Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Fahrenheit 212: Big Entrepreneurship

9,882 views

Published on

The way businesses need to organize and behave has fundamentally shifted. Across industries, companies, and organizational functions, we have heard many of the world’s most innovative companies echo the same challenge: businesses must urgently embrace a more nimble and entrepreneurial approach in order to stay competitive. We call this challenge of how big companies can leverage scale while staying innovative “big entrepreneurship.” This report aims to deconstruct some of the complex challenges around big entrepreneurship and provide actionable insights for business leaders.

This report was created by Fahrenheit 212, a global innovation strategy and design firm. We define innovation strategies and develop new products, services, and experiences that create sustainable, profitable growth for our clients. We challenge the belief that innovation is inherently unreliable and have spent the last decade designing the method, building the model, and assembling the minds to make innovation a predictable driver of growth for our clients' businesses.

Published in: Business
  • Just got my check for $500, Sometimes people don't believe me when I tell them about how much you can make taking paid surveys online... So I took a video of myself actually getting paid $500 for paid surveys to finally set the record straight. I'm not going to leave this video up for long, so check it out now before I take it down! ▲▲▲ http://ishbv.com/surveys6/pdf
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • ★★ How Long Does She Want You to Last? ★★ A recent study proved that the average man lasts just 2-5 minutes in bed (during intercourse). The study also showed that many women need at least 7-10 minutes of intercourse to reach "The Big O" - and, worse still... 30% of women never get there during intercourse. Clearly, most men are NOT fulfilling there women's needs in bed. Now, as I've said many times - how long you can last is no guarantee of being a GREAT LOVER. But, not being able to last 20, 30 minutes or more, is definitely a sign that you're not going to "set your woman's world on fire" between the sheets. Question is: "What can you do to last longer?" Well, one of the best recommendations I can give you today is to read THIS report. In it, you'll discover a detailed guide to an Ancient Taoist Thrusting Technique that can help any man to last much longer in bed. I can vouch 100% for the technique because my husband has been using it for years :) Here's the link to the report ➤➤ https://tinyurl.com/rockhardxxx
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • Discover a WEIRD trick I use to make over $3500 per month taking paid surveys online. read more...  https://tinyurl.com/make2793amonth
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here

Fahrenheit 212: Big Entrepreneurship

  1. 1. Big Entrepreneurship
  2. 2. Theterminnovationgoeshand-in-handwith entrepreneurs.Ifyoulookaroundatthefastest growingcompaniesandbiggestdisruptors—Tesla, Nest,Xiaomi,Square,Slack,Spotify—theyallhave onethingincommon:theyarerunbyentrepreneurs. Forbig,establishedcompanies,theinnovation challengeiscomplex.Theybattleanenvironmentof rapidchangethatisenabledbyforcessuchasdigital technologyandglobalizationaswellastheshifting expectationsandbehaviorsofconsumers. 2Big Entrepreneurship
  3. 3. For corporations that have been built around a set way of doing things, they must strategically navigate through the minefield of startups, new technologies, and consumer trends that can determine the fate of their business seemingly overnight. Startups are achieving scale faster and in more lightweight ways than ever before. In 6 years, Uber has expanded to 60 countries and 300 cities worldwide. They are on track to generate $10 billion in bookings by the end of 2015. They facilitate 1 million trips a day, yet they have no fleet of cars and employ no drivers. And they have spawned dozens of businesses from their service model. The burning question big companies must face is how they can compete with (or capitalize on) the small, nimble upstarts that don’t have the same shareholder pressure, customer expectations, and heavy infrastructure in place. 3Big Entrepreneurship Companies live in a world of innovate or die. Disrupt or be disrupted. Change or be left behind.
  4. 4. It’s an issue that even the most innovative and entrepreneurial large companies face. The New York Times title for their story on Google’s reorganization under holding company, Alphabet, says it all: “Google to Reorganize as Alphabet to Keep Its Lead as an Innovator.” At Fahrenheit 212, we believe that this is a golden age for innovation. For large organizations there are massive opportunities to become more entrepreneurial while also leveraging scale to launch innovations that will have widespread impact. “Big entrepreneurship” is defining the way businesses need to organize and behave. In this report, we will explore ways that companies can become more entrepreneurial and innovative through the lens of five critical components to the trend. 4Big Entrepreneurship “As you ‘age’—even when you’re still a teenager like Google—you have to work hard to stay innovative.” Larry Page Co-Founder, Google CEO, Alphabet
  5. 5. Big Entrepreneurship The way businesses need to organize and behave has fundamentally shifted. Across industries, companies, and organizational functions, we have heard many of the world’s most innovative companies echo the same challenge: businesses must urgently embrace a more nimble and entrepreneurial approach in order to stay competitive. We call this challenge of how big companies can leverage scale while staying innovative “big entrepreneurship.” This report aims to deconstruct some of the complex challenges around big entrepreneurship and provide actionable insights for business leaders. Fahrenheit 212 Fahrenheit 212 is a global innovation strategy and design firm. We define innovation strategies and develop new products, services, and experiences that create sustainable, profitable growth for our clients. We challenge the belief that innovation is inherently unreliable and have spent the last decade designing the method, building the model, and assembling the minds to make innovation a predictable driver of growth for our clients’ businesses. www.fahrenheit-212.com | marketing@fahrenheit-212.com @fahrenheit212 | #bigentrepreneurship 5Big Entrepreneurship
  6. 6. Table of Contents The Paradox of Scale How big companies can innovate in a world that favors the underdog 01 07 Winning the Next Generation of Innovators How to attract, engage, and retain Millennial talent 03 47 The Chief Innovation Officer, Redefined How to hire a CINO that can build lasting innovation capabilities 05 90 Incubating Innovation How to cook up meaningful innovation with an innovation lab 02 27 The Rising Billion How multinational businesses can keep up with the new global consumer 04 68 6Big Entrepreneurship
  7. 7. How big companies can innovate in a world that favors the underdog The Paradox of Scale
  8. 8. Whenitcomestodrivinggrowth,oneofthemost pressingproblemsfacingFortune500companies isthattheyareFortune500companies. Foryears,beingbighasmattered.Scalecreated advantageacrossallaspectsofthebusiness. Becomethebiggest—sothelogicwent—and youwouldhaveunrivaledaccesstocapital, globalreach,expansivenetworks,andapowerful abilitytospend—onthebestinRD,technology, marketing,sales,facilities,andpeople. 8Big Entrepreneurship The Paradox of Scale
  9. 9. Today, the balance of power has irrevocably shifted from big companies in favor of both smaller, nimbler upstarts and consumers. This is being driven by competitive market changes as well as significant new dynamics in consumer preferences and behaviors. The following trends are tearing away at the traditional benefits of being big while also turning the tables to enable small companies to flourish. Driving Forces 9Big Entrepreneurship The Paradox of Scale
  10. 10. 10 Across categories, consumers are turning their backs on the industry leaders. Campbell’s CEO, Denise Morrison, summed up the state of affairs recently when she told analysts of the “mounting distrust of so-called Big Food” and its impact on their bottom line. From 2009 to 2014, $18 billion in sales of consumer packaged goods have shifted from large to small companies. Consumers are losing trust in big brands Driving Forces Big Entrepreneurship The Paradox of Scale As of 2014, only 29% of consumers said they believe that name brands are better quality products, down from 43% just two years prior.
  11. 11. 11 Today’s consumers are more willing to embrace the smaller, local, and unique products and services that are tailored to their tastes. Consumers place more value on being unique Driving Forces Big Entrepreneurship The Paradox of Scale
  12. 12. 12 Digital services as varied as Google Now for intelligent recommendations, Flipboard for tailored news, and Glow for data-driven fertility advice all enable increased person- alization. Consumers have come to expect the companies they interact with to know who they are and what they prefer. It’s a move back to the day of the local shop- keeper that knew your preferences, powered by digital and the troves of data available on us. In the age of what Forbes has coined “me-commerce,” companies capitalizing on personalization are poised to win. For the first time since Interbrand began issuing their Best Global Brands Report 15 years ago, the top retail brand on the list was a brand that mostly does not even sell its own products. Ranking above Louis Vuitton and HM was Amazon, which has an entire team dedicated towards personalization and recommendations. (At the time of writing this, there were several openings in the personalization and recommendations team.) People desire more personalized interactions Driving Forces Big Entrepreneurship The Paradox of Scale
  13. 13. 13 Technology has given small companies the ability to punch well above their weight. They can now conceptualize, fund, develop, market, and sell their goods/services at a pace and cost base the big companies simply can’t match. One look at the Pebble smartwatch reveals how the nature of competition has changed. After surpassing their Kickstarter fund- raising goal of $500,000 in just 17 minutes, they went on to raise $20 million for their latest watch, Pebble Time. The Pebble Time project will show that the real power and utility of our platform is not in money; it’s in community and distribution.” Yancey Strickler, CEO, Kickstarter “The truth is that Kickstarter, in addition to being a fundraising platform, has also become a mega marketing platform for product companies. Add to that the principles of lean and iterative product development that many small companies are able to integrate, the speed and agility at which today’s new competition can enter the market is faster than ever before. The ankle biters are becoming serious competition Driving Forces Big Entrepreneurship The Paradox of Scale
  14. 14. 14 Business strategies are rapidly evolving Driving Forces Big Entrepreneurship The Paradox of Scale Here it’s important to consider two points. First, consumer demand for videos didn’t fundamentally change. The movies people rented from Netflix were the same ones they bought from Blockbuster. Second, streaming videos was not unique to Netflix; in fact, consumers could stream videos from Blockbuster in 2008. What changed was that Reed Hastings made a strategic decision to go all-in on streaming. He knew the decision would hurt Netflix badly (leading to a 77% drop in stock price the 4 months after spinning off the DVD service), but he was betting on the fact that it would crush Blockbuster because their traditional advantages—retail network, inventory, sales staff—would quickly become unsustainable liabilities. It was a brilliant move that shows how quickly small companies can make the size of big companies work against them. Across many industries, access has begun to supersede ownership. Companies ranging from Spotify to Lending Club to Task Rabbit have shown how businesses that enable the sharing, borrowing, and “renting” of goods and services can create major competitive advantage in markets where the established leaders are burdened by high fixed costs, legacy technology, and organizational structures designed for the traditional competitive dynamic. A now classic example is Netflix. As late as 2008, former Blockbuster CEO Jim Keyes stated that Netflix was not “even on the radar screen in terms of competition.” And yet within 2 years Blockbuster was bankrupt and Netflix was on pace to acquire over 65 million global streaming subscribers.
