2. Because the purpose of business is tocreate a customer, the businessenterprise has two--and only two--basicfunctions: marketing and innovation.Marketing and innovation produceresults; all the rest are costs.Peter Drucker
3. Innovation is intentional
4. In business andeconomics,innovation is thecatalyst togrowth.- Wikipedia
5. Innovation Is Important for Sustained Growth Re-Invent & Explore Business Optimization Market Development Concept DevelopmentGrowth Concept Creation Harvest & Exploit Time
6. Ideas InnovationInnovation is the process of translating an idea or inventioninto a good or service that creates value or for whichcustomers will pay. Businessdictionary.com
7. Ideas are the heart of innovation
8. Without ideas innovation, and eventually business, dies
9. Problem: Many companies don’tproduce enough good ideas
10. Solution: The way to get good ideas is to get lots of ideas,and throw the bad ones away. Linus Pauling
11. Good Ideas:
12. Confront the Brutal Facts:Create a culture wherein the truth can be heard
13. Instead of forcing employees to speak anonymously, whynot encourage them to speak openly? Marty Neumeier
14. Our best ideas come from clerksand stockboys. - Sam Walton, Founder of Walmart
15. 4 Parts Of Innovation
16. Choose a method to source ideas Part 1
17. Two methods for idea generation
18. 1. External Sources:Quirky’s Idea Generation Methodology1 Create a community with an obstacle for entry ie. Entry fee or form2 Any member (aka inventor) can submit ideas for public review3 All other members can vote on ideas and offer suggestions to improve the original idea4 Most popular ideas move to design phase5 Both the inventor and the organization submit design prototypes6 Most popular design wins based on community voting7 More voting for taglines, positioning, branding8 Reward all who contributed to the winning idea9 Set up countdown clock for product launch10 Make product
19. 2. Internal Sources: Diarize Internal Innovation TimeAllocate a portion of your employee’s time to dabbling, experimenting,creating and developing ideas for the organization. Here are someexamples. • Google - 20% time • 3M – 15% time • Apple – Blue Sky Project • LinkedIn - InCubator • Gore-Tex – Dabble Time • Atlassian – Ship It Day • Facebook – Hackathon • Lockheed Martin – Skunkworks • Mattel – Platapus project
20. Do you know of any other ways to source ideas? Please add comments below
21. Q. How do you edit for good ideas? Part 2
22. Two Methods for Evaluating and Editing Ideas
23. Method 1:Good/Different Matrix Good and Good and Different Not Different (money maker) (me too project) Not Good and Not Good and Not Different Different(avoid all together) (unlikely to succeed)
24. Method 2:Product/Market Matrix Old product New product and And new market new market (adapt - evolutionary) (create - revolutionary) Old Product and New product and Old market Old market (manage - incremental) (extend - evolutionary)
25. Can you suggest other ways to edit ideas?Please add comments below
26. Good ideas aredifferent. Naturally,they have a qualityof uncertaintyabout them whichcan make themscary. These arethe ideas to payattention to.
27. Q. How do you minimize risk with good but scary new ideas? Part 3
28. Stage tests.
29. Stage-Gate InnovationSeed Money Small Bet Medium Bet Large Bet Develop Develop Prototype & Launch best concept strategy test idea projects toHow many projects are in your idea Do the projects align Ask your target market with your brand? market pipeline? The market dictates How long is the time your success How many active to market?internal contributors do you have? Can you hear the appetite in the marketplace? = an idea
30. Q. How do you createsustainable innovation? Part 4
31. Be like Starbucks and count your ideas.
32. What getsmeasuredgets done. Peter Drucker
33. How else could youmeasure innovation?
34. Marc BinkleyBrand Consultant & Marketing Analyst @marcbinkley or on LinkedIn