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Innovating yourlife prof. Robert C.Wolcott Oslo Innovation Week 2010-10-21

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The lecture given by Prof Robert Wolcott at Oslo Innovation Evening in the city hall 2010-10-21.

The lecture given by Prof Robert Wolcott at Oslo Innovation Evening in the city hall 2010-10-21.

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    Innovating yourlife prof. Robert C.Wolcott Oslo Innovation Week 2010-10-21 Innovating yourlife prof. Robert C.Wolcott Oslo Innovation Week 2010-10-21 Document Transcript

    • Innovating Y I ti Your Lif Life Applying the art & science of innovation to living a more inspiring, fulfilling and meaningful life Prof. Dr. Robert C. Wolcott Founder & Executive Director Kellogg Innovation Network All Rights Reserved, Robert C. Wolcott Page 1 The Business School of the 21st Century: www.kinglobal.org All Rights Reserved, Robert C. Wolcott Page 2 1
    • A quick plug for my new book… (… don’t wait for the movie) i ) All Rights Reserved, Robert C. Wolcott Page 3 Innovation Radar, v2.0 Offering (What) Ecosystem Platform Solution S l ti Channel Supply Customer Customers Chain Needs (WHO) (Where) (Who) Management Customer Experience Value Capture Communication Process (How) All Rights Reserved, Robert C. Wolcott Page 4 2
    • Bridge between Strategy & Innovation Offering Ecosystem Platform Channel Solution Customer Need Supply Chain Customer Management Experience Value Capture Communication Process All Rights Reserved, Robert C. Wolcott 5 Page 5 What did we learn at business school? Observation: The Fad Cycle Premise: Apply the insights to living your life. (Well, some of them.) All Rights Reserved, Robert C. Wolcott Page 6 3
    • Tension in business and life: the Present & the Future Acting before the crisis Fundamental Tension: Fortification vs. Exploration All Rights Reserved, Robert C. Wolcott Page 7 Acting before the crisis: The Success Trap All Rights Reserved, Robert C. Wolcott Page 8 4
    • IBM’s near death experience 1984 1992 All Rights Reserved, Robert C. Wolcott Page 9 Fortification versus Exploration Tension Exists Between Defending the Existing and Dominant Positions… …and Creating New Growth Through New Directions Fortification Exploration • The Near Future of the • The Future Business Current Business • Technological Innovation • Extending the Current Set and New Services, Beyond of Products and Sustaining Technologies • Designed to Preserve • Designed to Create New Market Share and Sustain Markets and Generate Profitability Surprising Growth and Profitability Sources: James March, 1991; Dr. Michael Clem, J&J, 2005 All Rights Reserved, Robert C. Wolcott Page 10 5
    • So, what should we do? What the field of innovation suggests for living our lives 1. Always keep the mission in mind. 2. Write down your questions… really. (Enhance serendipity.) 3. Speak multiple ‘languages’… live in multiple worlds. 4. Build non-obvious networks… before you need solutions. 5. Create option paths (dealing with uncertainty). 6. Seek the wisdom in mistakes, and the unexpected. 7. Above all… Know Thyself. All Rights Reserved, Robert C. Wolcott Page 11 1. Always keep the mission in mind. 1977 Challenge: Overwhelming Soviet conventional forces advantage in Europe Strategy: Leverage technology to offset the Soviet advantage Three platforms: •Smart weapons •Smart sensors Stealth •Stealth Direction: Get it done in four years. William J. Perry Secretary of Defense, 1994 – 1997 Undersecretary of Defense for Research & Engineering, 1977 - 1981 All Rights Reserved, Robert C. Wolcott Page 12 6
    • A lesson from the armed forces Mission Focus Mission Clarity All Rights Reserved, Robert C. Wolcott Page 13 2. Write down your questions, really. Chance favors the prepared mind. Louis Pasteur Alexander Fleming & Penicillin Mold & Ancient History WWI: Fleming witnesses horrific wars deaths from bacterial infections. He seeks solutions. 1920s: Gratia & Dath publish article regarding Penicillium’s inhibiting properties with regard to Staphylococcus aureus cultures Late 1920s: “Discovers” penicillum. 1930s – 1940s: Chain, Florey & Heatley achieve mass production for the War Effort All Rights Reserved, Robert C. Wolcott Page 14 7