  15. 15. Given this dynamic commercial and consumer environment, it is little surprise that big companies are facing a situation in which their scale has been transformed from a killer asset into a real liability. So the real question is: as a big company, how can you take action in a way that gives you a good chance of succeeding? More specifically, in a world that favors the underdog and where change is inevitable, how can you embrace a new, more nimble approach while still harnessing your inherent scale? 15 Taking Action 15Big Entrepreneurship The Paradox of Scale
  16. 16. 16 As a big company, it’s imperative to identify growth opportunities that meet two equally important criteria: They are big and sustainable. Scale can be leveraged as an advantage when the opportunity is a big and meaningful undertaking. They are winnable. Chasing opportunity simply because it’s big or wide-open can be a fool’s errand. A compelling example of a company that has identified and invested against a big, sustainable, and winnable core is Patagonia. Outdoor apparel companies all lean on the consumer promise of exceeding quality: high performance, built for the extreme. Patagonia’s promise is to build products that last — so that consumers can have fewer, but longer-lasting things. This commitment to do better by consumers and the environment is deeply embedded into the organization. From their “Ironclad Guarantee” on their products to becoming a certified B-Corporation in 2012, Patagonia continues to invest in their mission in products that are made with the environment in mind. The results of their commitment to transparency and environmentalism have tripled profits since 2008. Identify meaningful growth opportunities 01 Big Entrepreneurship The Paradox of Scale Create discrete but complementary platforms Develop a strategy that provides real competitive advantage Apply a portfolio approach to funding Create innovations that solve a two-sided problem 03 02 04 05 07 Recognize innovation for the experiment that it is 06 Appoint a champion
  17. 17. 17 Identify meaningful growth opportunities Develop a strategy that provides real competitive advantage 01 02 Once you know where you can win, it’s essential to develop a strategy that will give you a distinct advantage. Although this seems intuitive, it’s often over-looked. Companies often chase growth for growth’s sake without thinking about ways to create defensibility. And in today’s hyper-competitive marketplace, that’s a counter-productive exercise because you’re simply providing the roadmap for fast-followers. To achieve truly valuable growth, you need an Innovation Strategy that is designed to serve as the foundation for the business, inspire innovations and set the new initiative up for sustainable, profitable growth. At Fahrenheit 212 we take an approach that’s inspired by a core tenet of value investing; namely, that the key to truly valuable growth is to identify your defensible, profitable core, invest against it, and build competitive barriers around it. As such, it becomes the mechanism for making critical choices, establishes a clear value proposition for the business and provides the inspiration for the development of innovation. Big Entrepreneurship The Paradox of Scale Create discrete but complementary platforms Apply a portfolio approach to funding Create innovations that solve a two-sided problem 03 04 05 07 Recognize innovation for the experiment that it is 06 Appoint a champion
  18. 18. 18 Create discrete but complementary platforms Develop a strategy that provides real competitive advantage 03 02 Identify meaningful growth opportunities 01 In order for big companies to create internal alignment and support, the strategy needs to translate into evergreen platforms that become the foundation for innovations over time. Every innovation should be a new manifestation of the strategy that deepens and expands the relationship with your customers—like the unfolding chapters in a book. This helps with internal planning and focus, it enables you to stay ahead of the competition (i.e., when they copy you, you are already taking the next step) and it makes scale an advantage because each new initiative expands and deepens the unique value you’re creating in the market, thereby reinforcing barriers to entry. Big Entrepreneurship The Paradox of Scale Apply a portfolio approach to funding Create innovations that solve a two-sided problem 04 05 07 Recognize innovation for the experiment that it is 06 Appoint a champion
  19. 19. 19 Create discrete but complementary platforms Develop a strategy that provides real competitive advantage 03 02 Identify meaningful growth opportunities 01 Since inception, Amazon has leveraged technology to create new waves of discrete yet inter-related platforms of innovation. They didn’t stop by simply taking books online. They created new value for the consumer through their personalization algorithm, they repurposed their backend storage capabilities to open up a complimentary B2B revenue stream that’s now worth over $1.2B, and they launched a loyalty program in Amazon prime that’s created significant lift in the lifetime value of their customers (the average Prime member spends $1,500 as opposed to $625 per year for non-Prime members). In each case, the platforms reinforced Amazon’s core strategy but created new, discrete types of value that drove their topline and insulated them from competitive encroachment. Said another way, they made their scale matter. Big Entrepreneurship The Paradox of Scale Create innovations that solve a two-sided problem 05 07 Recognize innovation for the experiment that it is 06 Appoint a champion Apply a portfolio approach to funding 04
  20. 20. 20 Create discrete but complementary platforms Develop a strategy that provides real competitive advantage Apply a portfolio approach to funding 03 02 04 Identify meaningful growth opportunities 01 Often times, CEOs hesitate to fund innovation because it’s perceived as a very bad bet: it’s unpredictable, requires investment in initiatives that sit outside the core of the business, can become a distraction, and the vast majority of innovations fail within the first two years of launch. But with the rising power of the underdogs, the very things that made innovation a potentially irrational choice for traditional firms now actually make it a very smart use of capital. When thinking about risk, it’s important to remember innovation has offensive and defensive benefits. On the offensive side of the playbook, it provides the potential for disproportionately high returns that could compliment the existing revenue drivers, it create synergies with the core business and can open new avenues of growth. Defensively, innovation serves as a hedge against the potential negative impact of an unanticipated threat knocking the core business off its axis. Therefore, the decision to fund an innovation needs to be based on more than just the obvious risk associated with the up front investment. It needs to involve an honest assessment of the risk of not investing. Because in today’s dynamic markets, it’s safe to assume two things. First, if you’ve identified a meaningful opportunity for growth, you’re likely not alone. Second, there’s a very good chance your current and potential competitors don’t view the corresponding risk exactly the same way that you do.  Big Entrepreneurship The Paradox of Scale Create innovations that solve a two-sided problem 05 07 Recognize innovation for the experiment that it is 06 Appoint a champion
  21. 21. 21 Create discrete but complementary platforms Develop a strategy that provides real competitive advantage Apply a portfolio approach to funding Create innovations that solve a two-sided problem 03 02 04 05 Identify meaningful growth opportunities 01 Once the growth opportunity areas, competitively defensible strategies, and consideration for the risk of investing (and not investing) have been defined, it’s important to create innovations that solve for the consumer and the business simultaneously. These two-sided innovations are critical for the success of these investments and minimizing risk of innovation failure. A great idea that the business can’t support or a good business decision that consumers don’t want will either never hit the market or quickly fizzle out. Run a two-sided methodology that from day one looks at the problems of both constituencies that count—the consumer and the business—to build ideas that marry up an answer for each. Working this way, you can develop ideas that deliver big value to both sides of the equation while also ensuring necessary questions get answered up-front. Big Entrepreneurship The Paradox of Scale 06 Appoint a champion 07 Recognize innovation for the experiment that it is
  22. 22. 22 Create discrete but complementary platforms Develop a strategy that provides real competitive advantage Apply a portfolio approach to funding Create innovations that solve a two-sided problem Appoint a champion 03 02 04 05 06 Identify meaningful growth opportunities 01 As any entrepreneur knows, developing a successful innovation requires total commitment. Therefore, it’s essential that the company appoints a champion to lead any new innovation project. Enabling innovation to thrive requires experience driving these innovations from conceptualization to commercialization and a direct line to company leaders so that the innovation is aligned with corporate strategy and supported from the top. The more tightly aligned the innovation champion’s personal and professional aspirations are with the success of the innovation, the more likely it is to succeed. Big Entrepreneurship The Paradox of Scale 07 Recognize innovation for the experiment that it is
  23. 23. 23 03 02 04 05 06 07 01 By definition, a real innovation pushes outside the core business. Therefore, it can’t accurately or effectively be measured using the traditional metrics. The system should be based on the measurement of KPIs that reflect the strategic role within the portfolio and it should enable the company to uncover and quickly reapply insights. Learning fast—from successes and failures—gives the company the ability to course correct the innovation’s development. It also provides insights that can help strengthen the core business and translate it across the company. Create discrete but complementary platforms Develop a strategy that provides real competitive advantage Apply a portfolio approach to funding Create innovations that solve a two-sided problem Appoint a champion Recognize innovation for the experiment that it is Identify meaningful growth opportunities Big Entrepreneurship The Paradox of Scale
  24. 24. 24 In hospitality, the rules of engagement are changing faster than most large companies are equipped to react to efficiently. Marriott was looking for an approach that would enable them to remain relevant to future generations of travelers by being more nimble and entrepreneurial as an organization. The opportunity to transform Marriott’s entire food and beverage (FB) offering—from how it was sourced, staffed, executed, and run—went hand-in-hand with transforming Marriott’s appeal with Millennials. We helped Marriott develop an innovation platform, CANVAS. It is a global incubator which brings together Marriott’s strengths and resources in FB with the vision and talent of passionate young chefs, bartenders, and entrepreneurs. Using Marriott properties as incubators for local FB experiences, they began to shift how and from whom FB concepts are sourced around the globe—all with the goal of making the process more efficient, less costly, and more nimble. 03 02 04 05 06 01 Create discrete but complementary platforms Develop a strategy that provides real competitive advantage Apply a portfolio approach to funding Create innovations that solve a two-sided problem Appoint a champion Identify meaningful growth opportunities Big Entrepreneurship The Paradox of Scale 07 Recognize innovation for the experiment that it is We wanted to try something from the bottom up, asking entrepreneurially minded individuals who had worked in our hotels or who were part of the local community to come up with new ways to do things.” Wolfgang Lindlbauer, Chief Discipline Leader, Global Operations at Marriott International “ * In full disclosure, Marriott International is a client of Fahrenheit 212
  25. 25. Key considerations for big companies Have you identified sustainable, winnable growth opportunities? Do you have platforms that will ground and inspire the innovations going forward? Are you set up to defeat the underdog? Have you considered the risk of investing versus not investing in innovation? Do you have a champion?Are the innovations in the pipeline solving the two-sided problem? Are you managing innovation like the experiment that it is? 01 0302 04 05 0706 25Big Entrepreneurship The Paradox of Scale
