Optimizing Your Innovation Efforts
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Optimizing Your Innovation Efforts

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17 ways to optimize your innovation efforts are described, subdivided into 6 categories.

17 ways to optimize your innovation efforts are described, subdivided into 6 categories.

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Optimizing Your Innovation Efforts Optimizing Your Innovation Efforts Presentation Transcript

  • OPTIMIZING YOUR Innovation EFFORTS www.Hexagon-INNovating.com 1 © Duncan.Jones 2013, All rights reserved
  • STRATEGIC INNOVATION “...creation of growth strategies, new product categories, services or business models that change the market and generate significant new value for consumers, customers and the organisation.” Saswati www.innovationandimprovement.com and Palmer and Kaplan www.innovation-point.com. www.Hexagon-INNovating.com 2 © Duncan.Jones 2013, All rights reserved
  • INNOVATION IS: Costly (Money and Resources) Risky (Low Success Rate) and therefore Subject to Cancellation but also Critical to Long-term Growth www.Hexagon-INNovating.com 3 © Duncan.Jones 2013, All rights reserved
  • How can you OPTIMIZE your efforts in order to: Reduce Costs Reduce Surprises and Increase the Probabilities of Success ??? www.Hexagon-INNovating.com 4 © Duncan.Jones 2013, All rights reserved
  • “Sometimes the situation is only a problem because it is looked at in a certain way. Looked at in another way, the right course of action may be so obvious that the problem no longer exists.”  Edward de Bono, physician, author, inventor and consultant 5
  • 17 WAYS TO OPTIMIZE YOUR INNOVATION EFFORTS Based ON: www.Hexagon-INNovating.com 6 © Duncan.Jones 2013, All rights reserved
  • 6 AREAS Strategic Technical Commercial Operational Financial www.Hexagon-INNovating.com Execution(al) 7 © Duncan.Jones 2013, All rights reserved
  • INTERRELATIONS & ITERATIONS StrategY (PLANNING) Technical Commercial Financial Operational EXECUTION (TactIcs) www.Hexagon-INNovating.com 8 © Duncan.Jones 2013, All rights reserved
  • Create Value STRATEGIC Capture Value 1) Portfolio of Projects Hedge against the risk of failure of any one project by carrying out a number of projects from incremental to radical product, service and business model innovations. 2) Business Plans A written plan focuses the team on the approach and aids in the identification of potential issues. 3) Contingency Plans Develop these for each critical component: key parts, personnel, customers, licenses, alliances, government approvals etc. www.Hexagon-INNovating.com 9 © Duncan.Jones 2013, All rights reserved
  • Probability of Success TECHNICAL Intellectual Property 1) Experiment Design and execute many, small-scale experiments: alternate approaches, prototyping, testing materials and models to increase the number ideas and learning. 2) Enlist Experts Internal and external experts can provide constructive criticism and provide an early warning. 3) Monitor Industry Trends Review articles, news feeds, scientific journals, and patent filings to provide insights. www.Hexagon-INNovating.com 10 © Duncan.Jones 2013, All rights reserved
  • Competitive Environment                COMMERCIAL Market Potential 1) Marketing Experiments Finding the optimal ways to reach the true customers with the right product at the right price is an iterative process, best achieved through many experiments, tests and research. 2) Market Intelligence Keeping abreast of the trends and shifts in the target markets as well as related markets allows you to preempt surprises. 3) Competitive Intelligence Monitoring the activities of direct and indirect competitors similarly allows you to preempt surprises. www.Hexagon-INNovating.com 11 © Duncan.Jones 2013, All rights reserved
  • Financial Requirements & Returns FINANCIAL Operating Plans 1) Budget Preparation and Tracking Project budgets, cash flow models and resource utilization schedules in addition to tracking progress against them will go a long way to minimizing fiscal creep. 2) Sales Forecasting Models built on a list of assumptions permit the testing and refinement of these models so that more accurate Return On Investment estimates can be estimated. www.Hexagon-INNovating.com 12 © Duncan.Jones 2013, All rights reserved
  • Founders/ Management                    OPERATIONAL Product Pipeline 1) Project Plans Detailed plans help keep teams on track and ensure critical tasks don’t fall through the cracks. 2) Stage-Gates These high level reviews provide opportunities to redesign, accelerate or even cancel projects (failing fast). 3) Collaborations and Outsourcing Third parties (including consultants!) frequently can perform tasks more effectively or efficiently freeing up valuable time. www.Hexagon-INNovating.com 13 © Duncan.Jones 2013, All rights reserved
  • Productivity EXECUTION Progress (TACTICS) 1) Project Management Based on the previously described plans, active project managing ensures projects advance in a timely manner and issues are identified and resolved quickly. 2) Team Building Cohesive teams improve decision-making quality and provide the motivation to get through the tough challenges. 3) Preparation for Pivot From time to time, an opportunity arises or is encountered that requires a radical shift in the project focus, that can yield huge rewards. www.Hexagon-INNovating.com 14 © Duncan.Jones 2013, All rights reserved
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  • GOOD LUCK! www.Hexagon-INNovating.com 16 © Duncan.Jones 2013, All rights reserved
  • Technology Science Idea Product/ Service Concept Research & Development Academia VALUE CREATION Commercialization Business Implementation Marketed Product/ Service Sales & Marketing INDUSTRY VALUE CAPTURE DuncanJones@ HEXAGON-INNOVATING.COM www.Hexagon-INNovating.com 17 © Duncan.Jones 2013, All rights reserved