Innovation in business - building a competitive edge for entrepreneurs
Innovation in Business
Rural Innovation Forum, Gympie, 1 July, 2014
Colin Graham, Causeway Innovation
1975: First digital camera, Steve Sasson
0.01 Mega Pixels
2012: Kodak filed for bankruptcy
2013: Kodak Emerged from bankruptcy
REBORN: ‘Kodak is a technology company focused on imaging for
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
Who am I? Business background
Dulux Yellowbrick Training & Development
Innovation Centre Sunshine Coast Causeway 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
ideas + execution
Vijay Govindarajan & Chris Trimble
Executing new ideas
to create value
• 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
TRY ON ONLINE OLD & NEW TECH: POST GLASSES TO YOU
PROCESS INNOVATION: ONE HOUR GLASSES
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?
Example Gap Analysis: Turnover
2010/11 2011/12 2012/13 2013/14 2014/15 2015/16
Gap is approx.
Projection based on 10%
annual growth = $287k
Innovation can fill the gap
When people think of
innovation, the first thing
that comes to mind is
There are actually at
least 10 TYPES OF
PROCESS INNOVATION: CONTAINERS
Barcelona, photo credit: Colin Graham
Launched November 2009
Over $2m in transactions in first 3 months
Over 350,000 downloads in first year
CHANNEL INNOVATION, ORDERING PIZZA VIA APP
Kingaroy & Moura, Queensland
BUSINESS MODEL INNOVATION, CHALLENGING TRADITIONAL MOTEL MODEL
Ten types of innovation
Connect with others to create value
Align your talent & assets
Features & functionality
Create complimentary products / services
Support & enhance value of offering
Deliver your offerings to customers
Represent your business & offerings
Foster distinctive interactions