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The Zoo of Business Innovation

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Introduction to business innovation management

Introduction to business innovation management

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The Zoo of Business Innovation The Zoo of Business Innovation Presentation Transcript

  • The Zoo of Business Innovation Alastair Ross Director Codexx Associates Ltd Codexx Associates Ltd 3-4 Eastwood Court Broadwater Road Romsey, SO51 8JJ United Kingdom Company Registration No. 04481932 Tel +44-(0)1794-324167 www.codexx.com Second Life office: Depo Business Park 160.190.36
  • Today’s tour of the innovation zoo
    • What is Business Innovation?
    • The business innovation zoo – meet the animals
    • Innovation improvement – becoming an eagle
  • Some truths about business innovation
    • Business innovation is not just the ‘eureka’ moment or new products
    • There are a number of dimensions in which an organisation can be innovative
    • For a business to be effective at innovation, an innovation system is needed
    • An effective innovation system needs key practices to be in place
    • Many skills – in addition to creativity – are needed for effective innovation
    • We can all play a part in innovation
  • What is innovation? “ The guy who invented the first wheel was an idiot, but the guy who invented the other three, now he was a genius.” Sid Caesar Innovation is about successfully optimising the latent potential of an idea
  • ‘Do Better’ innovation Men’s 100m world record. In the 90 years to 2002, record improved by 0.82secs or 7.7%
  • ‘Do Different’ innovation Dick Fosbury, ‘Fosbury Flop’. Gold Medal 1968, Mexico Men’s high jump world record. In the 81 years to 1993, record improved by 24%
  • Radical innovation requires paradigms to be broken “ Drill for oil? You mean drill into the ground to try and find oil? You’re crazy.” Drillers who Edwin Drake tried to enlist to his project to drill for oil in 1859. “ Fooling around with alternating current is just a waste of time. Nobody will use it, ever.” Thomas Edison, 1889 “ Airplanes are interesting toys but of no military value.” Ferdinand Foch, Professor of Strategy, Ecole Superieure de Guerre, 1911
  • Organisations can be innovative across 4 ‘dimensions’ Source: Codexx PARADIGM “ What our business is” MARKET “What our position is in the market” OFFERING “ The products & services we offer” PROCESS “ How we do the business”
  • The zoo Dodo Innovation Practice v Performance 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Practice Performance
  • The zoo – in practice Top 50 UK law firm UK Medical Products Co. European Services Co. Global engineering products company Professional Services Co. Based on scores from Codexx F4i innovation assessments
  • Innovation challenges What stops employees being more innovative? What stops organisations being more innovative?
    • Limited management support and reward for innovation
    • Knowing where and what to innovate
    • Knowing how to innovate
    • Resources and tools to aid innovation
    • Fear of change
    • Insufficient focus on innovation in the business
    • Lack of innovation champions in key roles
    • Poor processes and organisation for innovation
    • See innovation as low priority as compared to daily business
    • Lack of a supportive innovation culture
    • Not close enough to customers/clients
    • World view is limited to their business & sector
  • How do companies become effective innovators? and where should they focus their innovation capabilities?
  • What does innovation look like in your organisation? “ The inertia factor” Source: Drawings by Codexx innovation workshop attendees
  • What does innovation look like in your organisation? “ The walls of culture” Source: Drawings by Codexx innovation workshop attendees
  • Successful innovation requires an holistic approach The Innovation System ©2006 Codexx Associates Ltd Key innovation practices need to be effectively managed External Linkages Leadership Climate Strategy Resources Ideas Select Implement Process & Controls Learning Learning
  • Innovation Eagles excel in their approach to innovation ©2006 Codexx Associates Ltd
  • Creating an effective innovation system within an organisation requires a structured approach Controlling Innovation Innovation Process Measuring Innovation System Innovation Source: Codexx Idea Generation Innovation Strategy Customer Opportunity Directing Innovation Organising for Innovation Innovation Environment Innovation Training & Tools Enabling Innovation Diagnosis Innovation Assessment
  • Summary
    • Business innovation is not just the ‘eureka’ moment or new products
    • There are a number of dimensions in which an organisation can be innovative
    • For an organisation to be regularly effective at innovation, an innovation system is needed
    • An effective innovation system needs a number of key practices to be in place
    • Many skills – in addition to creativity – are needed for effective innovation
    • We can all play a major part in business innovation
  • Introducing Codexx Visit us at: www.codexx.com
  • For further discussion – why not visit our Second Life office? Completion July 2007 On the Depo Park at 160.190.36 Any questions?