Business Transformation

1. DMK
Innovation & Innovative
Mindset
Innovation, Entrepreneurship and Business Transformation

2. DMK
Definition
Innovation is renewal with impact

3. DMK
What is Innovation? (1/2)
 With innovation, many think of technological inventions. That is logical. There are
numerous definitions of innovation. Most of them boil down to developing or
applying new technologies in products, services, and processes
 However, innovation can also be social, societal, or (business) process-oriented.
In short, a renewal or regeneration. Yet, it is meaningless when it doesn’t impact
the lives of people. So, to whom is it new? For example, when there is a new
treatment that saves the life of just one person, who else would die, has a
substantial impact on that person and his family

4. DMK
What is Innovation? (2/2)
 There are two ways for a company to innovate: proactive and reactive.
Multinationals like Philips, Google, and Apple have to stay ahead of the
competition, and inventions are their secret weapon. Innovation in the context of
entrepreneurship also implies a growth mindset, and doing nothing means
deterioration. So, they are proactive innovators. It is in their company DNA
 On the other hand, new technologies also force them to innovate. In that sense,
they are reactors too. More reactive business owners will only reluctantly
respond if their customers or government compel them to change

5. DMK
Process Innovation Outnumbers Product
Innovation
 Research shows that process innovation is more common than product innovation.
Innovation in larger medium-sized companies is higher than in companies with fewer
than 100 employees. More than nine in ten companies have done some form of change
in the past three years (product or process innovation). Moreover, they did the
innovations on their own
 However, implementing an innovation strategy is not that simple and is surrounded by
the danger of failing. Many bottlenecks emerge in the renewing process:
 Time
 Money
 Good employees, who are creative, and have the required knowledge of the business
 Bureaucracy (permits and patents)

6. DMK
The Innovative Mindset (1/4)
Everyone can innovate. The only thing you need is an innovative mindset. It
consists of three ingredients: creativity, knowledge of ‘the
business’ and perseverance. And, anyone can improve inventiveness
Moreover, founder of CreativeMV Mariël Voogel quoting creative minds, says it is
10% inspiration and 90% transpiration

7. DMK
The Innovative Mindset (2/4)
The innovation mindset can play with their thoughts. Always seeing new
possibilities and opportunities. Ideas arise by opening themselves up to their
environment, wondering what is happening around them, or what is not
happening. It doesn’t let the limitations or the thought that it will never be
something, stop them. It can think from different angles. Away from the well-
trodden paths that everyone walks. Turning problems into opportunities by doing
things just a little differently. For example, you may see one of its ideas reflected in
a store while the other new idea is still on their drawing board

8. DMK
The Innovative Mindset (3/4)
Less innovative mindsets are limited in their way of thinking, keep thinking about
problems and objections. You could also call it a fixed mindset. Moreover, they are
less anxious to experiment because of the fear that it could go wrong. Hence, they
keep holding on to the status quo. However, that doesn’t make them less creative,
but risk-averse and lazy instead

9. DMK
The Innovative Mindset (4/4)
 To summarize, an innovative mindset is:
 Playful
 Highly energetic
 Sensitive to problems in society and surroundings
 Broadly interested and displays curiosity
 Able to judge objectively
 Open to new experiences
 Focused on similarities instead of differences
 Capable of bringing opposites together
 Fully committed to realizing a new idea