Running a Successful Innovation Center at a Fortune 50 Company by Preston Smalley
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Running a Successful Innovation Center at a Fortune 50 Company by Preston Smalley @prestons Comcast The Lean Startup Conference 2013 http://leanstartup.co/
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Running a Successful Innovation Center at a Fortune 50 Company by Preston Smalley
- 1. Running a successful Innovation Center at a Fortune 500 company Preston Smalley Product Guy and Entrepreneur Comcast Silicon Valley Innovation Center
- 2. Frequently heard comments: • No one believes in “Lean Startup” at my company so I’m stuck. • My team is booked on “roadmap” projects with no time to innovate. • I’ve used Lean Startup on one project but can’t scale beyond that.
- 6. Don’t just swing for homeruns Ideation Hack Days ? “Seed” ? “Series A” ? “Series B” or “Acquisition”
- 7. Adapt Ash Maurya’s Lean Canvas to fit within your large company Problem Solution Unique Value Prop Metrics Cost (adapted) Customer Unfair Segments Advantage Channels Revenue (adapted) Strategic Fit (added)
- 8. Watch out for corporate “antibodies”
- 9. When to *still* use Vanity Metrics
- 10. Running an Innovation Center: 1. Ask for forgiveness, not permission 2. Build credibility thru projects—then scale 3. Don’t just swing for homeruns 4. Adapt Lean Canvas for your company 5. Watch out for corporate antibodies 6. Use vanity metrics (but don’t believe them)
- 11. Running a successful Innovation Center at a Fortune 500 company Preston Smalley Product Guy and Entrepreneur Comcast Silicon Valley Innovation Center @prestons | prestonsmalley.com
Editor's Notes
- Comcast ranked #46 ($62B in Revenue, $6B in profits)
- Cover slide plus give overview of the talk and what’s we’ll cover:An example from eBayHow we started the Comcast Silicon Valley Innovation Center (from one of its founders)Adaptations of lean at a big company and what to watch out for
- Share how eBay mobile app launching with the iPhone App Store nearly didn’t happen.eBay was asked to be a launch partner but the mobile team had recently been disbanded by executives for other priorities. This was when most were concluding it wasn’t worth it to invest in “smartphone” apps. It took the foresight of several middle managers at the time that knew we couldn’t pass up this opportunity. Talk about how we “hide” resources for a few months to make it happen.
- Ask for forgiveness not permission- Importance of mid-level leadership @ big companies- MVP can actually be a BETTER product / actually led many to consider how we could simplify the core website experience too- Alan Lewis, Ken Sun, Me (Karlyn Neal) - $6B business today
- Overview of innovation center’s purpose and how it was founded.
- First decision is based on CSV Management. Second decision based on innovation steering committee.Importance of finding a partner to support scaling or incorporation. How Hack Days can generate ideasMix of products you can scale vs. other that get incorporated
- Talk about how we’ve modified the lean canvas for large companiesCost – Often reflects the internal resources committed (e.g. 2 engineers for 6 weeks)Revenue – Can benefit an existing product by improving retentionStrategic Fit – Why would your board or exec team care about this concept if it took off? Who would champion it there
- But watch out for the antibodies at a big company. Organizations are just like the body and will attack what they see as “foreign objects” (your way of doing things)innovation can step on people’s toes by definitionHow to avoid attacks:Don’t scale your resources too fast (or they become a target, small is good)Careful where internally you share your detailed metrics which while helping you hone you product can give others in the company… think of them asvanity metrics have a role (next slide)
- Given that your “funding” often is viewed as a zero-sum game (e.g. you have it so someone else doesn’t). Other leaders in your company may find the best path for funding their project is to point out the weaknesses in yours.
- Comcast ranked #46 ($62B in Revenue, $6B in profits)