Innovation - Briefly Explained


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What is Innovation? Brainmates seeks to clear the complexity and get to the heart of innovations objective and pathway to success.

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Innovation - Briefly Explained

  1. 1. Innovation Explained
  2. 2. 2CEO’s want it
  3. 3. 3Strategist write about it
  4. 4. 4Marketers talk about it
  5. 5. 5Product Managersstrive to deliver it
  6. 6. What is IT?6
  7. 7. ‘IT’ isInnovation7
  8. 8. But….8
  9. 9. Only 9 – 10 % of public and privatecompanies in America engaged inproduct or service innovation in 2010.9Creative Intelligence: Harnessing the Power to Create, Connect and Inspire,Bruce Nussbaum , 2013
  10. 10. What is innovation?10
  11. 11. Innovation is about …
  12. 12. Solving existing problemsin a new way…
  13. 13. …that is significantlybetter / faster / cheaperthan the previoussolutions.
  14. 14. Innovation creates newcustomer value.
  15. 15. Innovation deliversbusiness value.
  16. 16. Innovation is greatproduct management.
  17. 17. There are many definitions of innovation17
  18. 18. According to Scott Anthony ...“Innovation is somethingdifferent that has impact.”The Little Black Book of Innovation:How it Works, How to Do It.Scott Anthony, 2012
  19. 19. According to Terwiesch & Ulrich ...“Innovation is a new matchbetween a need and asolution.”Innovation Tournaments:Creating and Selecting Exceptional OpportunitiesTERWIESCH, C., & ULRICH, K. T, 2009
  20. 20. According to Jamie Notter ...“Innovation is change thatunlocks value.”What is Innovation? Notter, 2012
  21. 21. According to Larry Keeley ...“Innovation is the creationof a viable new offering.”Ten Types of InnovationLarry Keeley et al, 2012
  22. 22. According to Jim Andrew ...“Innovation is aboutmaking money.”Payback, Reaping the Rewards of InnovationJim Andrew, Harvard Organisation Review 2007
  23. 23. At its coreThe aim of innovation is tocreate significantly morevalue.
  24. 24. Types of innovation24
  25. 25. Greg Satell talks of… 4 types ofinnovation25BreakthroughInnovationSustainingInnovationResearch andDevelopmentDisruptiveInnovation4 Types of Innovation,Digital TontoGreg Satell, 2012
  26. 26. Breakthrough innovation26BreakthroughInnovation:The problem is well definedbut the domain experts areunclear how to proceedSustaining InnovationResearch and Development Disruptive Innovation4 Types of Innovation,Digital TontoGreg Satell, 2012WellDefinedNotWellDefinedProblemDefinitionNot Well Defined Well DefinedSolution Definition
  27. 27. Sustaining innovation27Breakthrough InnovationSustainingInnovation:The problem is well definedand the domain expertsknow how to proceed.Research and Development Disruptive Innovation4 Types of Innovation,Digital TontoGreg Satell, 2012WellDefinedNotWellDefinedProblemDefinitionNot Well Defined Well DefinedSolution Definition
  28. 28. Disruptive innovation28Breakthrough Innovation Sustaining InnovationResearch and DevelopmentDisruptiveInnovation:The problem is unclear butthe domain experts have theknowledge and skills toproceed.4 Types of Innovation,Digital TontoGreg Satell, 2012WellDefinedNotWellDefinedProblemDefinitionNot Well Defined Well DefinedSolution Definition
  29. 29. Research and development29Breakthrough Innovation Sustaining InnovationResearch andDevelopment:Both the problem and thesolution are unclear.Disruptive Innovation4 Types of Innovation,Digital TontoGreg Satell, 2012WellDefinedNotWellDefinedProblemDefinitionNot Well Defined Well DefinedSolution Definition
  30. 30. So who’s doing what?30BreakthroughInnovationSamsung 5GNetworkSustaining InnovationApple iPhone 5Research andDevelopment3MDisruptive InnovationMoven Bank
  31. 31. Why innovate?31
  32. 32. To grow with purpose32
  33. 33. 33To extend the product lifecycle
  34. 34. 34To stay relevant in competitive markets
  35. 35. Where can we innovate?35
  36. 36. 361. The productCreate outstandingfeatures for existingproducts or developbrand new products.
  37. 37. But don’t just stop at the product!As products mature itbecomes increasinglydifficult to continue toinnovate the product.
  38. 38. 382. Revenue modelFind new ways to pricethe product and toextract value form thecustomer.
  39. 39. 393. Service deliveryFind new ways tosupport the customerbefore, during and orafter the sales process.
  40. 40. 404. Customer engagementFind new ways todelight the customerduring every interactionwith the company.
  41. 41. 415. Business processFind new ways tosignificantly improve theway the people in thecompany go aboutdoing their work.
  42. 42. 426. Supplier relationshipsFind new ways toengage with suppliers orto engage with differenttypes of suppliers
  43. 43. 437. Channel to marketFind new ways tosend thecompany’s offeringto market
  44. 44. 44There are many otherareas to innovate.
  45. 45. 45Importantly, the more areas thecompany innovates, the moremoney it stands to make.
  46. 46. What can product managers do toinnovate?46
  47. 47. 471. Determine if Product Managersshould be delivering innovation• Have a conversation with your Product Management teams about deliveringcustomer value.• As a Product Management team, are you sustaining your products on a dayto day basis?• Or, do you want to significantly increase value to existing and or newmarkets?• You can’t innovate if the Product Management do not agree that deliveringsignificant increases in customer value is part of their role.• If the answer is a resounding yes, then get cracking.
  48. 48. 482. Review current Product Managementpractices• Understand if the current Product Management practices delivers significantlymore customer value over time.• If not, determine why not?• Are there other teams tasked with delivering customer value?• Where can Product Management practices change or improve toincrease customer value?• If yes, what are the results?• Are the results satisfactory to achieve business growth?• Are the practices repeatable?• Do your current Product Management practices need innovating?
  49. 49. 493. Set the innovation agenda• Discuss the type of innovation the Product Management team shall undertake.• Understanding the type of innovation you want to undertake is importantbecause each type of innovation requires a different approach.• For example there are some types of innovation such as R&D that theProduct Management team is not set up to deliver.• Determine the area of focus: product, service, customer engagement or other.• Determine if the right skill sets, resources are available in the ProductManagement team to innovate.• Set some measureable goals.
  50. 50. 504. Get support• Once the Product Management team has an innovation agenda, spread the wordand communicate the agenda.
  51. 51. 515. Be disciplined• Keep at it.• Innovation is like staying fit. It requires regular effort and attention. Nobodygets fit after just one gym session.• Work with your team to schedule the time to make innovation a priority.
  52. 52. Brainmates applies arepeatable ProductDelivery Framework thatembraces innovation.
  53. 53. Connect with Brainmates53Brainmates Group + 61 2 9923 8147