Innovation in business - building a competitive edge for entrepreneurs

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Presentation on what is innovation, types of innovation and how it can give small businesses and entrepreneurs an edge

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Innovation in business - building a competitive edge for entrepreneurs

  1. 1. Innovation in Business Rural Innovation Forum, Gympie, 1 July, 2014 Colin Graham, Causeway Innovation E: cgraham@causewayinnovation.com
  2. 2. 1975: First digital camera, Steve Sasson 0.01 Mega Pixels 2012: Kodak filed for bankruptcy 2013: Kodak Emerged from bankruptcy
  3. 3. REBORN: ‘Kodak is a technology company focused on imaging for business.’
  4. 4. Innovation in Business Areas to cover today: 1. Define innovation, quick exercise 2. Step back: • A simple business planning process • What are your objectives? • Where do you want to be? 3. Ten types of innovation 4. Opportunities for innovation
  5. 5. Who am I? Business background Dulux Yellowbrick Training & Development Career Innovation Company RGU Business Incubator Innovation Centre Sunshine Coast Causeway Innovation
  6. 6. Defining innovation Innovation is the implementation of a new or significantly improved product, process, new marketing method, or a new organisational method in business practices, workplace organisation or external relations. Source: OECD, Oslo Manual, Paris, 3rd Edition
  7. 7. ideas + execution Vijay Govindarajan & Chris Trimble Executing new ideas to create value Tim Kastelle Innovation =
  8. 8. Why innovate? • Global environment more complex • A proactive tool for dealing with change • Benefits can include: – Added value – Increased revenue – Reduced costs – Gaining a competitive advantage – Improved customer service – Survival!
  9. 9. TRY ON ONLINE OLD & NEW TECH: POST GLASSES TO YOU PROCESS INNOVATION: ONE HOUR GLASSES GOOGLE GLASS
  10. 10. There’s an app for that
  11. 11. A simple business planning process 11 Where are we now? How do we get there? Where do we want to be? 1 32
  12. 12. Personal objectives ? Business objectives ?
  13. 13. It starts with you 1. Personal objectives – What do you want to do for next 3 -5 years? – What lifestyle do you want? – Do you want to work forever? – How much money do you need / want to get by? 2. Business objectives – Why are you in business? – What are you building the business for? – What sales levels are you aiming for?
  14. 14. Example Gap Analysis: Turnover 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 $100k $200k $300k $400k $500k Forecast Gap is approx. $200K 14 $120k $215k $175k $195k 2016/17 Projection based on 10% annual growth = $287k $500k + Innovation can fill the gap
  15. 15. When people think of innovation, the first thing that comes to mind is PRODUCT INNOVATION There are actually at least 10 TYPES OF INNOVATION. All present opportunities for advantage. CREDIT: DOBLIN
  16. 16. PROCESS INNOVATION: CONTAINERS Barcelona, photo credit: Colin Graham
  17. 17. Launched November 2009 Over $2m in transactions in first 3 months Over 350,000 downloads in first year CHANNEL INNOVATION, ORDERING PIZZA VIA APP
  18. 18. Kingaroy & Moura, Queensland BUSINESS MODEL INNOVATION, CHALLENGING TRADITIONAL MOTEL MODEL
  19. 19. Ten types of innovation Profit Model Network Structure Process Product Performance Product System Service Channel Brand Customer engagement ConfigurationOfferingExperience Make money Connect with others to create value Align your talent & assets Superior methods Features & functionality Create complimentary products / services Support & enhance value of offering Deliver your offerings to customers Represent your business & offerings Foster distinctive interactions Source: Doblin
  20. 20. Examples: Installed base
  21. 21. Bunya Red Farm, Rural Innovation 21PREMIUM PRODUCT & PRICE
  22. 22. Every few hundred years in Western history, there occurs a sharp transformation. Peter Drucker, The New Realities (1989)
  23. 23. Digital Disruption: where are you? SOURCE: DELOITTE
  24. 24. Channel & Customer Engagement Innovation: Foodmatters Foodmatters founders 867,000 Likes (11 June ‘14) 913,328 Likes (4pm, 30 June ‘14)
  25. 25. Innovation drivers:4Ts TechnologyTalent Travel Tenacity Source: Colin Graham, Causeway Innovation
  26. 26. Innovation in Business Rural Innovation Forum, Gympie Colin Graham, Causeway Innovation E: cgraham@causewayinnovation.com Thank you! Stackwine, innovation in packaging

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