office, 1899
 
 
 
 
 
 
 
 
 
 
 
 
Trendwatching <ul><li>The future is  non-predictable </li></ul><ul><li>Sharpen  your 8th sense: </li></ul><ul><li>Look  ou...
 
Looking at trends <ul><li>Vision </li></ul><ul><li>Does the trend have the potential to influence or shape your company's ...
Nine Thoughts <ul><li>Look for  Fresh Money </li></ul><ul><li>There are more than  enough ideas </li></ul><ul><li>Develop ...
Yet…..   Top always wants  innovation, but choses: the well-known  the short term
Nine Thoughts <ul><li>Look for  Fresh Money </li></ul><ul><li>There are more than  enough ideas </li></ul><ul><li>Develop ...
Funnel 50 ideas 10 pilots 5 in production
Innovation: It’s not a funnel.  It’s a dangerous journey, from idea to money along a lot of obstacles (Eddie Obeng)
Businesscase Businessmodel
Nine Thoughts <ul><li>Look for  Fresh Money </li></ul><ul><li>There are more than  enough ideas </li></ul><ul><li>Develop ...
Target-setting Regular target-setting Targets to provoke innovation <ul><li>Specific  </li></ul><ul><li>predictable, plann...
Nine Thoughts <ul><li>Look for  Fresh Money </li></ul><ul><li>There are more than  enough ideas </li></ul><ul><li>Develop ...
Radicality Low    High Low     High Passion Graveyard Line organisation Sandpit Golden  mountains
6948
Ships in harbour are safe. But that’s not what ships are built for . (Alan Ada)
Innovation need intrapreneurs <ul><li>Always be prepared to get  fired </li></ul><ul><li>Outrun  bureaucracy </li></ul><ul...
Nothing venture  Nothing win   (England, 15th century)
ING Questions?
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Financial Innovation Summit 2008 - ENG

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A provocative opening-speech about the need of innovation even in the middle of the world-wide financial crisis

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  • Financial Innovation Summit 2008 - ENG

