Innovation Partnerships Talk Final Fei

Innovation Partnerships Being the Benevolent Virus Malcolm De Leo Delivering something better by thinking and acting differently.

Why are innovation partnerships like a virus?? Innovation The Corporate Body The body will resist invaders It can take over as it spreads Its entry goes unnoticed It targets a particular system

What makes Innovation Partnerships Different? They are founded on a creative common purpose… We strive to avoid the land of the standard… to find the place of unique collaboration Collaborative Innovation – Trust Robert Porter Lynch and Todd Welch Transaction Relationship Partnership Creationship Definition Unemotional Business Open Minded Business Collaborative Business Innovative Business Trust Level Neutral Open Respectful Committed Goal Get Things Done Listen and Learn Leverage Strengths Collaborate Instinctively Output Incremental Results Tactical Results Strategic Results Unique Results

Innovation Partnerships – Process Overview Commitment to the vision is the key to success Expose Envelop Infect Breed Thrive Be an Innovation Speed Dater Build a Team Within a Team Grab an Innovation Foothold Utilize the Concept of BEVIA Deal for Lasting Joint Gain

Exposure: Innovation Speed Dating Own your partner by understanding Innovation Extraction: Thoroughly understanding the value proposition within 15 minutes of exposure
Innovation Speed Dating is…
Focused on understanding
Striving for connection
Innovation empathy
Trusting it works
Stretching beyond their vision
Innovation Speed Dating is not…
Focused on doubt
Looking for standards
Needing proof to believe
About your company’s interests
Fitting today’s agenda
Innovation Speed Dating is Critical for…. Establishing trust and team

Envelop: Team within a Team Loyalty to your partner is more important than your company Corporate Partner Why? Commitment to the vision is the Foundation of the Creationship Innovation Partner

Experimentation Issues
Managing partner interests
Stake holder buy-in
Fitting experiment to strategy
Balancing $$$$$$$$$$$
Key questions
CAN YOU MANAGE EXPECTATIONS?
CAN YOU FIND EQUILIBRIUM?
CAN YOU BALANCE THEM ALL?
Infect: Set up the Petri Dish Innovation is risk and overcoming it involves experimentation Financial Authority Landscape CXO Manager Director VP Contributor Project Leader

Breed: Proliferation is not a linear process Innovation ownership must be attacked at all levels at all times Believe Experiment Validate Integrate I get it I want to try it I want to try it again I want to use it over here I want to use it everywhere Adapt Company Functions Individuals

Thrive: Negotiate beyond the deal… Creationships exist beyond business terms Kinship Expose Envelop Infect Breed Relationship Credibility Ownership Formalize Your Creationship!!!!
Key things to think about
It shouldn’t feel like negotiating
Think towards the test of time
Consider your culture!!!
Don’t forget how you got there
Both sides should own it already
It must be bigger than YOU!!!

Case Study: Fortune 500 meets Internet Start-up The principles create lasting joint gain for all
The START-UP
Interest : Create revenue to validate business model and achieve Series B Funding
Strengths
Innovative offering
Collaborative Management
Weaknesses
Non-traditional technology
Time pressure to succeed
The FORTUNE 500
Interest : Identify capabilities to help develop leading edge consumer products
Strengths
Partnership strategy/infrastructure
Willing internal experimental partner
Weaknesses
Insular Thinking
Sponsor not long term economic buyer
Key approaches for success
“ Teach” the start-up what the obstacles are in an honest way
Utilize the principle of financial landscape versus authority to create experiment
Fight for a cross-functional team to own the new capability and diversify future sell

Results….
Expose : Fortune 500 sells unique experiment to Start-up
Envelop : First deal completed at $150,000 below asking price to enable willing internal experimental partner to own the relationship success
Infect : First project lead to critical recommendations that helped successful launch on new consumer brand creating validation of new approach
Breed : First key deal enable over 30 key projects
Tens of critical consumer insights
Presentations to multiple stakeholders across levels and functions
Opportunity to participate in acquisition work
Thrive : Relationship continues after 4 years
The Fortune 500: houses unique capability leading to real value on the marketplace
The Internet Start-up: Over $1MM invested in partnership
Case Study: Fortune 500 meets Internet Start-up The principles create lasting joint gain for all

Lessons learned…top five things
Each step is key to making the journey happen
Challenging those around you to ask not “yes, but” but “yes, how” can be a catalyst for change
Optimism and trust are what makes creationships possible
Politics is the death of innovation…know your way around the playing field
Leading from the balcony will give you the patience to succeed!

Innovation Partnerships Talk Final Fei

by Malcolm De Leo on Feb 01, 2011

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Innovation Partnerships Talk Final Fei — Presentation Transcript