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Why Innovative doesn't equal Innovation
 

Why Innovative doesn't equal Innovation

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A presentation at the Google Firestarters event on why innovations in environment and culture are not enough. We need innovation in business models.

A presentation at the Google Firestarters event on why innovations in environment and culture are not enough. We need innovation in business models.

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    Why Innovative doesn't equal Innovation Why Innovative doesn't equal Innovation Presentation Transcript

    • THE AGENCY INNOVATION CONUNDRUM:Why innovative = innovationPatricia McDonald, CSO Isobar UK@patsmcThursday, 18 April 13
    • IN RECENT YEARS, AGENCIES HAVE BECOMEOBSESSED WITH INNOVATIONThursday, 18 April 13
    • THE CIO DEBATE THE RISE OF THE LABThursday, 18 April 13
    • THIS HAS BEEN A VERY GOOD THING, IN TWO KEY WAYS-Embracing new technologies-Creating more connected,more highly networked organisations-Placing a premium onexperimentation-Designing environments,and processes, that facilitateserendipityCREATING THECONDITIONS INWHICH INNOVATIONCAN FLOURISHMAKING MORETHINGS, INMORE INNOVATIVEWAYS-Rapid prototyping-Test and lean-Agile-Lean-HacksINNOVATION INENVIRONMENTINNOVATION INPROCESSThursday, 18 April 13
    • THE POWER OF THE RIGHT ENVIRONMENT:“IDEAS RISE IN CROWDS, AS POINCARÉ SAID. THEY RISE INLIQUID NETWORKS WHERE CONNECTION IS VALUED MORETHAN PROTECTION...YES, THE MARKET HAS BEEN A GREATENGINE OF INNOVATION. BUT SO HAS THE REEF.”Steven JohnsonThursday, 18 April 13
    • -94, 154 LAUNCHED PROJECTS-39, 457 SUCCESSFULLY FUNDED PROJECTS-£567 MILLION DOLLARS DONATEDTHE POWER OF THE RIGHT PROCESSThursday, 18 April 13
    • INNOVATING IN THESE AREAS HAS, ARGUABLY, GIVEN RISE BOTHTO US HAVING MORE IDEAS AND TO MORE IDEAS BEING REALISEDCREATING THECONDITIONS INWHICH INNOVATIONCAN FLOURISHMAKING MORETHINGS, INMORE INNOVATIVEWAYSINNOVATION INENVIRONMENTINNOVATION INPROCESSMORE IDEASMORE DIVERSEIDEASMORE IDEASCOMING TOFRUITIONThursday, 18 April 13
    • BUT THERE’S A GAP.....CREATING THECONDITIONS INWHICH INNOVATIONCAN FLOURISHMAKING MORETHINGS, INMORE INNOVATIVEWAYSINNOVATION INENVIRONMENTINNOVATION INPROCESSINNOVATION INBUSINESS MODELSCREATINGRADICALLYDISRUPTIVESTRATEGIES TOTRANSFORM OURCLIENTS’BUSINESSESMORE IDEASMORE DIVERSEIDEASMORE IDEASCOMING TOFRUITIONMORE BUSINESS-CHANGING IDEASThursday, 18 April 13
    • BUT THERE’S A GAP.....CREATING THECONDITIONS INWHICH INNOVATIONCAN FLOURISHMAKING MORETHINGS, INMORE INNOVATIVEWAYSINNOVATION INENVIRONMENTINNOVATION INPROCESSINNOVATION INBUSINESS MODELSCREATINGRADICALLYDISRUPTIVESTRATEGIES TOTRANSFORM OURCLIENTS’BUSINESSESMORE IDEASMORE DIVERSEIDEASMORE IDEASCOMING TOFRUITIONMORE BUSINESS-CHANGING IDEASTHE HOW: ITERATIVE, FLUID, EXPANSIVETHE WHAT:RIGOROUS &REDUCTIVEThursday, 18 April 13
    • INNOVATION IN BUSINESS MODELS IS WHAT THEWEB DOES BESTMORE CONNECTED PEOPLE MORE CONNECTED DEVICES+INNOVATION INSUPPLYINNOVATION INDISTRIBUTIONINNOVATIONIN RESOURCINGINNOVATIONIN PRICINGThursday, 18 April 13
