Embrace Failure for Better Innovation - TrendForum 2013
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This is my presentation from the TrendForum 2013 event in Berlin. You can find a written summary on this link: http://www.15inno.com/2013/03/08/failureinnoculture/
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Embrace Failure for Better Innovation - TrendForum 2013
- 1. EmbraceFailure for Better Innovation www.15inno.com 15inno by Stefan Lindegaard at LinkedIn Groups stefanlindegaard@me.com Twitter: @lindegaard Hey! Freebookson 15inno.com!
- 3. Faster pace, shrinking window of opportunity, less time for cash cows Open innovation and biz model innovation are key for becoming competitively unpredictable! Companies must embrace experimentation – and the failures that come along with it!
- 4. Small failures are accepted, but not big ones: 47 % Failure is not accepted here: 7% More than half of the companies do not recognize failure as an inherent part of an innovation culture!
- 5. “Two types of failure: - honorable failure is where an honest attempt at something new or different has been tried unsuccessfully and - incompetent failure where people fail for lack of effort or competence in standard operations.” Credit: Paul Sloane
- 6. “A mistake is when you do something wrong, even though you knew the right way to do it. Failure is when you are trying something new, and you don’t know ahead of time how to make it successful. Credit: Jamie Notter
- 7. Developing a culture that is constructive about failure requires a new vocabulary. Smartfailing When an organization embraces smartfailing, it de-stigmatizes failure internally and uses failure as an opportunity to learn and to find a better course.
- 8. System failure (collapse of communism) System component failure (stock market crash) Major firm failure (Enron going out of business) Start-up failure (Pets.com going out of business) Product failure (New Coke tanking) Idea failure (Apple Navigator protype, no launch Credit: Tim Kastelle
- 9. The failure to anticipate / execute on… …markets and technologies …platforms for bringing innovation to market …how companies innovate External change is faster than internal change! You win or lose in these pockets of opportunity!
- 10. Don’t mess up like Intuit! Persistency / consistency is key… …for becoming preferred partner of choice
- 11. Don’t make your platform too complicated!
- 12. Can Medtronic become OI leader in medtech?
- 13. Can P&G make next leap with experimentation?
- 14. They are building the platforms!
- 15. There are no quick fixes because the top executives that got us into this mess are not ready to lead us out of it!
- 16. Too much focus on products, technology Unrealistic expectations on time, resources Lack of resources in budget, people, infrastrucure Silo rather than collaborative approaches Poorly defined innovation strategy (if any)
- 19. Identify reasons, create learning process! Go beyond products and technologies! Be open – more communication, new terms! Reward learning behaviors! Educate up and down on innovation!
- 21. The Lean Startup approach relies on validated learning, scientific experimentation, and iterative product releases to shorten product development cycles, measure progress, and gain valuable customer feedback. Fail fast, fail often and fail cheap!
- 22. Stage 1: Shock and Surprise Stage 2: Denial Stage 3: Anger and Blame Stage 4: Depression Stage 5: Acceptance Stage 6: Insights and Change Credit: Steve Blank
- 23. Six stages of failure and redemption Don’t get stuck in 2, 3 or 4 – move forward Don’t skip acceptance of your role Get to insights to change behavior… …commit to challenge / do different next time Credit: Steve Blank
- 24. Get in touch! www.15inno.com 15inno by Stefan Lindegaard at LinkedIn Groups stefanlindegaard@me.com Twitter: @lindegaard Hey! Freebookson 15inno.com!