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NASSCOM Engineering Summit 2013: Building Performance by Nurturing Innovation Excellence - Srikanth Srinivas, Innovation Catalyst
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NASSCOM Engineering Summit 2013: Building Performance by Nurturing Innovation Excellence - Srikanth Srinivas, Innovation Catalyst

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  • 1. Building Performance by Nurturing Innovation Excellence Srikanth Srinivas Innovation Catalyst Sri@MoreSquares.com www.MoreSquares.com More Squares® © 2013
  • 2. Innovation Excellence Principles 1. Wide Angle Innovation 2. From Idea to Opportunity 3. From Opportunity to Projects 4. Idea to Impact Process 5. Innovation Lens in Budgeting cycle 6. Flight Response! 7. Reward Systems 8. Organizational Memory 9. Innovation Mindset 10.The Future is Now! More Squares® © 2013
  • 3. 1 1. Wide Angle Innovation More Squares® © 2013
  • 4. 1 Current Space Adjacent Space New Space Customer Grocery Customer Value Value Delivery Company Value GMROI More Squares® © 2013
  • 5. 1 Current Space Adjacent Space New Space Customer Customer Value Any one variable has potential for Disruption Value Delivery Company Value GMROI More Squares® © 2013
  • 6. 2 2. From Idea to Opportunity More Squares® © 2013
  • 7. 2 Idea Space Do No Harm 1 Customer Value 1Vijay Govindarajan, and Chris Trimble, “The Other Side of Innovation: Solving the execution challenge” Synergize Company Value Opportunity More Squares® © 2013
  • 8. 3 3. From Opportunity to Projects More Squares® © 2013
  • 9. 3 Project Portfolio More Squares® © 2013
  • 10. 3 Differentiation Current Space Source: Vijay Govindarajan and Srikanth Srinivas, HBR, Apr 18,2013, "Finding your place in the competitive jungle" More Squares® © 2013
  • 11. 4 4. Idea to Impact Process Idea Opportunity R&D Project Manufacturing Pilot Manufacturing Scale Impact Sales More Squares® © 2013
  • 12. 5 5. Innovation Lens in Budgeting cycle Measures - Example - 3M Inputs • R&D as percentage of revenue >= 7% • 15% Rule Progress • Revenue > $200 Million - Business Unit • Revenue > $1 Billion - Division Outputs • % of Revenue derived from products introduced in the last 5 years > 30% • Gross Margin >= 50% • ROA >= 25% Source: Vijay Govindarajan and Srikanth Srinivas, HBR, Aug 6,2013, "The Innovation Mindset in Action: 3M Corporation" More Squares® © 2013
  • 13. 5 5. Innovation Lens in Budgeting cycle Actions, Projects, Resource Allocation Source: Vijay Govindarajan and Srikanth Srinivas, HBR, Apr 18,2013, "Finding your place in the competitive jungle" More Squares® © 2013
  • 14. 6 6. Flight Response! Source: Vijay Govindarajan and Srikanth Srinivas, Economic Times, Aug 16,2013, "Flight trajectory: Guidelines for piloting your company through stormy skies" More Squares® © 2013
  • 15. 7 7. Reward Systems Source: Vijay Govindarajan and Srikanth Srinivas, HBR, Feb 21,2013, "When your incentive system backfires" More Squares® © 2013
  • 16. 7 Reward the right behavior • Taking Passengers (Bringing nonconsumers into the fold) Vs reaching destination (handing over “Project” to Product Development) • When “Fit” poor, OK to Drop. Not a Failure • Emphasize Ends. OK to change Means (not getting wedded to a technology for example) More Squares® © 2013
  • 17. 7 Encouraging right behaviors • Seed fund • Business Unit / Division expectations • Awards • Dual career ladders • Job Rotation More Squares® © 2013
  • 18. 8 8. Organizational Memory More Squares® © 2013
  • 19. 8 8. Organizational memory • • • • • • Obsolete policies and practices Outdated assumptions and mindsets Underperforming products and services Out of synch customers Outdated / obsolete assets Biases embedded in planning processes, performance evaluation systems, and organizational structures Source: Vijay Govindarajan and Srikanth Srinivas, HBR, Mar 11,2013, "When organizational memory stands in the way" More Squares® © 2013
  • 20. 9 9. Innovation Mindset Innovation Mindset (Vs Autopilot Mindset trap) Think Different (Vs Benchmark competition)  Idea (Vs. Hopeless / Helpless Traps)  Opportunity (Vs. Creativity Trap)  AND Thinking (Vs. OR / Neither Traps) Act Different  Resourcefulness (Vs. Stuck / Whining Traps) Achieve Extraordinary Success  Outcomes (Vs. Activity / Fatigue Traps) Source: Vijay Govindarajan and Srikanth Srinivas, HBR, Sep 19,2013, "The right innovation mindset can take you from idea to impact" More Squares® © 2013
  • 21. 10 10. The Future is Now!1 1Source: Vijay Govindarajan, Research Notes More Squares® © 2013
  • 22. 10 10. The Future is Now! • Consistent investment in innovation – through good times and bad • Innovation as a core competence • R&D / Innovation distinction More Squares® © 2013
  • 23. Thanks! Sri@MoreSquares.com www.MoreSquares.com More Squares® © 2013