Innovation in Corporate World, case study from JobStreet.com

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A presentation to college students on business innovation models and what JobStreet.com believes in, what can make innovation sustainable in a company.

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  • Innovation in Corporate World, case study from JobStreet.com

    1. 1. Innovation in new Global Employment Market National Engineering Student’s Conference 2009, International Islamic University of Malaysia.
    2. 4. Higher Productivity Means Fewer Engineers <ul><li>Pink has 3 questions for you about earning a living: </li></ul><ul><li>Can someone overseas do your job cheaper? </li></ul><ul><li>Can a computer do your job faster? </li></ul><ul><li>Is what you offer in demand, in an age of abundance? </li></ul><ul><li>If you answered 'yes' to 1 or 2, or 'no' to 3, you could be in deep trouble. </li></ul>Ref: IEEE Today’s Engineer publication, http://www.todaysengineer.org/2005/Oct/commodities.asp
    3. 5. Contents <ul><li>About Innovation </li></ul><ul><li>The Story of JobStreet </li></ul><ul><li>Innovating in Start up vs Corporate </li></ul><ul><li>Seeing and Planning What’s Next </li></ul><ul><li>Techniques </li></ul><ul><li>Motivating Innovation in Corporate World </li></ul>
    4. 6. Definitions <ul><li>What’s invention, innovation, entrepreneurship? </li></ul><ul><li>Invention – Creating something new </li></ul><ul><li>Innovation – Creating changes that create value for the enterprise </li></ul><ul><li>Entrepreneurship – Seeing the opportunity to create extra value and seizing it by developing resources (people, knowledge), systems and process to build a business to realize the value. </li></ul><ul><li>Startups will normally look at breakthrough or new market innovations with higher returns and risks. </li></ul><ul><li>Challenge is for corporate to be able to see and recognize these opportunities related to their core strength and act on it </li></ul>
    5. 7. JobStreet Overview <ul><li>What We Do </li></ul><ul><ul><li>JobStreet.com is an Online e-Recruitment Company </li></ul></ul><ul><ul><li>One of the most established internet business models </li></ul></ul><ul><li>Where We Operate </li></ul><ul><ul><li>Malaysia (1997) Singapore (1999) Philippines (1999) </li></ul></ul><ul><ul><li>India (2000) Indonesia (2006) Bangladesh (2006) </li></ul></ul><ul><ul><li>Japan (2007) Hong Kong (2007) Thailand (2008) </li></ul></ul><ul><li>Why Are We Needed? Opportunities…. </li></ul><ul><ul><li>Job market is not transparent </li></ul></ul><ul><ul><li>Recruitment process was slow </li></ul></ul><ul><ul><li>People are more mobile and technologically savvy </li></ul></ul><ul><ul><li>General trend moving to shorter employment stay </li></ul></ul><ul><ul><li>Contract and home employment is getting popular </li></ul></ul>
    6. 8. History <ul><ul><li>1995 Started Malaysia Online by Mark Chang </li></ul></ul><ul><li>1997 Spin off JobStreet.com </li></ul><ul><li>1999 First round VC funding – Ramp up </li></ul><ul><li>2002 Second Round VC Funding </li></ul><ul><li>2004 IPO (Mesdaq - 3rd Board) </li></ul><ul><li>2007 Transferred to Main Board, Bursa Malaysia </li></ul><ul><li>“ Through perseverance many people win success out of what seemed destined to be certain failure. ” </li></ul><ul><ul><ul><ul><ul><li>~ Benjamin Franklin </li></ul></ul></ul></ul></ul>
    7. 9. Online Recruitment Platform <ul><li>Employers </li></ul><ul><li>More than 50,000 </li></ul>Jobseekers More than 6 million SiVA 1. Register career preferences (free) 3. Be matched and notified 4. Apply online 7. Sit online test 2. Post job advertisement (pay flat fee) 5. Receive applications 6. Process apps, request tests, interviews, SMS 8. Receive test results JobStreet Intranet CRM and OSS Systems JobStreet.com Employment Exchange (Internet) LiNa
    8. 10. Sustaining vs Disruptive Innovation ©Clayton Christensen – “Seeing What’s Next” Company improvement trajectory Customer demand trajectory Hypermarket Telephone Photocopy Machines