  26. 26. The Paradox of Scale Incubating Innovation Winning the Next Generation of Innovators The Rising Billion The Chief Innovation Officer, Redefined Big Entrepreneurship 01 02 03 04 05 26Big Entrepreneurship The Paradox of Scale As Managing Partner and Chief Growth Officer at Fahrenheit 212, Pete is responsible for driving growth for the firm and our clients’ businesses. With over 20 years spent working with Fortune 500 companies and private equity firms on a wide range of growth projects, Pete knows what it takes to create real innovation for companies and drive change in the marketplace. Since helping to launch the firm in 2005, Pete has been involved in more than 200 projects. Pete is committee to driving innovation across the corporate landscape and is a well respected thought leader. An active speaker, lecturer, and writer, Pete has been featured in publications including the Wall Street Journal, Financial Times, Harvard Business Review, Fast Company, Private Equity International, and Inc. About the author Pete Maulik Managing Partner, Chief Growth Officer pmaulik@fahrenheit-212.com
  27. 27. How to cook up meaningful innovation with an innovation lab Incubating Innovation
  28. 28. 7kAsinnovationhasbecomevirtuallysynonymous withgrowth,theurgencytoinnovatehassurged. Withthathascomeequalurgencyforcompanies todevelopinternalinnovationcapabilities. Everywhereyoulookthesedays,there’san announcementaboutanotherFortune500 companylaunchingsomeformofinnovationlab, hub,orincubator.IntheU.S.alone,thenumber ofinternalinnovationincubatorshasgrownfrom twelvein1980toanestimated7,000today. 28Big Entrepreneurship Incubating Innovation
  29. 29. The rallying cries have a common ring to them: Businesses ranging from The Guardian to CVS have described the intent behind their labs in the same way: We need to keep innovating in a constantly changing environment! Google’s Government Innovation Lab puts it this way: We need to innovate more often and more consistently! Staples Innovation Lab says: We need to become more nimble and respond more quickly to customer needs! The ethos of Staples’ lab is well embodied in their effort to hatch a digital wallet product in just 9 weeks, the fastest deployment in the company’s history. The rationale for these innovation labs and incubators is clear. The catch is that the success rates of these incubators are wildly varied from company to company. While there is PR value and cultural topspin in simply having an innovation lab, the point is not to garner press clippings. It is to build more powerful innovation pipelines and attractive ROI for the organization. 29Big Entrepreneurship Incubating Innovation December 2014 March 2015 Mastercard Innovation Lab Sephora Innovation Lab January 2015 June 2015 Google Innovation Lab For Government CVS Health Digital Innovation Lab June 2015 The Guardian Labs
  30. 30. 30 A great deal of the surging impetus to innovate is coming from the boardroom, but it doesn’t stop there. It’s true: boards tasked with long-term stewardship (and that have historically biased organizations to stick to the familiar) have adopted a healthy new nervousness about whether or not the businesses they’re watching over are changing fast enough. But the impetus is also bubbling up from the street through pronounced shifts in consumer demand. Driving Forces Big Entrepreneurship Incubating Innovation
  31. 31. 31 In an era when attention spans continue to get shorter and there is more willingness to experiment with new products and services, companies that once could milk a leadership position for years without trying very hard are now challenged to keep pace with escalating consumer expectations in better, more personalized, and more efficient ways. Driving Forces In this pursuit, technology is a double- edged sword for incumbent businesses. It is simultaneously opening new possibilities for companies to serve their customers and create new value while also propelling those customer expectations ever higher, making stable customer satisfaction an increasingly elusive thing. Big Entrepreneurship Incubating Innovation
  32. 32. Consumers want to connect beyond the purchase Engagement between company and customer has changed from a simple matter of messaging and purchase to a more fluid and context-specific set of thin and transient connective threads. This is why many labs aim their explorations of technology at creating new forms of customer engagement. Technology plays like iBeacons open up a whole new opportunity to get hyper-contextual with consumers. For healthcare providers, wearable fitness trackers enable a new level of understanding of individual lifestyle habits and behaviors. 3D printing allows for custom-created products to be made with unprecedented speed. Companies such as Levi’s are experimenting as well: Levi’s has partnered with Google to create “smart pants” that tell users when they have gained weight. Driving Forces CVS defines the goal of their Digital Innovation Lab as giving customers a connected health experience “when, where, and how people want.” 32Big Entrepreneurship Incubating Innovation
  33. 33. Expectations bleed from one experience to the next Driving Forces 33 Across industries, there are new consumer expectations around speed, responsiveness, and personalization. Uber is certainly a poster child for this dynamic. In the 6 years since Uber’s launch, it has leapt out from ride sharing to shape the future of how physical things are delivered on-demand. Uber’s success has inspired other innovators to mobilize their own equivalents in other verticals, and spawned the term “Uberfication” as a strategic encapsulation of the transformations they’re unleashing. Big Entrepreneurship Incubating Innovation
  34. 34. Driving Forces 34 for what is acceptable: the products and services that people interact with across other aspects of their lives do. Traditional RD practices of benchmarking new products against things just like them have to be called into question. The better framework is to evaluate new offerings relative to where life and meta-expectations are headed. You can now get errands (TaskRabbit), home cleaning (HandyBook), babysitting (Urban Sitter), vet services (BarkCare), deliveries (Shyp, Postmates), storage (MakeSpace) and even bodyguards (Bannerman) on demand with the tap of a few buttons. The permeation of these services has set expectations much further and wider than the scope of what each service directly offers, causing consumers to expect this same level of seamlessness anywhere. This cross-fertilization of expectations across thoroughly unrelated businesses seems to be playing out with unprecedented frequency and velocity. The result is a consumer whose expectations are not necessarily being driven by your direct competition. A poor user experience or lack of contextual sensitivity could be all it takes for them to move on. This is a big shift for companies to grapple with as direct competitors are no longer setting the bar Big Entrepreneurship Incubating Innovation Expectations bleed from one experience to the next
  35. 35. Since 2002, 52% of Fortune 500 companies have merged, been acquired, or gone bankrupt. The innovation imperative is heating up Driving Forces 35 Company leadership is anxious to prove their genuine commitment to innovation, while also producing ongoing results. A recent survey of senior executives conducted by Capgemini revealed that 65% face increased pressure to innovate. And with good reason: since 2000, 52% of Fortune 500 companies have merged, been acquired, or gone bankrupt. In addition, it is projected that 40% of Fortune 500 companies will be extinct in 10 years. As VentureBeat recently quipped, the way for big companies to compete with startups is to “innovate or die.” Or, said another way, the choice is simple. Disrupt or be disrupted. Big Entrepreneurship Incubating Innovation
  36. 36. Things will keep changing— keep up or be left behind Driving Forces 36 Innovation labs are an answer for many companies as a way to rapidly ignite once-moribund pipelines, foster a culture more conducive to innovation, and also attract talent and future innovation leaders. It is also a way to ensure the company is keeping pace with rapid and often unpredictable changes playing out in real time all around them. Technology is often at the heart of these changes. It is little wonder then that while 38% of the world’s top 200 companies have established innovation labs, and most of them are explicitly or implicitly focused on harnessing technology. For leaders, this isn’t just about stirring up innovation activity; it’s also about hedging against the omnipresent intangible threat of disintermediation from digital startups. 38% of the world’s top 200 companies have established innovation labs. Big Entrepreneurship Incubating Innovation
  37. 37. Innovation activity goes beyond the SKU Driving Forces 37 For many businesses, there is also a realization that these labs need to catalyze more than shiny new products, but a shinier new company—which manifests as impact on company processes, approaches, and culture. The desired end state is a virtuous circle where the lab is not only producing high-potential innovations ready to enter the company pipeline, but where the organization itself is sufficiently influenced by the brave work of the lab and more likely to rally around its outputs, driving them to market instead of into the ground. The hope is that inspiration and momentum become contagious and self-perpetuating. In the push to compete online, WalmartLabs has created small teams of “mini-startups” that work to solve specific challenges. This nimbler approach has led to the development of an internal search engine that drove a 20% increase in sales. Big Entrepreneurship Incubating Innovation
  38. 38. For innovation labs, that’s a lot of pressure to deliver to both the needs and expectations of consumers while also helping serve company requirements for growth and insulation in the face of less predictable change. An innovation lab can help push the company into new territories, reassure stakeholders, and entice consumers. But, how that lab is structured, funded, and run is critical to ensuring that it is able to deliver innovations that the organization can adopt while also meeting and foreseeing consumer demands. The key to ensure the success of your innovation lab is to ensure the fundamentals are clear. Here’s how we would frame those fundamentals. Taking Action 38Big Entrepreneurship Incubating Innovation
  39. 39. 02 01 Identify the problem the lab is there to solve Don’t mistake a symptom for a problem. Contrary to popular opinion, “my pipelines are barren” isn’t actually a problem; it’s a symptom of something else that’s broken—be it a flawed growth strategy, talent problem, or technology gap. Ensure the lab is designed to solve a core problem or it will fall victim to the same issues that bogged down other innovation efforts that came before. 39 Prioritize socialization Define the metrics Motivate your talent Don’t let the making overrun the thinking Bring in the right partners 03 04 05 06 Big Entrepreneurship Incubating Innovation
  40. 40. 03 02 04 05 06 01 Prioritize socialization Define the metrics Motivate your talent Don’t let the making overrun the thinking Bring in the right partners Identify the problem the lab is there to solve 40 What’s measured matters. Is the primary focus of the lab on driving strategy, revenue, adding capability, or attracting talent? Ensure there is clarity on the goals and metrics for what the lab will measure will be judged against. The count of colorful sticky notes and tattoos in the lab aren’t the metrics that will give it staying power. Big Entrepreneurship Incubating Innovation
  41. 41. 03 02 04 05 06 01 Prioritize socialization Define the metrics Motivate your talent Don’t let the making overrun the thinking Bring in the right partners Identify the problem the lab is there to solve 41Big Entrepreneurship Incubating Innovation If you keep opening the oven to see if the muffins are cooked, they never actually cook. The lab needs runway to explore and develop ideas without hordes of company stakeholders looking in. But working in isolation can reduce the odds of incubated ideas successfully re-entering the business. Successful labs make smart choices about when to socialize, what to socialize, with whom, and how often.
