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The Innovation Myth
 

The Innovation Myth

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For companies in a post-recession rebuilding phase, it is easy to fall prey to the innovation myth. ...

For companies in a post-recession rebuilding phase, it is easy to fall prey to the innovation myth.

About Luminary Labs:


Luminary Labs is a strategy and innovation consultancy working with organizations in transition to become more resilient in the face of change.

We have have deep roots in business planning, technology, innovation, and design, and we partner with our clients to help them use these tools, mindsets, and methodologies to their best advantage.

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  • Image source: Calculated Risk Blog; Business Insider\n
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The Innovation Myth The Innovation Myth Presentation Transcript

  • HOW TO BE RESILIENT IN THE FACE OF CHANGE:THEINNOVATIONMYTHLUMINARY LABSWWW. LUMINARY-LABS.COM@LUMINARYLABS
  • FOUR CHAPTERS 1. We are living in the 21st century with 20th century ideals. 2. The cracks are starting to surface. 3. We fall prey to the innovation myth. 4. Agility breeds resiliency.Luminary Labs 2
  • 1. 20TH CENTURY IDEALS
  • What happened in the 20th century?Luminary Labs 4
  • We grew. Fast.Luminary Labs 5
  • We built well-oiled factories.Luminary Labs 6
  • We developed organizational structures to servethis intense period of growth.Luminary Labs 7
  • And we rolled right into the 21st century.Luminary Labs 8
  • 2. CRACKS SURFACING
  • Until this happened.Luminary Labs 10
  • The post-recession experience: Companies in a post-recession rebuilding phase face reduced headcount, flat budgets, and yet greater expectations to ensure company survival. Your customers no longer buy what you sell. Technology continues to outpace even the best-laid annual plan.Luminary Labs 11
  • How deep was your bench cut?Luminary Labs 12
  • Luminary Labs 13
  • Luminary Labs 14
  • Services are reshaping the landscape.Luminary Labs 15
  • People are adopting (expensive) tech faster than an annual plan can accommodate.Luminary Labs 16
  • Luminary Labs 17
  • Luminary Labs 18
  • There is no such thing as platform loyalty.Luminary Labs 19
  • There is no slowing down.Luminary Labs 20
  • Welcome to the new day-to-day.Luminary Labs 21
  • Luminary Labs So why are we still budget planning like this? 22
  • 3. THE INNOVATION MYTH
  • Innovation is the hot post-recession job.Luminary Labs 24
  • But what exactly is innovation? It’s not the “thing.”Luminary Labs 25
  • Nor is it in R&D.Luminary Labs 26
  • Innovation is the ability to adopt, operationalize, and refine the thing. So that you can create new things. Continuously. Over time. Benefitting more than one party, includingLuminary Labs customers. 27
  • 4. AGILITY BREEDS RESILIENCY
  • Agility is the hallmark of a 21st century organization. “In essence, super-flexibility is the capacity to change course, transform, evolve, and reinvent—like a chameleon changing its color.  At the same time, super-flexibility is not just about transformation and reinvention; it is also about the capacity to withstand turbulence, to bounce back, and to stay the course, like a camel surviving in desert conditions. In practice, it means engaging in a delicate balancing act: deciding what to keep and how to stay the course on the one hand, and deciding where to make swift and sudden changes in order to address new realities, on the other hand.” -- Homa Bahrami and Stuart Evans, authors of Super-Flexibility for Knowledge Enterprises: A Toolkit for Dynamic AdaptationLuminary Labs 29
  • It’s easy if you look like this.Luminary Labs 30
  • Really nice fountain. (There’s always a nice fountain.)But what if you look like this?Luminary Labs 31
  • You may need to re-think the industry you are in. Automotive (the car) Transportation (zipcar, bus w/wifi) Pharmaceutical (drugs) Healthcare (devices and services) Media & Publishing (television, print) Experiences (multi-modal) Higher education (college degree) Hire-ability (likely to get a job) Telecommunications (a phone) Access to the internet (e.g., apps, email) Beauty (expression) Transformation (cycle of looks) Retail (aspiration) Collaborative consumption (never pay retail)Luminary Labs 32
  • And identify the conditions for success.Luminary Labs 33
  • You will need to take action. ATTRIBUTES ACTIONS Digital Mindset Experimentation Calculated Risk Failure budgets Agility Short sprints Embrace the network Networked staff models Open models Partnerships Design & systems thinking Operate in the full ecosystem Pattern detection Self-learning processesLuminary Labs 34
  • And persevere. "A company cant will itself to be agile. Agility is an emergent property that appears when an organization has the right mindset, the right skills, and the ability to multiply those skills through collaboration.To count agility as a core competence, you have to embed it into the culture.You have to encourage an enterprise-wide appetite for radical ideas.You have to keep the company in a constant state of inventiveness. Its one thing to inject a company with inventiveness. Its another thing to build a company on inventiveness." --Marty Neumeier, The Designful Company, Design ThinkingLuminary Labs 35
  • This is resiliency.Luminary Labs 36
  • Luminary Labs 37