    • INNOVATION IN BUSINESS MODELS IS WHAT THEWEB DOES BESTMORE CONNECTED PEOPLE MORE CONNECTED DEVICES+INNOVATION INSUPPLYINNOVATION INDISTRIBUTIONINNOVATIONIN RESOURCINGINNOVATIONIN PRICINGIF WE ONLY BORROW THE “HOW”, WE’RE MISSING OUTThursday, 18 April 13
    • SO HOW DO WE DO IT?1. START BY UNDERSTANDING THE CURRENT BUSINESS MODELHOW DOES THEBUSINESS MAKEMONEY?SalesSubscriptionsMetered usageAddedValue ServicesDataAdvertisingWHAT IS THEBUSINESS MOSTINTERESTED IN?Revenue/AcquisitionProfit/ARPUHOW CAN WE HELPDRIVEREVENUE?HOW DOES THEBUSINESS MAKEPROFIT?Increase frequency or penetrationDrive trialSeed or sample servicesIncentivise data captureIncrease page viewsMake switching effortlessDirect sales vs third partyAfter 18 months of subscriptionWhen customer service is deliveredonline vs by phone or in branchWhen usage exceeds XCreate a direct path to marketDrive ongoing usage & perceivedCreate a compelling online servicepropositionCreate new use casesHOW CAN WE HELPDRIVE PROFITABLEGROWTH?Thursday, 18 April 13
    • A USEFUL TOOL:Thursday, 18 April 13
    • 2. THINK ABOUT HOW YOU CAN DISRUPT ITREDUCECREATEELIMINATEWhat factors shouldbe reduced wellbelow the industry’sstandard?Think Easyjet-noassigned seating Which factors shouldbe created that theindustry has neveroffered?Think Orange-persecond billingWhich factors shouldbe raised well abovethe industry’sstandard?Think Virgin AtlanticWhich factors can youeliminate that yourindustry has longcompeted on?Think Amazon-eliminating the needfor a storeSource: Blue Ocean StrategyRead more: http://www.game-changer.net/2010/04/28/an-analogy-for-using-the-blue-ocean-strategy-framework/#.UP_l7Wi6VSoRAISEBLUE OCEAN’S FOUR ACTIONS FRAMEWORKPORTER’S FIVE FORCESThreat of new entrantsBargainingpower of buyersThreat of substituteproducts or servicesBargaining powerof suppliersRivalry amongexistingcompetitorsSouce: Michael PorterRead more: http://hbr.org/2008/01/the-five-competitive-forces-that-shape-strategy/ar/1SOME USEFUL FRAMEWORKSThursday, 18 April 13
    • 3. THINK ABOUT HOW CONNECTED PEOPLE AND CONNECTEDDEVICES CAN HELPMORE CONNECTEDPEOPLEMORE CONNECTEDDEVICES+REDUCEDRELIANCE ONPHYSICALLOCATIONINCREASEDABILITY TOOFFERDYNAMICPRICINGINCREASEDACCESS TOADVICE ANDCONSULTANCYMOREDISTRIBUTIONPOINTSA MORE FLUIDWORKFORCEMOREOPPORTUNITIESFOR PERSONALCURATION +RELEVANCEThursday, 18 April 13
    • • OUR PREOCCUPATION WITH INNOVATION HAS, FOR THE MOST PART, BEEN A VERY GOOD THING• WE HAVE SEEN SIGNIFICANT INNOVATION IN AGENCY ENVIRONMENTS AND PROCESSES,CREATING MORE OPEN ORGANISATIONS AND MORE ITERATIVE WAYS OF WORKING• IN THEMSELVES, THESE CHANGE THE OUTPUT-LEADING TO MORE IDEAS, MORE DIVERSE IDEAS,AND MORE IDEAS BEIND BROUGHT TO FRUITION• BUT THERE’S STILL A GAP- A GAP IN OUR ABILITY TO APPLY INNOVATION TO BUSINESS MODELS• THIS IS WHAT THE WEB EXCELS AT BEYOND ALL ELSE-CONNECTING PEOPLE AND CONNECTINGDEVICES TO DISRUPT BUSINESS MODELS• IF WE ONLY BORROW THE BODY LANGUAGE OF THE WEB, WE’RE MISSING OUT• SO HOW DO WE DO IT?• UNDERSTAND THE BUSINESS MODEL-> THINK ABOUT HOW TO DISRUPT IT-> THINK ABOUT HOWCONNECTED DEVICES AND CONNECTED PEOPLE CAN HELPIN SUMMARYThursday, 18 April 13