  42. 42. Designing the careers of the talent in the lab is as important as the working process, because without world-class talent, you’ll never have a world-class lab. A key piece of this is defining performance metrics and incentive schemes for lab staff. The incentive scheme put in place is essential to having an entrepreneurial culture and behavior take root within the lab. 03 02 04 05 06 01 Prioritize socialization Define the metrics Motivate your talent Don’t let the making overrun the thinking Bring in the right partners Identify the problem the lab is there to solve 42Big Entrepreneurship Incubating Innovation
  43. 43. Find the balance between developing the right strategy and building. The rush to start prototyping can divert attention away from big, unanswered questions around the strategic and commercial value of an idea. A great feature set or sexy UI on a bad idea is just a more enjoyable bad idea. Make sure you understand how the idea will meet customer demands while also supporting the business first. 03 02 04 05 06 01 Prioritize socialization Define the metrics Motivate your talent Don’t let the making overrun the thinking Bring in the right partners Identify the problem the lab is there to solve 43Big Entrepreneurship Incubating Innovation
  44. 44. 03 02 04 05 06 01 Prioritize socialization Define the metrics Motivate your talent Don’t let the making overrun the thinking Bring in the right partners Identify the problem the lab is there to solve Great labs run lean. They may not need a certain skillset full-time, but knowing when to bring in specialized help in key moments will ensure more effective problem solving while containing the head count in the lab. The skill sets of external partners are widely varied, so when outside expertise is needed, make sure you are clear on where you are in the journey and which capabilities are best suited to that stage. 44Big Entrepreneurship Incubating Innovation
  45. 45. For the talent in the lab, is it an outpost or a durable career path? When do I need to strategize, and when do I need to build? What are the lab’s measurable goals and deliverables? What’s the relationship between the lab and the company’s growth strategy? What problem is my innovation lab really trying to solve? 01 0302 04 05 45Big Entrepreneurship Incubating Innovation Key considerations for big companies
  46. 46. 46Big Entrepreneurship Incubating Innovation The Paradox of Scale Incubating Innovation Winning the Next Generation of Innovators The Rising Billion The Chief Innovation Officer, Redefined Big Entrepreneurship 01 02 03 04 05 As Co-Founder and President of Fahrenheit 212, Mark has spearheaded innovation projects for Fortune 500 companies, emerging businesses, and private equity firms. He is the architect of the firm’s Money + Magic philosophy, its outcome-based business model, and its breakthrough Two-Sided Innovation Method of fusing analytical commercial strategy with user- centered creativity. He is a front-line innovator shaping new product and service pipelines for the world’s greatest companies. Mark’s insights on how innovators, from big organizations to startups, can transform the odds of innovation success rates are captured in his book, How to Kill a Unicorn, with behind-the-scenes stories from the firm’s work with the likes of The Coca-Cola Company, Samsung, Procter Gamble, and GE. About the author Mark Payne Founder, President mpayne@fahrenheit-212.com
  47. 47. How to attract, engage, and retain Millennial talent Winning the Next Generation of Innovators
  48. 48. 20Asageneration,therehasn’tbeenanagegroup asdisruptiveastheMillennialssincetheBaby Boomers.Theyhavedifferentexpectationsof theworldandusecompletelynewplatformsto mobilize,communicate,andcreate.Ofcourse companieswanttoengagewithagroupthatis abouttooutspendtheBabyBoomers,evenwhen only20%ofthegenerationhasreachedtheir peakearningyears.Andtheyaren’tjustcreating trends,theyarecreatingentirenewindustries. 48Big Entrepreneurship Winning the Next Generation of Innovators
  49. 49. Yet, many established brands are failing miserably at sustaining Millennial interest. For companies looking to bring on the next generation of innovators, they will need to become more innovative and quickly prepare to attract this new workforce. Innovation is imperative for revenue growth, but it’s also hugely important for attracting and retaining talent. The longer-term dimension of innovation is the need to maintain a culture of innovation by bringing new innovators in that can continue to evolve the business. To do so, companies need Millennials on their teams. That “lazy, entitled, selfish” generation of workers is quickly becoming a company’s most important asset: attracting the rising generation of talent is necessary for businesses looking to stay relevant into the future. For established companies, this can be a daunting task: Millennials notoriously prefer startups to corporate environments, and appealing to their work culture would mean drastically changing one’s own. How does a large company appeal to the Millennial workforce when 72% of Millennials already want to be their own boss? And with 78% of Millennials stating they are influenced by how innovative a company is when deciding if they want to work there, innovation has become necessary to attract and retain a talented workforce in the future. 49Big Entrepreneurship Winning the Next Generation of Innovators
  50. 50. Millennials grew up more connected to technology, are a more diverse group, are more educated, and are also starting out their lives with higher average debt than generations before them. A unique set of influences impacts their expectations and habits. It’s been easier for businesses to brand Millennials as spoiled and entitled than make the difficult changes that will be required to draw them in. But, Millennials have just become the largest segment of the workforce. The challenge has already changed from “what will we need to do” to “how do we get them here?” Driving Forces 50Big Entrepreneurship Winning the Next Generation of Innovators
  51. 51. 51Big Entrepreneurship Winning the Next Generation of Innovators The journey matters more than the destination Driving Forces Despite the stereotypes, Millennials actually stay with their employers longer than Generation X workers did at the same ages. They are also more educated than any other generation before them. All of these factors have massive implications on their expectations of work and the role that work plays in their lives. They expect work to be more fulfilling, to help them grow, and for the company to give back to them the passion and dedication that they give to it. Stop defining careers by the next promotion and consider the entire journey required to grow them into that next role.
  52. 52. It is designed to avoid allowing “HiPPO” (Highest Paid Person’s Opinion) to inhibit innovation while also providing employees with the tools and empowerment to share ideas. The results have included Amazon’s shopping cart recommendations, which was rolled out despite a HiPPO who didn’t believe in it. 52Big Entrepreneurship Winning the Next Generation of Innovators There is big value in learning Driving Forces Only 12% of Millennials in North America put an emphasis on being wealthy in life. Yet, 52% of them prioritize growing and learning new things. They consistently prioritize personal growth and a successful career over being wealthy. Companies must embrace this shift in prioritization and become teaching organizations. Provide constant training and leave room for personal development. Not only can this training make them more productive employees, but it can also teach them to better develop and support innovative ideas. Amazon’s data-driven culture encourages employees at all levels to improve the company through customer insight.
  53. 53. 53Big Entrepreneurship Winning the Next Generation of Innovators Gone are the days of the suit, office, and regular hours Driving Forces To Millennials, traditional workplaces stifle their creativity and sense of individuality. However, the workplace can also enable mentorship and guidance. 79% of Millennials want their boss (if they absolutely have to have one) to be a coach or mentor, which can set them on the path towards great leadership.
  54. 54. Unlike past generations, they also actively resist the suit-and-tie culture and that dreary 9-to-5. In fact, self-employment rose 24% between 2003-2013. Not everyone can be making millions in a t-shirt in a Silicon Valley garage, but large companies can harness that spirit, that casual ingenuity, and collaborative work ethic in their offices. 88% of Millennials insist on collaboration over competitiveness in their work culture, which defies the very cornerstone of business culture built by Baby Boomers. 54Big Entrepreneurship Winning the Next Generation of Innovators Gone are the days of the suit, office, and regular hours Driving Forces 88% of Millennials insist on collaboration over competitiveness in their work culture.
  55. 55. 55Big Entrepreneurship Winning the Next Generation of Innovators Collaboration is tearing down cubicle walls Driving Forces Millennials want to be able to suggest new products to companies, and they should be given that kind of access with the proper nurturing. They want feedback, but they also want to be a contributing voice in the company’s future. The Ritz-Carlton brings their hotel staff into their innovation process, providing each staff member a “preference pad” that they carry with them to write down observations from studying guest habits so that they can help better meet guest needs. One new service launched as a result was a debit card for children of guests to use in properties when they are not with parents.
  56. 56. 56Big Entrepreneurship Winning the Next Generation of Innovators New workplace demographics highlight lack of diversity Driving Forces Millennials are more critical of layers of management and operational structures. They are also more conscious of lack of diversity because of their inherent diversity. Another major change is the role of women in the workforce: Millennial women have more education than men, and their rising professional aspirations have put their ambitions on par with their male peers. As these changes in employee demographic become more pronounced, there is no more critical time to ensure that employers consciously address very real issues such as the gender pay gap and workforce diversity. Deloitte recently revealed that one out of five Fortune 1000 organizations still have no formal diversity efforts structured (nearly half of respondents saying they’re “too busy”); unsurprisingly, talent gravitates towards entrepreneurial companies such as Facebook and Netflix who are consciously addressing policies to reflect the realities of the modern workforce. With Netflix’s new unlimited parental leave policy for new parents, they are setting a standard that will see other forward-thinking companies follow.
