Open Innovation Fundamentals: OIForum 2014 Speech by Luis Solis

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Walking Before running: top 5 Capabilities to Be mastered for successful open innovation

Many organizations view Open Innovation as a distinct new process for idea generation, problem-solving, and idea selection despite years of successful innovation within the enterprise. In fact, successful Open Innovation demands that large organizations master five capabilities in their own internal crowdsourcing and discovery initiatives. Drawn from case researching spanning more than 100 organizations, Luis will share an informative point of view on the essential top 5 capabilities, how to assess your current state of competency in each, and the important ways to match these capabilities to successful Open Innovation execution. key areas of focus include:

• Leadership
• mindset
• Discovery Skills
• Hand-Offs

An in demand innovation speaker, Luis is an entrepreneur, private equity investor, technology executive and a CXO advisor on business transformation for growth. He leads Imaginatik in North America. His two sons, and more than 20 great ski resorts in Colorado, keep him grounded. His first book "Innovation Alchemists" will be published in March 2014. He credits his career success to unjustified optimism and generally breaking the rules.

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  • ITERATION: Another obvious element of innovation is frequent and rapid trial and error. In innovation cultures ideas come to life quickly and are just as quickly evaluated, modified, changed, and fiddled with. Innovators tend to pivot quickly and frequently. The pivot transaction – the ability to evaluate and quickly change a strategy or tactic – is fundamental to innovation. And it is also directly dependent on trust. Absent trust, pivots are slower, iteration is sluggish, and change is hesitant.
  • Open Innovation Fundamentals: OIForum 2014 Speech by Luis Solis

    1. 1. Walking Before Running: Mastering the Top 5 Capabilities for Successful Open Innovation Luis Solis President – North America Twitter: @innoalchemist 2.26.2014 1 © Imaginatik plc 2011 | www.imaginatik.com
    2. 2. Our Agenda Today  Introduction  Adoption Paths  Fix It Inside Before Going Outside  5 Success Fundamentals  Closing Remarks / Q&A 2 © Imaginatik plc 2011 | www.imaginatik.com
    3. 3. Who is Imaginatik? Imaginatik is an innovation company that assists large global organizations to identify new opportunities, create powerful ideas, and put processes in place for repeatable, sustainable innovationbased growth 3 © Imaginatik plc 2011 | www.imaginatik.com AwardWinning Innovation Software Creative Methods Powerful Analytics Expert Innovation Advisors
    4. 4. Building a Sustainable Innovation Engine Innovation Disciplines 4 Focus Areas Program Design Strategy & Structure Innovation Game Plan Strategic Growth Opportunity Areas Creativity Innovation Governance Culture & Competency Enterprise Cloud Collaboration Software Ideation, Collaboration, Discovery, Analytics, Gamification & Portfolio Dashboards Outcomes Discovery and Insights Impact Ideation Innovation Leadership High performing Innovation teams Skills, Mindsets and Behaviors © Imaginatik plc 2011 | www.imaginatik.com
    5. 5. Enterprise Innovation Software Platform Powering Innovation for the Organization Discovery Central Collaboration Central Decisions Space Results Engine Support breakthrough creativity in the workplace Collect ideas from everywhere, collaborate across silos Make “go forward” decisions at enterprise scale Manage and measure the entire innovation portfolio 5 © Imaginatik plc 2011 | www.imaginatik.com
    6. 6. Managed Open Innovation  Challenge Design  Audience  Rewards/Rec ognitions  Selection  Award Admin 6 © Imaginatik plc 2011 | www.imaginatik.com
    7. 7. Managed Open Innovation  Challenge Design  Audience  Rewards/Rec ognitions  Selection  Award Admin 7 © Imaginatik plc 2011 | www.imaginatik.com
    8. 8. “Show Me The Wheat” 8 © Imaginatik plc 2011 | www.imaginatik.com
    9. 9. “Show Me The Wheat” 9 © Imaginatik plc 2011 | www.imaginatik.com
    10. 10. “Show Me The Wheat” 10 © Imaginatik plc 2011 | www.imaginatik.com
    11. 11. “Show Me The Wheat” 11 © Imaginatik plc 2011 | www.imaginatik.com
    12. 12. “Show Me The Wheat” 12 © Imaginatik plc 2011 | www.imaginatik.com
    13. 13. Open Innovation Adoption No-one dropped; Interest is Up 78% Practice OI Inbound OI is 4x Outbound OI Top Outbound: JVs, Selling and Standardization Avg. Yrs: 5 Top Inbound: Co-creation, Networking & Grants Source: Managing Open Innovation in Large Firms, Henry Chesbrough, UC Berkeley and Sanine Brunswicker, Fraunhofer Society (2013). Selected sample for US/EU firms with sales >$250MM (n=125) 13 © Imaginatik plc 2011 | www.imaginatik.com
    14. 14. Considerable Hurdles To Overcome Source: Managing Open Innovation in Large Firms, Henry Chesbrough, UC Berkeley and Sanine Brunswicker, Fraunhofer Society (2013). Selected sample for US/EU firms with sales >$250MM (n=125) 14 © Imaginatik plc 2011 | www.imaginatik.com
    15. 15. Fix It INSIDE Before Going OUTSIDE ① Master INTERNAL innovation before going OUTSIDE ② Many COMMON challenges        15 Change management & collaboration Governance Sponsorship/Ownership Funding vehicles Measurement Scalability Communications © Imaginatik plc 2011 | www.imaginatik.com
    16. 16. #1 Declare an Open Innovation Strategy 16 © Imaginatik plc 2011 | www.imaginatik.com
    17. 17. #2 Construct the Sponsor Spine 17 © Imaginatik plc 2011 | www.imaginatik.com
    18. 18. #3 Solve Time Famine 18 © Imaginatik plc 2011 | www.imaginatik.com
    19. 19. #4 Secure A Line of Credit 19 © Imaginatik plc 2011 | www.imaginatik.com
    20. 20. #5 Unveil The Role of Trust 20 © Imaginatik plc 2011 | www.imaginatik.com
    21. 21. Key Takeaways  Open Innovation is seeing greater adoption BUT it is far from a smooth, repeatable process  Organizations that master internal innovation and link it to Open Innovation appear to have greater success  2014: Consider a Innovation Maturity Assessment with deep focus on immediate improvement areas. Leverage external expertise. 21 © Imaginatik plc 2011 | www.imaginatik.com
    22. 22. Intensify YOUR Personal Impact http://bit.ly/2014ILFBoston 22 © Imaginatik plc 2011 | www.imaginatik.com

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