    1. 1. THERE’S JUST MORE THAN The Little Light on the Left Wichert van Engelen Innovation-management & Consultancy
    2. 2. Change & Innovation <ul><li>Internal Objections </li></ul><ul><li>External Restrictions </li></ul><ul><li>Personal blockades </li></ul><ul><li>Innovation in Financial Services </li></ul><ul><li>Personal innovation </li></ul>
    3. 3. Internal hurdles <ul><li>Not invented here </li></ul><ul><li>IT-investments are scattered </li></ul><ul><li>We first need a strategic vision </li></ul><ul><li>We lack knowledge and experience </li></ul><ul><li>We first need to re-organize </li></ul><ul><li>Fatalism (ok, but we are not like Google) </li></ul><ul><li>Short termism (the shareholder-value!!!) </li></ul><ul><li>Our bright ideas will be stolen by others </li></ul><ul><li>It’s not our core-business </li></ul><ul><li>Too complex data-handling </li></ul><ul><li>Our services are too complex, they only can be dealt with by personal advisors </li></ul><ul><li>Our normal IT is not even on track </li></ul>
    4. 4. External hurdles <ul><li>No market </li></ul><ul><li>Not known by clients </li></ul><ul><li>Cannibalism </li></ul><ul><li>Use of internet by elderly </li></ul><ul><li>Regulations, Laws and more regulations </li></ul>
    5. 5. Buzz or now-or-never?
    6. 6. Yet ……
    7. 7. Disruptive innovation is mostly coming from outside <ul><li>Electronic typemachine -> IBM </li></ul><ul><li>Consumer PC’s IBM -> Dell </li></ul><ul><li>Digital music Sony -> Apple </li></ul><ul><li>Digital Photography Kodak -> ….. </li></ul><ul><li>Airlines … -> Easy, Virgin </li></ul>
    8. 8. Competitors <ul><li>Non- local </li></ul><ul><li>Non -financial </li></ul><ul><li>Look behind you </li></ul>
    9. 9. Post-offices sell financial products
    10. 10. Retailers sell financial products
    11. 11. Car manufacturers sell financial products
    12. 12. Direct sellers sell financial products
    13. 13. Virgin is everything and a bank
    14. 14. Zopa: peer-to-peer lending An online marketplace where people meet to lend and borrow has huge cost advantages which is why Zopa members get a fairer deal when it comes to their money. In Zopa’s wake, copycats such as Prosper in the US, Smava in Germany and Boober in the Netherlands have sprung up across the world. Social Lending is a financial category of genuine and increasing importance.
    15. 15. Social networks are the dominant internet hotspots Banks must be where the people are Where are You ?
    16. 16. Facebook: peer-to-peer Lending
    17. 17. Opportunities on Social networks <ul><li>financial services already launched on Facebook: </li></ul><ul><li>Lending Club's person-to-person loan marketplace </li></ul><ul><li>Prosper's lending game </li></ul><ul><li>Wesabe's personal finance groups </li></ul><ul><li>Pay Me , a payment service </li></ul><ul><li>But so far, no : Bank, Credit union, Credit card issuer , Mortgage lender, Brokerage , </li></ul><ul><li>Rates tracking service, Credit report monitoring </li></ul><ul><li>service, Identity theft protection service </li></ul>
    18. 18. Own your own bank in SL LindeX - the official Second Life Linden Dollar exchange.
    19. 19. E-bay en Google offer payments anywhere
    20. 20. Lown entrance walls
    21. 21. Ideeen Genoeg Slagvaardig innoveren in de dienstverlening
    22. 22. Nine Thoughts <ul><li>Look for Fresh Money </li></ul><ul><li>There are more than enough ideas </li></ul><ul><li>Develop your eighth sense for the future </li></ul><ul><li>Implementation is far more important than ideas </li></ul><ul><li>To innovate you have to work structuraly non-structured </li></ul><ul><li>Use the power of Now </li></ul><ul><li>The organisations: a hybrid model </li></ul><ul><li>Be aware of the game, the actors and their roles </li></ul><ul><li>Just do it! </li></ul>
    23. 23. Nine Thoughts <ul><li>Look for Fresh Money </li></ul><ul><li>There are more than enough ideas </li></ul><ul><li>Develop your eighth sense for the future </li></ul><ul><li>Implementation is far more important than ideas </li></ul><ul><li>To innovate you have to work structuraly non-structured </li></ul><ul><li>Use the power of Now </li></ul><ul><li>The organisations: a hybrid model </li></ul><ul><li>Be aware of the game, the actors and their roles </li></ul><ul><li>Just do it! </li></ul>
    24. 24. More of the same money Incremental Radical New Business creation Radical innovation in current business Continious improvements Fresh money
    25. 25. 1% Innovation 99% Execution Grow by managing mature business efficiently and incremental improvements Invest in creating future growth engines Run and win the game Change the game
    26. 26. Nine Thoughts <ul><li>Look for Fresh Money </li></ul><ul><li>There are more than enough ideas </li></ul><ul><li>Develop your eighth sense for the future </li></ul><ul><li>Implementation is far more important than ideas </li></ul><ul><li>To innovate you have to work structuraly non-structured </li></ul><ul><li>Use the power of Now </li></ul><ul><li>The organisations: a hybrid model </li></ul><ul><li>Be aware of the game, the actors and their roles </li></ul><ul><li>Just do it! </li></ul>
    27. 27. <ul><li>Functionality </li></ul><ul><li>Kills </li></ul><ul><li>Creativity </li></ul><ul><li>Kills </li></ul><ul><li>Functionality </li></ul>
    28. 28. Only implemented ideas will become part of history
    29. 29. Ideas in your organisation <ul><li>The last 4 months: </li></ul><ul><li>How many ideas were rejected ? </li></ul>
    30. 30. No company ever grew to greatness by cutting costs. (Jack Welch)
    31. 31. Nine Thoughts <ul><li>Look for Fresh Money </li></ul><ul><li>There are more than enough ideas </li></ul><ul><li>Develop your eighth sense for the future </li></ul><ul><li>Implementation is far more important than ideas </li></ul><ul><li>To innovate you have to work structuraly non-structured </li></ul><ul><li>Use the power of Now </li></ul><ul><li>The organisations: a hybrid model </li></ul><ul><li>Be aware of the game, the actors and their roles </li></ul><ul><li>Just do it! </li></ul>
    32. 32. Customer Made Brand spaces Massclusivity Trendwatching.com No Frill Chic Infolust Futureguru.com Trendwatchers
    33. 33. In all likelihood, world inflation is over. CEO of IMF, 1959