  57. 57. Nadira Hira, author of the forthcoming book, Misled: How a Generation of Leaders Lost the Faith (And Just What You’ll Need to Get It Back) “Foster a culture that mirrors what start-ups do best: be the kind of place that evaluates constantly and stays ready to react when big challenges or possibilities present themselves. Encourage ideas, empower employees, hire high-energy managers — 57Big Entrepreneurship Winning the Next Generation of Innovators
  58. 58. 58Big Entrepreneurship Winning the Next Generation of Innovators An entrepreneurial culture does not happen by accident Driving Forces Employees get 20% of their time to spend on personal projects that align themselves with the objectives of the company. A great opportunity for the employee, 20% time has also been equally as rewarding for the company. Gmail, the email service that almost 1 billion people use, is a product that came out of 20% time. Rajen Sheth pitched the idea not after spending 10 years in the company, but at his interview. With the help of mentors and peers, Sheth was able to develop Gmail initially as a side project under the codename “Caribou.” The result is one of the most important and successful services that the company offers. Mature organizations that grew from startups have built themselves to be more flexible, creative, and collaborative. As they grew, that culture had to be purposefully maintained. Not surprisingly, Google is the number one company that Millennials want to work in. The benefits that attract employees revolve around a great culture of innovation, including their 20% time policy. Giving employees the equivalent of one work day a week to spend on personal projects may sound crazy to most business leaders, but the reality is that the flexible, creative time works to their advantage.
  59. 59. 59Big Entrepreneurship Winning the Next Generation of Innovators Incentives must go beyond the cash bonus Driving Forces Like with other aspects of their lives, Millennials are looking for experiences. So while cash bonuses and fiscal rewards have worked well as incentives in the past, Millennials are looking for slightly more creative set of incentives and perks from employers. They want their employers to also offer them experiences, learning opportunities, and fresh perspectives. Tony Hsieh, CEO of the billion-dollar online retailer Zappos has always been known for his zany office antics, but in 2013 he took things to the next level by establishing his company as a “Holocracy,” that is, a self-governing operating system where there are no job titles and no managers. His radical experiments with company culture may not be for everyone, but Zappos remains featured as one of Forbes’ Best Companies to Work and is projected to generate $97 million in profit in 2015.
  60. 60. 60Big Entrepreneurship Winning the Next Generation of Innovators Technology is a cornerstone for collaboration Driving Forces For this tech-savvy generation, a Jetsons-like office isn’t necessarily the answer. However, technology has facilitated personal interaction and collaboration for a large part of this generation’s lives. Millennials have almost always had a way of being constantly connected to each other. In the 90s, it was AOL Instant Messenger and email. Today, it’s any combination of SMS, Facebook Messenger, Snapchat, WhatsApp, Line, or Twitter. These constant streams of communication are a basic expectation for the way they live the rest of their lives. This trend is hitting desks (and coffee shops and apartments) through new professional services that help streamline and enable remote workplace collaboration, such as Slack, WeWork, and Box.
  61. 61. 61Big Entrepreneurship Winning the Next Generation of Innovators Technology is a cornerstone for collaboration Driving Forces Across fields, the move towards more lean and agile approaches is changing the ways Millennials prefer to work. Slack is being positioned as the “email killer,” which aims to take employees out of Outlook (and a range of other services) to focus on connecting with each other more efficiently and effectively. Looking to take on PowerPoint, Bunkr is a presentation tool that enables any visual content to be collected and simply organized through a web app. Even in the digital product development realm, services like InVision make it easier to show ideas and prototype on the fly; long gone are the days of doing a big reveal of the concept at the end.
  62. 62. Taking Action A new approach to attracting, developing, and retaining this and future generation of employees is inevitable. But it isn’t impossible. 62Big Entrepreneurship Winning the Next Generation of Innovators
  63. 63. 63Big Entrepreneurship Winning the Next Generation of Innovators 01 A good paycheck is not on its own a big enough carrot. Millennials are seeking a meaningful experience in their work. Leverage the workforce to help improve processes and contribute to company growth. The company will gain fresh perspectives while employees will gain experience and feel engaged. 03 Value results over tenure Set Millenials free Help your talent grow 02
  64. 64. 64Big Entrepreneurship Winning the Next Generation of Innovators Mentorship, education, and travel are some of the most sought after methods of personal growth, but the inherent quality in each of these methods is flexibility. The 9-to-5 job is a tired formula, particularly for future generations who expect to be constantly connected and able to communicate and collaborate freely. To accommodate this need while still encouraging productivity, give Millennials concrete targets and clear timelines, but don’t stress about the tactics they employ. Provide them with collaboration tools and the means to work remotely, with global teams, and more effectively. 03 02 01 Value results over tenure Set Millenials free Help your talent grow
  65. 65. 65Big Entrepreneurship Winning the Next Generation of Innovators 03 02 01 Value results over tenure Set Millenials free Help your talent grow Career advancement has historically been driven by seniority and length of service to the company. Millennials take on a completely different mindset, championing results over tenure. Help your company battle HiPPOs by rewarding for results, not time. As Millennial workforce expert Nadira Hira advises: “make your Millennials feel like partners in that mission; there’s nothing we won’t do—from putting in crazy hours to turning down great offers elsewhere—when we have a sense of ownership.”
  66. 66. Do we have the right metrics in place for measuring impact and growth? Do we have the mechanisms in place for promoting personal and professional growth? What does our entire employee journey look like? Why do certain office protocols exist? Do they need to? Do we have a problem with HiPPO syndrome? 01 0302 04 05 66Big Entrepreneurship Winning the Next Generation of Innovators Key considerations for big companies
  67. 67. The Paradox of Scale Incubating Innovation Winning the Next Generation of Innovators The Rising Billion The Chief Innovation Officer, Redefined Big Entrepreneurship 01 02 03 04 05 67Big Entrepreneurship Winning the Next Generation of Innovators Mary connects with innovators on a global scale to create and share Fahrenheit 212’s stories. As a Millennial, social media advocate, and writer, Mary helps drive conversations and offer insight on innovation with various global audiences. She has harnessed the power of social media to communicate with journalists overseas as well as translate and fact check breaking news. In addition to her role at Fahrenheit 212, Mary also writes frequently for travel and culture publications [wherever] magazine and Warscapes. Her love of writing has allowed her to travel to over thirty countries as a researcher and journalist. Thanks to social media, she continues to bring people and ideas together on the web. About the author Mary von Aue Content Manager mvonaue@fahrenheit-212.com
  68. 68. How multinational businesses can keep up with the new global consumer The Rising Billion
  69. 69. 3x Emergingmarketeconomiesareexpectedto grow threetimesfasterthandevelopedones overthenextfewyears.Theseconsumersfrom Asia,Africa,andSouthAmericaarearrivingin theglobalmarketplace,enabledbytechnology andinspiredbyexposuretothebrandsweall knowsowell.Theyaredrivenbyadesiretolive thelifestylethey’veseenstreamingthrough theirTVsetsandsmartphones. 69Big Entrepreneurship The Rising Billion
  70. 70. 70Big Entrepreneurship The Rising Billion The emerging middle class is ambitious and aspirational, and they are compelling businesses that have traditionally underserved developing markets to action. This market has seen a major shift, from aid-givers pouring money and resources into charity work to platforms that bring together local expertise, organizations, and money to deliver home-grown solutions that are scalable and deliver long-term impact. Unlike the non-profit model, these enterprises have the commercial acumen, financial resources, and brand reach to build and sustain their innovation platforms. Multinationals are quickly becoming significant players in the world of social innovation as they come to terms with the massive opportunity that lies in solving challenges in developing markets. But, introducing innovations that truly help those in need while ensuring they’re self-sustaining requires an approach that looks at the Rising Billion as customers and their own role as more than Corporate Social Responsibility or charity. They need to solve for both commercial and consumer needs, which is the bedrock of the two-sided approach to innovation. Disruptive innovation typically happens at the intersection of constraints and a compelling need. Because of this, markets at the end of the socio-economic spectrum are prime for disruption and growth. As this consumer group strengthens its spending power, it is also developing products and services that have the ability to not only disrupt—but replace—how business happens elsewhere. Leading this imperative are four major opportunities for business.
  71. 71. 02 01Future customers are at stake. The emerging middle class in BRIC countries is expected to add US $3.3 trillion to their consumer spending by 2020, and improving infrastructure and technology have lowered the barriers for these consumers to get access to basic necessities for survival. Facebook’s investment in world connectivity under the initiative Internet.org is equal parts virtuous and sensible. Two-thirds of the world is not connected to the internet, which means that they don’t have the same access to learn, enjoy, and socialize that the rest of the developed world has. It also means that until this is solved, two-thirds of the world will not have access to use Facebook. Reverse innovation can build advantage in mature markets. The challenges and constraints of developing markets can provide solutions and insights that can improve and innovate products with global appeal. For instance, GE Healthcare built a portable, ultra-low cost, battery operated, easy-to-use, electrocardiograph machine built for doctors in India and China that is now disrupting the global market. Sold in over 90 countries, the machine is 80% cheaper than similar products in developed markets like the U.S. 71Big Entrepreneurship The Rising Billion “People actually confuse Facebook and the internet in some places.” Sheryl Sandberg Chief Operating Officer, Facebook
  72. 72. 04 03 72Big Entrepreneurship The Rising Billion Social responsibility impacts global reputation. In addition to building credibility for companies around their global mission and role in society, social responsibility is important for attracting the next generation of innovators into a company’s workforce. Particularly with younger generations, 62% of Millennials want to work for a company that makes a positive impact on the world. Half of Millennials would prefer working at a company that has a mission that they believe in over a higher salary. Big problems have big markets. There are untapped and unsolved markets for global challenges. Annually, US $54 billion is spent to provide basic education in 46 low income countries globally. Even with the success of M-Pesa, over 2.5 billion potential customers worldwide don’t use or have easy access to financial services or banks. Launched by Vodafone, M-Pesa is the most successful mobile phone based financial service in the developing world, and as of 2012, 17 million M-Pesa accounts had been registered in Kenya alone. In addition to giving millions of people access to financial services, it has also contributed to the reduction of crime in a society that has otherwise been cash-based.
  73. 73. 73Big Entrepreneurship The Rising Billion As many multinationals have learned the hard way by not following a two-sided innovation approach, it does not simply work to take a successful innovation from a developed market and drop it into an emerging one. From education and healthcare to hygiene and clean water, developing economies represent multi-billion dollar markets and areas for huge impact. These emerging consumers are as diverse as they are large. Yet while they vary geographically, culturally, in religion, and in language, there are some shared fundamental environmental and emotional needs. Driving Forces
  74. 74. 74Big Entrepreneurship The Rising Billion This is an aspirational group Driving Forces They do not want cheap things; they desire the affordable version of the essentials they have seen other consumers access. When Unilever entered developing markets, they met this need by recognizing that the typical consumer could not afford to buy the full-size version of a product, but they were willing to buy single-use sachets of popular products at much cheaper prices. This approach later proved successful for declining markets as well, such as Greece and Spain.