    • What questions are you asking? What questions are the people whom you love asking? Knowing the questions enhances positive serendipity. Otherwise, it’s all just luck. Serendipity: An unsought, unintended or unexpected discovery or occurrence, made by accident and sagacity. All Rights Reserved, Robert C. Wolcott Page 15 3. Live in multiple worlds. People who live in the intersection of social worlds… are at higher risk of having good ideas. Ronald Burt, Sociologist University of Chicago All Rights Reserved, Robert C. Wolcott Page 16 8
    • 4. Build non-obvious networks… …before you need solutions. Pleasant Nordic Countries Nordic Council of Ministers Build your own… j •Objectives •Knowledge domains •Diversity Novosibirsk, •Absorptive Capacity Siberia A bunch of scientists in Siberia… literally! If you always look in the same places, you’ll likely find the same answers. All Rights Reserved, Robert C. Wolcott Page 17 5. Create option paths. An Axiom: No Uncertainty = No Innovation We diversify our investments. Why not our lives? Business Risk Uncertainty Spend Rate Option Launch Core Management Business Don’t manage the rate of failure, manage the cost of failure. Source: Ian McMillan & Rita Gunter McGrath All Rights Reserved, Robert C. Wolcott Page 18 9
    • 6. Seek wisdom in mistakes… and the unexpected. What is the first thing people typically do when they make a mistake, mistake or things don’t go as expected? don t The world’s most famous failed experiment (1887) Seeking the “Luminiferous Ether”. Thoughts from the Patent Office… The experiment didn’t fail. The theory did. Albert Michelson & Edward Morley If things don’t go as expected, perhaps there is a problem with your view of the universe. All Rights Reserved, Robert C. Wolcott Page 19 7. 7 Above all Know Thyself all… Vision or Realization? Strategy or Execution? Tigger or Eyore? Early Stage or Established Player? Outcome or Process Motivated? All Rights Reserved, Robert C. Wolcott Page 20 10
    • The List, redux 1. Always keep the mission in mind. 2. Write down your questions… really. (Enhance serendipity.) 3. Speak multiple ‘languages’… live in multiple worlds. 4. Build non-obvious networks… before you need solutions. 5. Create option paths (dealing with uncertainty). 6. Seek the wisdom in mistakes, and the unexpected. 7. Above all… Know Thyself. All Rights Reserved, Robert C. Wolcott Page 21 Prepare your Mind Of what are you aware? What are the problems y are trying to solve? p you y g (Carry the important ones around with you all the time.) All Rights Reserved, Robert C. Wolcott Page 22 11
    • Diversify & Prototype Change your Context. Create options in your life. FORGET about sunk costs. All Rights Reserved, Robert C. Wolcott Page 23 Ultimately, Ul i l Find True Meaning. All Rights Reserved, Robert C. Wolcott Page 24 12
    • Our Common Obj i O C Objective To expand prosperity for the global community while sustaining the planet. (Proving Malthus wrong, again.) All Rights Reserved, Robert C. Wolcott Page 25 You have a true mission Malthus & the end of the world… All Rights Reserved, Robert C. Wolcott Page 26 13
    • My thanks, and a wish. Many thanks for your time today. Particular thanks to the Oslo Innovation Week Team, Movation and the Nordic Innovation Centre. I truly value the time I spend with all of you exploring innovation in the Nordic Region. All blessings for your cumulative quests. What YOU do will define a large part of our World in the coming Century. Use your time well. All Rights Reserved, Robert C. Wolcott Page 27 Many thanks, again. Robert C. Wolcott Kellogg Sc ool of Management ellogg School o Ma age e t r-wolcott@kellogg.northwestern.edu mobile: 847.910.8934 All Rights Reserved, Robert C. Wolcott Page 28 14