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How to Innovate in 10 Slides
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Everyone wants to innovate, but how do you do it? This simple presentation tells you how to deliver breakthrough innovations in just 10 slides. ...

Everyone wants to innovate, but how do you do it? This simple presentation tells you how to deliver breakthrough innovations in just 10 slides.
Also contains links to recommended books and websites on innovation.

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  • Focus on problem not solution – identification of a problem of unmet need is far more powerful than a me-too solution

How to Innovate in 10 Slides Presentation Transcript

  • 1. Fruit Fly Innovation.com@wordofjoe Est. objectives & target audience Identify audience insights – unmet needs Offer unique, valuable propositions Launch tests with goal of learning Measure & adapt Scale-up what works How to Innovate in 10 Slides
  • 2. Fruit Fly Innovation.com@wordofjoe@wordofjoe Why Do You Exist? Establish Strategic Goals First • What does your organisation exist to do? • What do you want to achieve long-term? • This is the bit that needs to be ambitious! e.g. Apple exists to enable people who think differently to change the world Resource: Simon Sinek: How Great Leaders Inspire Action, TED.com Photo: aoimedia, Flickr
  • 3. Fruit Fly Innovation.com@wordofjoe@wordofjoe Don’t Try to Appeal to Everyone! • Products designed to appeal to everyone don’t inspire passion in anyone • Target an audience that will buy into your strategic vision • Understand their needs, joys and pains better than anyone else Photo: Gomolka, Flickr
  • 4. Fruit Fly Innovation.com@wordofjoe@wordofjoe Generate Ideas with Benefits • Don’t focus on your competitors and what already exists, focus on your audience. Come up with as many ways as possible to meet their three needs. For consumer-targeted businesses, a good starting point is the benefits model: – Emotional benefits (e.g. enable them to feel good or to have fun) – Social benefits (e.g. help them make friends or enjoy quality family time) – Functional benefits (e.g. help them save time or money) • Select your best ideas (not just one) for testing. These should be the ones you consider the most likely to solve an important problem for your audience, or the ones that will get them most excited. • Focus on opportunities in which your organisation can create something unique and valuable – these ideas not only have more standout, they’re harder for your competitors to copy! Resources: Michael E Porter on unique value and differentiation; Harvard Business Review: On Strategy
  • 5. Fruit Fly Innovation.com@wordofjoe@wordofjoe Prioritise Generating Knowledge • Build your product pilot with the goal of learning, not instant success – Establish a hypothesis to test e.g. This proposition is designed to attract new customers who are retired empty-nesters. We believe x% will click on paid search links, and x% will convert into new customers • New products should be judged on how well they inform your strategy to develop or expand your business. They should not be judged on RoI and their performance compared to established products. You may have no benchmark data for your first test, so set your hypothesis based on your best guess looking at different but related sectors. The more tests you do, the more accurately you’ll be able to predict the next test.
  • 6. Fruit Fly Innovation.com@wordofjoe Best Guess Educated Guess Accurate Forecast Apply data from other sectors Apply data from strategic tests Apply data from established products Deploying Strategic Tests Resource: 10 Rules for Strategic Innovators by Vijay Govindarajan & Chris Trimble
  • 7. Fruit Fly Innovation.com@wordofjoe@wordofjoe Analyse and Adapt • The objective of any innovation pilot is to create knowledge. If the product or service was not successful you have not failed; you have found one way that didn’t work! Analyse performance to identify barriers to success and strengths that can be better exploited. • Only a pilot that doesn’t provide data to determine if a hypothesis was correct or not should be considered a failure. • Revisit your strategy in light of this knowledge and decide whether to persist (slightly modify the product) or pivot (significantly redevelop the product), or generate new product ideas. Resources: The Lean Start-Up by Eric Ries; Do it Wrong Quickly by Mike Moran
  • 8. Fruit Fly Innovation.com@wordofjoe@wordofjoe Share Your Knowledge! • The purpose of innovation should always be to generate knowledge to enable an organisation to grow – so make sure that knowledge is shared not filed! • Share results openly and honestly. Celebrate failure! Only by doing this can an organisation genuinely learn, create breakthroughs and instil a culture of strategic learning. Photo: Brainseizer2, Flickr
  • 9. Fruit Fly Innovation.com@wordofjoe@wordofjoe Redesign & Retest • Develop new hypothesis and new pilots • The more tests you can perform the more you will learn • Fail fast, fail cheap! • Be ready to invest and scale-up when an idea is proving success Photo: jurvetson, Flickr
  • 10. Fruit Fly Innovation.com@wordofjoe@wordofjoe Play the Long-Game Never stop learning, never stop pushing the boundaries. Even the most innovative organisations eventually succumb to competition, so never stop at success. – Eric Ries: “Constant innovation leads to radically successful businesses” – Steve Jobs: “Stay hungry, stay foolish” Resource: The Innovator’s Dilemma by Clayton M Christensen For more ideas and resources on innovation: • Visit Fruitflyinnovation.com • Follow: @wordofjoe