  75. 75. 75Big Entrepreneurship The Rising Billion Family matters Driving Forces Around the world, multi-generational households are still the norm. Every purchase made attributes to household wealth accumulation, so those decisions are made collectively.
  76. 76. 76Big Entrepreneurship The Rising Billion Every item is used until it breaks Driving Forces To avoid wastage and often because of the size of the investment, people will use products over and over until it can no longer function. Ink cartridges will be locally refilled and disposables such as plastic bottles and diapers are constantly reused.
  77. 77. 77Big Entrepreneurship The Rising Billion Women’s roles are evolving Driving Forces While the role of women in these markets has evolved, it remains complicated; often despite being primary breadwinners they aren’t heads of the household. While education and economic growth are all contributors to change, new models like Coca-Cola’s Splash Bar are empowering women to sell products that were previously out of reach. By providing a kiosk where women can sell various serving sizes of Coca-Cola, Splash Bar enables women to sell products where many locals may not have been able to afford an entire bottle. * In full disclosure, Coca-Cola is a client of Fahrenheit 212
  78. 78. “BlogHer The [Splash Bar] kiosk becomes a kind of community center where locals gather, and the woman is not far from her home. It’s this baby-step approach that stays with me most: And in a country with long-held gender roles and expectations, this is perhaps a smart strategy: Move forward by evolution, not revolution. All of these programs are nudging progress ahead at a pace the communities can accept. 78Big Entrepreneurship The Rising Billion
  79. 79. Note: US data from Pew Research Center Surveys Source: Spring 2014 Global Attitudes survey. Q66 PEW RESEARCH CENTER Cell phone penetration in Africa (%) 100% 50% 0% Cell phone penetration 2002 2007 2014 Year United States 89 South Africa 89 Ghana 83 Kenya 82 Tanzania 73 Uganda 65 64 33 10 10 9 8 79Big Entrepreneurship The Rising Billion The speed of change is more rapid Driving Forces The speed of technological change is enabling consumers to leapfrog from technologies and systems that have been the standard of operation for the developed world. Because there are few existing infrastructure constraints, the speed of adoption and change in emerging markets can be much more rapid than in developed ones. For instance, in Africa, landlines never hit critical mass, enabling consumers to move straight to mobile phones.
  80. 80. 80Big Entrepreneurship The Rising Billion It’s not just low income, it’s also volatile income Driving Forces Because this consumer is unlikely to be earning a steady paycheck, business models cannot just account for affordability; they have to expect inconsistency in payment and purchase. With increased wealth volatility in developed markets, this may be a new normal for businesses to have to address globally. Building materials company, Cemex, addressed this by providing products on credit to help consumers finish building their houses and avoid the waste of raw material.
  81. 81. 81Big Entrepreneurship The Rising Billion Customer journey planning must be end-to-end Driving Forces Businesses will have to think beyond the sale and find ways to integrate with the behaviors and lifestyle of consumers. From training and education to reuse and next purchase, brands will need to help consumers understand the benefits and how to get the most out of the product or service. In India, e-commerce has taken off because of cash-on-delivery models, which enable avoiding the need for consumers to pay in advance via credit card, which has low penetration and little trust.
  82. 82. It’s clear that the challenges emerging markets face are not just for non-profits and aid agencies to solve. In fact, businesses are very well positioned to address these challenges in a manner that will have bigger and more sustainable consumer impact while also improving their bottom line. However, to ensure they do both, companies must take a two-sided innovation approach. Drawing from an understanding for consumer and commercial requirements, businesses entering this market must do the following. Taking Action 82Big Entrepreneurship The Rising Billion
  83. 83. Tap into aspiration01 Make products more affordable while still providing full value. As the 3rd largest smartphone distributor, Xiaomi has quickly captured the Asian market with smartphones that compete with the iPhone, but at around one third of the price of one. 83Big Entrepreneurship The Rising Billion Be prepared for customers to hack your products 03 02 04 Build for a lifetime Engage the entire family Don’t assume one size-fits all 05
  84. 84. Engage the entire family02 01 Big buying decisions affect everyone, so take into account how the product or service will impact the family, not just the individual. In Argentina, 77% of people over the age of 65 live with family. In India, while this number is declining in Urban areas, 60% of households are multigenerational in rural areas. 84Big Entrepreneurship The Rising Billion Tap into aspiration Be prepared for customers to hack your products 03 04 Build for a lifetime Don’t assume one size-fits all 05
  85. 85. Build for a lifetime Engage the entire family 03 02 Tap into aspiration01 Commit to developing products and services that are meant to last and withstand multiple uses, because it will be used and reused anyway. BOP consumers in Latin America are careful in their use of diapers. They use one or two changes per day compared to the five or six changes per day common among the top of the pyramid consumers. Because they can afford only one or two changes, they expect a higher level of absorbency in the diapers and an improved construction of the diaper that will accommodate additional load.” Excerpt from Fortune at the Bottom of the Pyramid: Eradicating Poverty through Profits by C.K. Prahalad 85Big Entrepreneurship The Rising Billion Be prepared for customers to hack your products 04 Don’t assume one size-fits all 05 “
  86. 86. Build for a lifetime Engage the entire family Be prepared for customers to hack your products 03 02 04 Tap into aspiration01 Expect that consumers will customize products to fit their unique needs. Instead of locking things down, find ways to create mechanisms for enabling customization or supporting it. In India, car batteries are often converted into backup power sources, giving rise to companies such as Su-Kam, which develop power backup solutions and are now moving into solar. 86Big Entrepreneurship The Rising Billion Don’t assume one size-fits all 05
  87. 87. Be prepared for customers to hack your products Don’t assume one size-fits all 03 02 04 05 01 Take the time to understand and localize to each culture and their unique needs. McDonald’s customizes menus to meet local preferences, serving a lamb burger in India, and using rice instead of bread buns in Asia. Because of how well McDonald’s localizes, The Economist has created the Big Mac Index to gauge currency exchange rates. 87Big Entrepreneurship The Rising Billion Build for a lifetime Engage the entire family Tap into aspiration
  88. 88. 01 02 05 03 Are we designing our products and services with a full understanding of how they will be used in context? Do we truly understand the needs and desires of the market we are entering? Are we tapping into the aspirational nature of this demographic? Have we localized to the unique needs of each culture and market? 04 Do we understand the broader ecosystem we exist in and how we fit in it? 88Big Entrepreneurship The Rising Billion Key considerations for big companies
  89. 89. The Paradox of Scale Incubating Innovation Winning the Next Generation of Innovators The Rising Billion The Chief Innovation Officer, Redefined Big Entrepreneurship 01 02 03 04 05 Sid is an Engagement Manager with Fahrenheit 212’s Commercial Strategy team. Originally from India, Sid brings with him a passion for building businesses and developing breakthrough innovations that solve big problems. He has worked with both Fortune 500 companies and entrepreneurs to develop and launch innovation programs. Sid’s career started at Citi in London on their Mergers Acquisitions team. He also launched his own brand of healthy yogurt smoothies in the UK, modeled after popular Indian lassi drinks, which were sold in Whole Foods Market as well as Waitrose and Ocado. Prior to joining Fahrenheit 212, Sid was India Program Director at STIR Education, an incubator of grassroots micro-innovators in education. As a Senior Strategist on Fahrenheit 212’s New Business team, Eric works to pair Fahrenheit’s innovation capabilities with companies seeking sustainable, profitable growth. Eric was a founding member of Ruder Finn’s RF Radius, the agency’s integrated communications and marketing arm, which drove a four-fold increase in practice revenue and headcount in just twelve months. Eric has led engagements with Fortune 500 companies across financial services, food beverage, healthcare, and technology, to craft and execute global campaigns that delivered tangible results. 89Big Entrepreneurship The Rising Billion About the authors Siddharth Singh Engagement Manager ssingh@fahrenheit-212.com Eric Turkington Senior New Business Strategist eturkington@fahrenheit-212.com
  90. 90. How to hire a CINO that can build lasting innovation capabilities The Chief Innovation Officer, Redefined
  91. 91. It’sapositionbornoutofarealorganizationalneed, anditisintendedasthebestwayforacompanyto institutionalizeinnovation.Butasitstandstoday,the ChiefInnovationOfficer(CINO)roleisthebestway foragoodexecutivetogetfiredwithin24months. 91Big Entrepreneurship The Chief Innovation Officer, Redefined
  92. 92. The urgency to innovate better, faster, and more consistently has led many companies to look for a leader to help drive innovation. With one in five executives touting innovation as their top priority, they are in need of a captain to help guide the organization through turbulent times: a rapid rise in ways to source innovation, technological advances, potential disruptive new entrants, and complex internal politics. The result has been the development of a Chief Innovation Officer (CINO) role. In fact, 43% of large organizations already have a formally accountable innovation executive in place. However, as with nascent roles before them (such as the CTO role in the dot-com era), this role suffers from a lack of proper definition. The creation of the CINO position may signal the company is ready to institutionalize change and growth, however poor role definition risks wasting time, resources, and ultimately the career path of a high-potential executive. Wall Street Journal 43% of executives who responded to the survey said their companies have an innovation executive, compared with 33% last year. Yet 58% of those companies said they did not have an innovation strategy. In other words, for many companies the title of chief innovation officer is mostly for show. It’s like a new toy. Company boards feel that they ought to have one. They just aren’t sure what to do with it.” “ 92Big Entrepreneurship The Chief Innovation Officer, Redefined
  93. 93. Experience in commercial innovation teaches that a CINO role succeeds or fails based not on the hire, but on the structure and strategic intention that surrounds it. Before accepting resumes, know that a CINO job description should outline a capability; it is not simply a wish-list for company growth. As such, start by avoiding the critical mistakes that commonly sink CINOs. Driving Forces 93Big Entrepreneurship The Chief Innovation Officer, Redefined
  94. 94. 94Big Entrepreneurship The Chief Innovation Officer, Redefined The CINO needs a dedicated budget Driving Forces A company’s in-place operating budget can be the enemy of innovation. The operating budget, well… operates. It presupposes function-specific solutions (marketing, merchandising, etc.) before a problem or growth challenge is properly identified. So when a new consumer behavior arises, such as Millennials becoming socially conscious shoppers, the organization is unable to react with agility. Budgets have been set, and problem-solving projects “take” from each fiefdom’s precious resources. Without a dedicated budget, your CINO will spend a majority of his or her time “selling” projects internally and fighting for scraps of funding. Put another way: you wouldn’t buy a car without fueling it. Don’t hire a CINO without a dedicated innovation budget to empower them to act.
