Innovation(digital october)
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Innovation(digital october) Innovation(digital october) Presentation Transcript

  • The Future of Innovation The New Rules for Entrepreneurs Digital October June 30, 2011 Bill Reichert Managing Director Garage Technology Ventures
  • Thanks, Digital October!
  • The Pace of Innovation“The pace of innovation is accelerating at an exponential rate.”“The cumulative knowledge of mankind is doubling every four years.” -- Common Wisdom
  • The Pace of Innovation . . .If this were true …n  My computer wouldn’t freezen  Cancer would be curedn  Energy would be cheap and cleann  I wouldn’t need to carry roubles.
  • So, What Does the Future Hold?“The future ain’t what it used to be!” -- Yogi Berra. . . Hint: It’s not about new ideas, and it’s not about new technology
  • The Engine of Innovation“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself.Therefore, all progress depends on theunreasonable man.” -- George Bernard Shaw
  • Reasonable or Unreasonable?
  • Future of Innovation Top Ten New Rules for Innovators
  • 1. Fundamental ObjectiveOld Rule:n  Create wealthNew Rule:n  Create value
  • 2. Driving InnovationOld Rule:n  Brilliant leaderNew Rule:n  Brilliant team
  • The Brilliant Team . . .A Parable:n  The Optimist, the Pessimist, and the Engineer
  • 3. Sharing the VisionOld Rule:n  Craft a Mission StatementNew Rule:n  Create a Wow! Statement
  • Mission Statements …“The mission of {???} is to deliver superiorquality products and services for our customersand communities through leadership,innovation, and partnerships.”
  • Wow! Statements . . .The essence of your value proposition . . .n  Unique offeringn  Clear benefitn  Advantage over alternatives
  • Wow! Statements . . .n  Fedex: The only solution if you need to get it there overnightn  Simply Hired: More job listings than any other site on the planetn  MiaSole: The world’s most efficient and most cost effective thin film solar panels
  • Wow! Statements . . .n  What’s your Wow Statement ???
  • 4. Management StyleOld Rule:n  Plan the work, work the planNew Rule:n  Get going!
  • 5. Foundation of InnovationOld Rule:n  New ideas and technologiesNew Rule:n  “Stolen” ideas and technologies . . . applied in new ways
  • 6. Business MetricsOld Rule:n  Measure ROI, . . .New Rule:n  Measure customer delight, . . .
  • 7. Competitive AdvantageOld Rule:n  First mover advantageNew Rule:n  Fast adaptor advantage . . . . . . IBM, Microsoft, Oracle, Google, Facebook, Apple
  • 7. Competitive Advantage . . .FlatbushNational Bank
  • 8. Marketing StrategyOld Rule:n  Build it and they will comeNew Rule:n  Everyone sells
  • 9. Pace of ChangeOld Rule:n  The pace of change is acceleratingNew Rule:n  Change takes time
  • Pace of Change . . .Actual progress is slower than we thought:n  Mobile paymentsn  Batteriesn  Softwaren  Bandwidthn  Medicinen  Transportationn  Television.
  • 10. Source of InnovationOld Rule:n  Technology drives innovationNew Rule:n  People trump technology
  • Top Ten New Rules for Innovators1.  Focus on value2.  It’s a team sport3.  Craft a Wow! statement4.  Don’t just plan, get going!5.  Steal good ideas6.  Measure customer delight7.  Be a fast adaptor8.  Make everyone customer focused9.  Be realistic about pace of adoption10.  People trump technology
  • New Rules for Innovators For questions, comments, or slides: reichert@garage.comResources:§  Garage website: www.garage.com§  Art of the Start, the classic book
  • The Art of Going Global How to Increase the Likelihood that You Will Achieve World Domination
  • The Art of Going Global1.  Learn how to sell2.  Pick the right geography3.  Dedicate your team4.  Find the right partners5.  Make new mistakes
  • The Art of Going Globaln  Elena Masolovan  Nick Puntikovn  Aynur Abdulnasyrovn  Marc Burchn  Bill Reichert
  • The Art of Attracting Resources When Going Global How to Increase the Likelihood that You Will Achieve World Domination Part II
  • The Art of Attracting Resources1.  Understand your funding alternatives2.  Get the right advisors3.  Connect with funding sources early4.  Put the right infrastructure in place5.  Make new mistakes
  • The Art of Attracting Resourcesn  Andrey Kazakovn  Pavel Bogdanovn  Boris Ryabovn  Marc Burchn  Bill Reichert
  • The Art of Going Global How to Increase the Likelihood that You Will Achieve World Domination