    9. 11. How to See What’s Next? <ul><li>Build team and process to learn to see such changes and act on it </li></ul>Undershot Customers Signs that companies are introducing up-market sustaining innovations. Nonconsumers Signs that companies are introducing new-market disruptive innovations. Overshot Customers Signs that companies are introducing low-end disruptions, displacements, or moving close to consumers. Overshot Customers Signs that nonmarket players are taking action to increase or decrease barriers to innovation 1. Signals of Change Are there any signs that someone is capitalizing on opportunities or change? 2. Competitive Battles 3. Strategic Choices ©Clayton Christensen – “Seeing What’s Next”
    10. 12. Analyzing Industry Competitive Forces Porter, M.E. (1985) &quot;Competitive Advantage&quot;, The Free Press, New York, 1985.
    11. 13. Innovation Examples
    12. 14. Innovation Examples
    13. 15. Areas of Innovation <ul><li>www.doblin.com </li></ul>
    14. 17. Classifying and Having Right Mix of Projects Building organization and process to support project mix
    15. 18. Balancing Many Needs Resource Required Importance Of Outcome To Customers and Size of relevant Customers High Impact High Resource Low Impact High Resource High Impact Low Resource Low Impact Low Resource <ul><li>80/20 rule </li></ul><ul><li>Build on your strength </li></ul><ul><li>Fail Fast and Learn </li></ul>
    16. 19. Innovation Techniques <ul><li>Design Thinking </li></ul><ul><ul><li>How do we get inspired - Gather (Observe end users) </li></ul></ul><ul><ul><li>How do we come up with possibilities - Ideate </li></ul></ul><ul><ul><ul><li>Brainstorm </li></ul></ul></ul><ul><ul><ul><li>Lateral Thinking </li></ul></ul></ul><ul><ul><li>How do we decide - Prototype </li></ul></ul>
    17. 20. Example of Design Thinking
    18. 21. Motivating Innovation – Nice to Have 
    19. 22. How a company appeals to employees
    20. 23. Motivating Innovation in Corporate – Must Have <ul><li>Mission (Purpose) and Vision (Picture of results) to guide/inspire employees </li></ul><ul><ul><li>JobStreet Mission: To improve lives through better career </li></ul></ul><ul><ul><li>Google Mission : To organize the world's information and make it universally accessible and useful </li></ul></ul><ul><li>Culture that drives continuous improvement </li></ul><ul><ul><li>Expect/Encourage/Challenge </li></ul></ul><ul><ul><ul><li>Make each person accountable for improvements </li></ul></ul></ul><ul><ul><li>Communicate x 10 </li></ul></ul><ul><ul><li>Celebrate </li></ul></ul><ul><ul><ul><li>Assess (Interpretation/Measure) </li></ul></ul></ul><ul><ul><ul><li>Tolerate learning failures </li></ul></ul></ul>
    21. 24. Motivating Innovation in Corporate – Must Have <ul><li>Allow some flexibility instead of rigid process </li></ul><ul><ul><li>E.g., Agile Development, Fail FAST </li></ul></ul><ul><li>Equip your people - Train people on Innovation Techniques and Apply </li></ul><ul><ul><li>Open environment - expose as many to relevant information/users. OK to report failures </li></ul></ul><ul><li>Hire right - people with right attitude to want to get it better every day and is persistent </li></ul><ul><li>Proper incentive </li></ul><ul><ul><li>Does not have to be always $$$ </li></ul></ul>
    22. 25. Global Innovation Ranking 2008 Research pulication by INSEAD – business school of the world. http://www.insead.edu Where are we? #1 USA #2 Germany #3 Sweden #25 Malaysia #24 Qatar #9 Japan #4 Singapore
    23. 26. Improving Lives Through Better Careers &quot;640K ought to be enough for anybody.&quot; Bill Gates, 1981
    24. 27. Thank You Improving Lives Through Better Careers Join JobStreet Forum at http://forum.jobstreet.com discuss career options, seek scholarship opportunities or talk about innovations. Email: wkteoh@jobstreet.com

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