  95. 95. 95Big Entrepreneurship The Chief Innovation Officer, Redefined Cultural change is not a realistic ask Driving Forces Are you expecting the CINO to change your culture? Don’t. The fact is that the CINO cannot, and should not, change the culture of an organization. No amount of open ideation competitions, workshops, or awkward trust falls on earth can meaningfully shift a company culture. While CINOs can help create more innovation activity, creating a “culture of innovation” is not actually within the power or remit of the CINO. Culture is driven by the CEO and his or her team and is determined by what is rewarded, valued, and how resources are spent across an organization. It is incredibly tempting to write “create a culture of innovation” as part of the CINO’s job description. Cross it off, just as you would anything else he or she can’t control or really influence.
  96. 96. 96Big Entrepreneurship The Chief Innovation Officer, Redefined Support must come from the inside Driving Forces Innovation does not happen in a vacuum, and without the attention and buy-in of key internal stakeholders, re-entry of an idea into the organization can’t succeed. In addition to C-suite champions, every CINO will require some dedicated percentage of time from someone in every major business unit. Each in-unit representative will help the innovation team navigate the business, facilitate information flow, and contribute to initiatives. These representatives are formally accountable to the CINO and the CINO to them. Having clear metrics and lines of reporting help enable this collaboration, be that between digital, marketing, RD, sales or a combination of teams.
  97. 97. “Harvard Business Review 97Big Entrepreneurship The Chief Innovation Officer, Redefined Increasingly, companies are embracing collaboration as part of their strategy to grow, by cross-selling products to existing customers and innovating through the recombination of existing technologies. across sales offices, business units, sales, product development, and marketing.” But this won’t work unless employees work effectively across silos —
  98. 98. 98Big Entrepreneurship The Chief Innovation Officer, Redefined The ideas are the easy part Driving Forces The CINO is not an ideas collector. In fact, sourcing ideas is hardly ever the problem. The challenges lie in tasks such as defining what a “good” idea looks like, choosing which ones to bring to life, how to make them ownable and defensible, and prototyping and implementing. If you are hiring a CINO to run innovation competitions and collect ideas, perhaps a better investment is in good collaboration software. Quirky, one of the best crowdsourcing platforms, has begun shutting down despite having raised $150MM in venture capital and a small army of top-tier innovation and design talent. Ultimately, idea sourcing, and even the great directional data it can produce, is just one input to the CINO’s role, as is research, market analytics, business planning, and RD.
  99. 99. 99Big Entrepreneurship The Chief Innovation Officer, Redefined A better job description for the Chief Innovation Officer We need a better job description for the Chief Innovation Officer. Before starting to re-write it, let’s understand what we should truly be asking of a CINO.
  100. 100. 100Big Entrepreneurship The Chief Innovation Officer, Redefined Bring the outside in The CINO is the eyes and ears of the organization, looking beyond the company’s own data. A CINO should seek to generate cross-category insight, pulling inspiration for growth from beyond the organization and its core industry. The seeds of solutions to healthcare problems can be inspired by what’s happening in financial services; the best new consumer experience for physical retail could emerge from new behaviors around digital couponing. In bringing on a CINO, you are not simply hiring a “big thinker”—you are hiring a detective, a curious problem-solver looking for signals and patterns to pursue, with the ultimate goal of readying the organization to address them. In parallel, this outside-in orientation requires evaluating and bringing in third-party problem solving capabilities when needed. The CINO must recognize and quickly be able to deploy skills such as research, innovation strategy and product and experience development, and design and prototyping to accelerate innovation initiatives. 01 Define innovation portfolio metrics Cross-functional, creative problem solving 03 02 Develop innovators, not just innovation 04
  101. 101. 101Big Entrepreneurship The Chief Innovation Officer, Redefined Think of the CINO not as the source of the “new,” but as the builder and operator of an organization’s problem-solving engine. A “problem” in this case can include a growth challenge (e.g. step-changing the mobile experience or increasing average spend per visit), just as it can represent an institutional weakness (e.g. improve customer service or separate from a competitor). This requires pursuit of the C-Suite’s top-down strategic priorities while also becoming the strategic think-tank for the specific challenges of company divisions. Cross-functional, creative problem solving 02 Bring the outside in01 Citi Ventures, in this model, has the mission of accelerating innovation at scale “by merging Citi’s strategic initiatives with the best of the entrepreneurial ecosystem.” The arm helps partner with the different businesses at Citi to test, pilot, and commercialize new solutions while also investing in and solving for major challenges relevant to the broader business. The result has been the successful introduction of several innovative pilots and proofs-of-concepts, ranging from big data to security, across various business units at Citi. Develop innovators, not just innovation 04 Define innovation portfolio metrics 03 * In full disclosure, Citi is a client of Fahrenheit 212
  102. 102. 102Big Entrepreneurship The Chief Innovation Officer, Redefined Institutional learning is a purposeful and valuable byproduct of innovation initiatives. An often-overlooked component of the role, CINOs must define, manage, and socialize this learning for the broader organization. By considering innovation initiatives as experiments, best practice also requires that the CINO clearly outline what metrics will inform subsequent decisions. When launching a new in-store experience for a big-box retail chain, how will the company measure success? Is it ROI, an NPS score, or is it confidence that the CINO has found a consumer insight against which the company can invest? The difference is critical, not just for project success but the CINO’s own track record and credibility within the organization. Many failed and fired CINOs have suffered not from lack of ability, but from lack of properly defined measures of success. Since the CINO owns the innovation portfolio, they also control the metrics for what must to be met in order to release funding for the next phase of a project. Their responsibility is to test and learn across several experiments to optimize how and where funding and resources are deployed in order to make better, smarter bets in the long-term. Define innovation portfolio metrics Develop innovators, not just innovation Cross-functional, creative problem solving 03 04 02 Bring the outside in01
  103. 103. 103Big Entrepreneurship The Chief Innovation Officer, Redefined Innovation is a discipline. Innovators can be found, hired, and their skill sets can be cultivated and developed. The CINO is responsible for the presence (or lack) of this skill set within the business units and standalone innovation groups. This role is not about discovering the next wild thinker, but instead focusing on nurturing and enabling innovation capability development. The CINO should assemble a diverse team that blends analytical, deductive reasoning with creative thought and inductive leaps. The only way the CINO’s team improves is by taking on multiple projects—with each initiative growing the topline as well as the company capability itself. Find a CINO that can recognize and recruit for entrepreneurial passion within the organization. If building and nurturing an innovation skillset isn’t part of the CINO’s job description, it simply won’t develop beyond the one executive. Define innovation portfolio metrics Develop innovators, not just innovation Cross-functional, creative problem solving 03 04 02 Bring the outside in01
  104. 104. Are there teams and representatives across the organization that report to the CINO? Do we cultivate and train innovation talent on a regular basis? Is there a defined budget for innovation outside of the operating budget? Do we have the strategy in place to decide which ideas to bring to life? Do we know what innovation skillsets we need to develop or bring into our organization? Have we defined the metrics for success for the investments across our innovation portfolio? 01 0302 04 0605 Key considerations for big companies 104Big Entrepreneurship The Chief Innovation Officer, Redefined
  105. 105. Todd is Managing Partner and Chief Executive Officer at Fahrenheit 212, and the architect behind the unique theory, capabilities, and talent that drive the company’s innovation process. He oversees the company’s ability to predictably unlock growth on behalf of both Fortune 500 companies and institutional investors, and is responsible for the commercial impact of the company’s work. Todd is deeply dedicated to the development and training of Fahrenheit 212’s team of innovators, driving a philosophy that innovation is a discipline that can be analyzed, taught, and refined. He developed the company’s teaching methodology to transform innovation into a predictable, scalable capability. His passion as much as profession, Todd enjoys creating the industry’s playbook as much as running its plays. Big Entrepreneurship The Paradox of Scale Incubating Innovation Winning the Next Generation of Innovators The Rising Billion The Chief Innovation Officer, Redefined 01 02 03 04 05 105Big Entrepreneurship The Chief Innovation Officer, Redefined About the author Todd Rovak Managing Partner, Chief Executive Officer trovak@fahrenheit-212.com
  106. 106. Fahrenheit 212 defines innovation strategies and develops new products, services, and experiences that create sustainable, profitable growth for our clients. We challenge the belief that innovation is inherently unreliable and have spent the last decade designing the method, building the model, and assembling the minds to make innovation a predictable driver of growth for our clients’ businesses. www.fahrenheit-212.com marketing@fahrenheit-212.com @fahrenheit212 #bigentrepreneurship New York 665 Broadway, New York, NY 10012 +1 (646) 654 1212 London 31 Great Sutton St, London EC1V 0NA +44 0 20 3567 0820 Copyright © 2015 Fahrenheit 212.