    34. 34. Remote shopping, while entirely feasible, will flop, because women like to get out of the house … Time magazine, 1966
    35. 35. Man will not fly for 50 years. Wilbur Wright, 1901
    36. 36. <ul><li>It will be years </li></ul><ul><li>not in my time – </li></ul><ul><li>before a woman </li></ul><ul><li>will become </li></ul><ul><li>Prime Minister </li></ul><ul><li>Magaret Thatcher, 1969 </li></ul>
    37. 37. The Japanese auto industry isn’t likely to carve out a big share of the market. Business Week, aug 1968
    38. 38. I think there is a world market for maybe five computers. Cthomas Watson, CEO IBM 1943
    39. 39. The automobile has practically reached the limit of its development. Scientific American, 1909
    40. 40. 640 K ought to be enough for anyone. Bill Gates, 1982
    41. 41. The possibilities of the aeroplane have been exhausted, we must turn elsewhere. Thomas Edison, 1895
    42. 42. There is no reason anyone would want a computer in their home. Ken Olson, founder of Digital Equipment Org. 1977
    43. 43. Who the hell wants to hear actors talk? H.N. Warner, Warner Bros, 1927
    44. 44. Everything that can be invented, has been invented. C.H. Duell, dir. US Patent Office, 1899
    45. 57. Trendwatching <ul><li>The future is non-predictable </li></ul><ul><li>Sharpen your 8th sense: </li></ul><ul><li>Look outside . Managers are keeping themselves busy with internal affairs </li></ul><ul><li>Get yourself inspired , tickle your fantasy: less research </li></ul><ul><li>Do not become old (-fashioned), stay in tune with the youth (and their language), think in chances and possibilities </li></ul>
    46. 59. Looking at trends <ul><li>Vision </li></ul><ul><li>Does the trend have the potential to influence or shape your company's vision ? </li></ul><ul><li>New business concepts </li></ul><ul><li>Can the trend point you to new business concepts , or entirely new ventures? </li></ul><ul><li>New products, services, experiences </li></ul><ul><li>Can the trend inspire you to add 'something' new for a certain customer segment ? </li></ul><ul><li>Marketing, advertising, PR </li></ul><ul><li>Will the trend help you speak the language of those consumers that are already 'living' a trend? </li></ul>Trendwatching.com
    47. 60. Nine Thoughts <ul><li>Look for Fresh Money </li></ul><ul><li>There are more than enough ideas </li></ul><ul><li>Develop your eighth sense for the future </li></ul><ul><li>Implementation is far more important than ideas </li></ul><ul><li>To innovate you have to work structuraly non-structured </li></ul><ul><li>Use the power of Now </li></ul><ul><li>The organisations: a hybrid model </li></ul><ul><li>Be aware of the game, the actors and their roles </li></ul><ul><li>Just do it! </li></ul>
    48. 61. Yet….. Top always wants innovation, but choses: the well-known the short term
    49. 62. Nine Thoughts <ul><li>Look for Fresh Money </li></ul><ul><li>There are more than enough ideas </li></ul><ul><li>Develop your eighth sense for the future </li></ul><ul><li>Implementation is far more important than ideas </li></ul><ul><li>To innovate you have to work structuraly non-structured </li></ul><ul><li>Use the power of Now </li></ul><ul><li>The organisations: a hybrid model </li></ul><ul><li>Be aware of the game, the actors and their roles </li></ul><ul><li>Just do it! </li></ul>
    50. 63. Funnel 50 ideas 10 pilots 5 in production
    51. 64. Innovation: It’s not a funnel. It’s a dangerous journey, from idea to money along a lot of obstacles (Eddie Obeng)
    52. 65. Businesscase Businessmodel
    53. 66. Nine Thoughts <ul><li>Look for Fresh Money </li></ul><ul><li>There are more than enough ideas </li></ul><ul><li>Develop your eighth sense for the future </li></ul><ul><li>Implementation is far more important than ideas </li></ul><ul><li>To innovate you have to work structuraly non-structured </li></ul><ul><li>Use the power of Now </li></ul><ul><li>The organisation: a hybrid model </li></ul><ul><li>Be aware of the game, the actors and their roles </li></ul><ul><li>Just do it! </li></ul>
    54. 67. Target-setting Regular target-setting Targets to provoke innovation <ul><li>Specific </li></ul><ul><li>predictable, plannable developments </li></ul><ul><li>Less specific </li></ul><ul><li>Flexible, freedom to experiment, incremental insights, search for knowledge </li></ul><ul><li>Quantitative </li></ul><ul><li>Measurable sharp focus </li></ul><ul><li>Qualitative </li></ul><ul><li>Possibilities </li></ul><ul><li>Realistic </li></ul><ul><li>conceivable realizable </li></ul><ul><li>Provoking </li></ul><ul><li>Inspiring, madness, over-the-top, discussion </li></ul><ul><li>Loss & risc averse </li></ul><ul><li>within frames: time, quality, budget </li></ul><ul><li>Focus on succes </li></ul><ul><li>Definition of succes </li></ul>
    55. 68. Nine Thoughts <ul><li>Look for Fresh Money </li></ul><ul><li>There are more than enough ideas </li></ul><ul><li>Develop your eighth sense for the future </li></ul><ul><li>Implementation is far more important than ideas </li></ul><ul><li>To innovate you have to work structuraly non-structured </li></ul><ul><li>Use the power of Now </li></ul><ul><li>The organisation: a hybrid model </li></ul><ul><li>Be aware of the game, the actors and their roles </li></ul><ul><li>Just do it! </li></ul>
    56. 69. Radicality Low High Low High Passion Graveyard Line organisation Sandpit Golden mountains
    57. 70. 6948
    58. 71. Ships in harbour are safe. But that’s not what ships are built for . (Alan Ada)
    59. 72. Innovation need intrapreneurs <ul><li>Always be prepared to get fired </li></ul><ul><li>Outrun bureaucracy </li></ul><ul><li>Do whatever it takes , no matter your official function-description </li></ul><ul><li>Don’t work alone, get supporters </li></ul><ul><li>Only work with the best </li></ul><ul><li>Stay under the radar as lons as possible </li></ul><ul><li>Dare to get dirty hands </li></ul><ul><li>Don’t ask for permission, ask for forgiveness </li></ul><ul><li>Keep on dreaming , but be realistic about the route </li></ul><ul><li>Involve your sponsors , and don’t forget to thank them </li></ul>
    60. 73. Nothing venture Nothing win (England, 15th century)
    61. 74. ING Questions?
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