Innovation Myth Buster at Target Innovaiton Network Nov 2009
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Innovation Myth Buster at Target Innovaiton Network Nov 2009

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Introduction to Innovation for Target's Innovation Network. ...

Introduction to Innovation for Target's Innovation Network.

Challenging innovation myths is the first step to adopting a wider perspective that will allow anyone in your organization to innovate. This fast-paced, multi-modal experience will engage you to learn more about innovation thinking, while exploring assumptions, and building innovation strategies and synergy to achieve breakthrough results. Together we will bust FIVE common innovation myths and open the door to greater opportunity!

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Innovation Myth Buster at Target Innovaiton Network Nov 2009 Presentation Transcript

  • 1. Meeting Outcomes ● Understand 5 common innovation myths ● Learn and practice simple innovation strategies ● Be ENGAGED and have FUN!
  • 2. Meeting Impact ● Feel excited and confident about applying simple innovation strategies in your work
  • 3. Meet Natasha, knowledge integrator
  • 4. once designed and managed products that could blow up...
  • 5. loves to solve problems and help people do the impossible…
  • 6. Meet Jackie, process integrator
  • 7. once started a company…
  • 8. loves facilitating group process and inspiring quality collaboration…
  • 9. FUNctional Frameworks for bridging the gap from creativity to innovation IN-Vision Innovation Leadership Practice
  • 10. What keeps you up at night?
  • 11. Competitive Brand Positions ● Innovation ● Functions ● Price ● Quality ● Green ● Timeless Performance ● Technology ● Personal (Emotional) Reference: Motorola’s BASP
  • 12. Where is Target on innovation?
  • 13. Calibration ● Where is Target?: 0 (low) to 5 (High) FIST (0) FIVE (5) LOW HIGH
  • 14. Where are YOU on innovation?
  • 15. Calibration ● Where are YOU?: 0 (Novice) to 5 (Guru) FIST (0) FIVE (5) Novice Guru
  • 16. Innovation Myth #1 Only a few people can innovate
  • 17. INNOVATION = IDEAS + ACTION THAT CREATES VALUE
  • 18. Innovation Value Domains Personal Professional Enterprise Self Corporation Self Colleagues Association Family Clients Foundation Friends Vendors Schools Workmates
  • 19. Anyone can innovate
  • 20. Everyone is a customer = Matt hates standing in line for beer Created TurboTap (faster pours) Outcomes: Taste fresher; Installed in 60% of professional stadiums
  • 21. Innovators are Integrators
  • 22. Commit to doing simple value-added innovation activities Download Innovations BYTES 10-minute practice guide http://mindfulinnovation.com/resources/
  • 23. Innovation Myth #1 Only a few people can innovate
  • 24. Fear factor?
  • 25. How comfortable are you exploring new ideas? Mindset: “Notice without Judgment” On the continuum: ● 1 = Risk Avoidant ● 2 = Cautious ● 3 = Curious ● 4 = Cliff Diver 1 4
  • 26. Innovation Myth #2 Lots of ideas is THE way to innovation
  • 27. THE way to innovation is through a disruptive or different idea
  • 28. Think of GOOD IDEAS
  • 29. Think of CRAZY IDEAS
  • 30. Think of Stupid IDEAS
  • 31. Think of FUNNY IDEAS
  • 32. What happens in your brain? ● Good Ideas – Information dump of what you know ● Crazy Ideas – Left brain ● Stupid Ideas – Right brain ● Funny Ideas – Both sides of brain (most innovative) Reference: Business Innovation in the 21st Century by Praveen Gupta
  • 33. Combining two or more ideas uniquely takes time Thinking Time (min) Per Idea Good Crazy Stupid Funny Extent of Innovation Reference: Business Innovation in the 21st Century by Praveen Gupta
  • 34. What stops us from discovering disruptive ideas?
  • 35. Creating a Tradition of Innovation Important to ● Manage fear and risk taking ● To be able to fail faster 1. Vision 2. Foresight 3. Stretch Goals 4. Hire Good People and Trust Them 5. Open and Extensive Communication 6. Recognize and Reward Innovation by Dr. William Coyne past VP of R&D of 3M
  • 36. Fear Factor?
  • 37. Innovation Myth #2 Lots of ideas is THE way to innovation
  • 38. What is your ME to WE scale?
  • 39. Where are you on ME to WE? Mindset: “Notice without Judgment” On the continuum: ● 1 = Best work by myself ● 2 = Best work by myself with some collaboration ● 3 = Best work in team(s) with some by myself ● 4 = Best work in diverse team(s) 1 4
  • 40. Innovation Myth #3 The BEST problem solving is typically done alone
  • 41. Synergy is the energy of innovation
  • 42. Optimal Team Size Creating an Invention More Intense Solving a Problem Action Planning Activity Scheduling Less Sharing Information Intense 1 3 5 10 18 Group Size Reference: Team Talk: The Power of Language in Team Dynamics by Anne Donnellon
  • 43. Collaboration Factor?
  • 44. Innovation Myth #3 The BEST problem solving is typically done alone
  • 45. Innovation Myth #4 Innovation is “to build a better mousetrap” of products and services
  • 46. The Ten Types of Innovation™ ● Innovation category: Finance ● Business model ● Networks and alliances ● Innovation category: Process ● Enabling process ● Core processes ● Innovation category: Offerings ● Product performance ● Product system ● Service ● Innovation category: Delivery ● Channel ● Brand ● Customer experience Resource: http://www.doblin.com/AboutInno/innotypes.html
  • 47. VoIP for free 1. Business model 2. Enabling process 3. Core processes 4. Channel Outcomes: 309 Million Users and $125M in 2008
  • 48. Designer T-shirt contest 1. Business model 2. Networks and alliances 3. Product system 4. Customer experience Vote by Designer win Designer Submit Idea customers money and have idea recognizing Outcome: $43 M in 2008
  • 49. How many types of innovation are YOU doing? … is Target doing?
  • 50. The Ten Types of Innovation™ ● Innovation category: Finance ● Business model ● Networks and alliances ● Innovation category: Process ● Enabling process ● Core processes ● Innovation category: Offerings ● Product performance ● Product system ● Service ● Innovation category: Delivery ● Channel ● Brand ● Customer experience Resource: http://www.doblin.com/AboutInno/innotypes.html
  • 51. Innovation Myth #4 Innovation is “to build a better mousetrap” of products and services
  • 52. Innovation Myth #5 Figuring out the solution takes most of the innovation effort
  • 53. Figuring out the PROBLEM takes most of innovation effort
  • 54. 95% of the effort Define should be in defining the Explore problem Solve MOST ENTER HERE Analyze Develop Prepare Execute
  • 55. Define How can you do a Explore better job definite the problem? Solve Analyze Develop Prepare Execute
  • 56. Need “Fresher” in Frozen Foods Joan Chow Outcomes: 2008 3rd largest new consumer packaged goods (CPG) product at 95M
  • 57. How much time and effort do YOU spend creating “White Space?” … does Target spend?
  • 58. Innovation Myth #5 Figuring out the solution takes most of the innovation effort
  • 59. What will YOU do to innovate?
  • 60. Questions and Comments?
  • 61. Thank You! Presentation at http://www.slideshare.net/mindfulinnovation Natasha Tong Jackie Levin C:612.770.7110 C:612.759.7549 E: ntong01@gmail.com E: jlevin4dream@gmail.com MINDFUL INNOVATION, INC. www.mindfulinnovation.com