  107. 107. Introduction Business Insider, “Uber Is Generating A Staggering Amount Of Revenue” (2014) http://www.businessinsider.com/uber- revenue-projection-in-2015-2014-11 Forbes, “Uber Says It’s Doing 1 Million Rides Per Day, 140 Million In Last Year” (2014) http://www.forbes.com/sites/ ellenhuet/2014/12/17/uber-says-its-doing-1-million-rides-per-day-140-million-in-last-year/ The New York Times, “Google to Reorganize as Alphabet to Keep Its Lead as an Innovator” (2015) http://www.nytimes.com/2015/08/11/technology/google-alphabet-restructuring.html?emc=edit_ na_20150810nlid=71030806ref=headline The Paradox of Scale Flickr, “Taxi Barn” https://www.flickr.com/photos/fattytuna/ The New York Times “Protections for Late Investors Can Inflate Start-Up Valuations” (2015) http://www.nytimes. com/2015/06/08/business/dealbook/protections-for-late-investors-can-inflate-start-up-valuations.html Integer, “The Checkout Issue 1.2010” (2010) http://whitepaper.integer.com/the-checkout-issue-1-2010-name-brands- vs-private-label/ Integer, “The Checkout Issue 3.2014” (2010) http://whitepaper.integer.com/the-checkout-issue-3-2014-private-label- edition/ Statistia, “Forecast for CAGR of the Global Leading Food Retailers” (2015)http://www.statista.com/statistics/240553/ forecast-for-cagr-of-the-global-leading-food-retailers/ Store Brands Decisions, “Traditional Grocery Stores Lose Private Label Share to Speciality Retailers” (2010) http:// www.storebrandsdecisions.com/news/2010/08/03/traditional-grocery-stores-lose-private-label-share-to-specialty- retailers- Fortune, “Campbell Soup CEO says distrust of ‘Big Food’ a growing problem” (2015) http://fortune.com/2015/02/18/ campbell-soup/ Advertising Age, “Big Food’s Big Problem: Consumers Don’t Trust Brands” (2015) http://adage.com/article/cmo- strategy/big-food-falters-marketers-responding/298747/ Flickr, https://www.flickr.com/photos/nanpalmero/ Amazon, “Available jobs in Personalization and Recommendations,” http://www.amazon.jobs/team/personalization- and-recommendations#jobresults Pebble Time Kickstarter Campaign, https://www.kickstarter.com/projects/597507018/pebble-time-awesome- smartwatch-no-compromises/description Medium, “A Pebble in Apple’s Shoe” (2015) https://medium.com/backchannel/time-bandit-pebble-s-new-weapon-in- its-battle-with-apple-and-android-watches-6e6f4cc6d372#.zaipssz5b The Motley Fool, “Blockbuster CEO Has Answers” (2008) http://www.fool.com/investing/general/2008/12/10/ blockbuster-ceo-has-answers.aspx CNET, “Amazon Prime members spend hundreds more than nonmembers” (2015) http://www.cnet.com/news/amazon- prime-members-spend-hundreds-more-than-non-members/ Fast Company, “Inside Marriott’s attempt to win over millennials” (2015) http://www.fastcompany.com/3047872/ innovation-agents/inside-marriotts-attempt-to-win-over-millennials Incubating Innovation International Business Innovation Association, “Business Incubation FAQs” (2015) http://www.nbia.org/resources/ business-incubation-faq Fast Company, “Breaking News: Mastercard launches innovation lab in Nairobi unlocking the benefits of a cashless society with support from the Gates Foundation” (2014) http://www.fastcompany.com/3039332/change-agents/ breaking-news-mastercard-launches-innovation-lab-in-nairobi-unlocking-the-bene References Google Innovation Lab for Government, http://www.govtech.com/products/Google-Reveals-its-Innovation-Lab-for- Government.html CVS Health, “CVS Health Opens Digital Innovation Lab in Boston” (2015) http://www.cvshealth.com/content/cvs- health-opens-digital-innovation-lab-boston Fast Company, “First Look: Inside Sephora’s New Innovation Lab” (2015) http://www.fastcompany.com/3043166/ most-creative-people/first-look-inside-sephoras-new-innovation-lab The Guardian, “Guardian US to launch news innovation lab focused on using mobile technology to create deeper journalism with $2.6 million from Knight Foundation” (2015) http://www.theguardian.com/gnm-press-office/2015/ jun/15/guardian-us-to-launch-news-innovation-lab-focused-on-using-mobile-technology-to-create-deeper-journalism- with-26-million-from-knight-foundation Jawbone, UP2™ by Jawbone, https://jawbone.com/productshots/up2 Uber Press Kit Photos, https://www.uber.com/press_kits Handy Press Kit Photos, https://www.handy.com/press Capegemini, “The Innovation Game: Why and How Businesses are Investing in Innovation Centers“ (2015) https:// www.capgemini-consulting.com/resource-file-access/resource/pdf/innovation_center_v14.pdf Harvard Business Review, “To Jumpstart Growth, Flip the Company’s Priorities” (2015) https://hbr.org/2015/05/to- jumpstart-growth-flip-the-companys-priorities CNBC, “A decade to mass extinction event in SP 500” (2014) http://www.cnbc.com/2014/06/04/15-years-to- extinction-sp-500-companies.html Wall Street Journal, “Hacking HQ: New Study Looks at Non-Tech ‘Innovation Centers” (2015) http://blogs.wsj.com/ venturecapital/2015/07/22/hacking-hq-new-study-looks-at-non-tech-innovation-centers/ Flickr, “Walmart” https://www.flickr.com/photos/jeepersmedia/ Winning the Next Generation of Innovators Time, “Millenials: The Me Me Me Generation” (2013) http://time.com/247/millennials-the-me-me-me-generation/ Instagram, https://instagram.com/p/5psO-RpcwN/?taken-by=fahrenheit212nyc Forbes, “What Millennials Want In The Workplace (And Why You Should Start Giving It To Them)” (2014) http://www. forbes.com/sites/robasghar/2014/01/13/what-millennials-want-in-the-workplace-and-why-you-should-start-giving-it- to-them/ Harvard Business Review, “What Millenials Want from Work, Charted Across the World,” (2015) https://hbr. org/2015/02/what-millennials-want-from-work-charted-across-the-world The Council of Economic Advisors, “15 Economic Facts about Millennials” (2014) https://www.whitehouse.gov/sites/ default/files/docs/millennials_report.pdf Fast Company, “How treating your employees like turtles can smother innovation” (2012) http://www.fastcompany. com/3002484/how-treating-your-employees-turtles-can-smother-innovation Business Insider, “The 9-to-5 job is dying” (2015) http://www.businessinsider.com/the-9-to-5-job-is-dying-2015-6 Forbes, “What Millennials Want In The Workplace (And Why You Should Start Giving It To Them)” (2014) http://www. forbes.com/sites/robasghar/2014/01/13/what-millennials-want-in-the-workplace-and-why-you-should-start-giving-it- to-them/ Fortune, “100 Best Companies to Work for 2015” (2015) http://fortune.com/best-companies/zappos-com-86/) Zappo’s CLT, http://about.zappos.com/press-center/media-kit Flickr, “Zappos Office Tour” https://www.flickr.com/photos/techcocktail/ Slack Brand Kit Photos, https://brandfolder.com/slack The Rising Billion Flickr, “India - Janmashtami celebrations in Mumbai” https://www.flickr.com/photos/sandeepachetan/14972177962/ ICEF Monitor, “The growing role of emerging markets in shaping global demand” (2015) http://monitor.icef. com/2014/03/the-role-of-emerging-markets-in-shaping-global-demand/ Brookings, “Seven Facts about Global Education Financing” (2015) http://www.brookings.edu/blogs/education-plus- development/posts/2014/02/20-global-education-financing-steer Flickr, “India - Daughter is a big help at Parkachik, Kargil” https://www.flickr.com/photos/ sandeepachetan/9692219718/ Flickr, “5D3_5024” https://www.flickr.com/photos/kagen33/10719603576/in/photostream/ Flickr, “India - Colours of India - Popularity of single-serving packaging” https://www.flickr.com/photos/ mckaysavage/2508068648/in/photostream/ Flickr, “Family from Anmu village en route Phuktal monastery, Zanskar, India” https://www.flickr.com/photos/ sandeepachetan/15146861455/in/album-72157633380473233/ Facebook, “A Liter of Light” https://www.facebook.com/aliteroflight/photos/pb.181127878593329.- 2207520000.1447820832./962034357169340/?type=3theater Pew Research Center, “Cell Phones in Africa: Communication Lifeline” (2015) http://www.pewglobal.org/2015/04/15/ cell-phones-in-africa-communication-lifeline/ Flickr, “SRG” https://www.flickr.com/photos/ravindrasingh/8447398647/ Flickr, “Spatial Maximisation III” https://www.flickr.com/photos/meanestindian/4230164734/in/ album-72157625534710020/ Flickr, “Fish market in Mumbai, India” https://www.flickr.com/photos/sandeepachetan/16314544264/ The Wall Street Journal Digits, “Facebook Touts Its ‘Economic Impact’ but Economists Question Numbers” (2015) http://blogs.wsj.com/digits/2015/01/20/facebook-touts-its-economic-impact-but-economists-question-numbers/ Xiaomi, Mi Note, http://xiaomi-mi.com/company/about/ ILC Global Alliance Report, “Global Perspectives on Multigenerational Households and Intergenerational Relations” (2012) http://www.cello-ilc.cz/wp-content/uploads/2012/07/Global_Alliance_Intergenerational_Relations_ March_2012.pdf FT Press, “Engaging the Bottom of the Pyramid” (2009) http://www.ftpress.com/articles/article.aspx?p=1396559 The Economist, “The Big Mac index” (2015) http://www.economist.com/content/big-mac-index The Chief Innovation Officer, Redefined Innovation Enterprise, “The Rise of the Chief Innovation Offier,” (2015) http://info.theinnovationenterprise.com:rs:inn ovationenterprise:images:Rise-innovation-officer.pdf CXO Today, “Do You Have An Innovation Officer? Time To Check” (2014) http://www.cxotoday.com/story/does-your- firm-has-innovation-officer-time-to-check/ IT World, “Changing of the guard: CIOs, CTOs in flux,” (2000) http://www.itworld.com/article/2783720/careers/ changing-of-the-guard--cios--ctos-in-flux.html The Wall Street Journal, “Chief Innovation Officers: The Growth of the Other CIO” (2012) http://blogs.wsj.com/ cio/2012/04/03/chief-innovation-officers-the-growth-of-the-other-cio/ Harvard Business Review, “Who should be your Chief Innovation Officer?” (2010) https://hbr.org/2010/10/who- should-be-your-chief-colla Wink Product Photos, https://www.wink.com/products/

×