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The Innovation Myth



For companies in a post-recession rebuilding phase, it is easy to fall prey to the innovation myth.

About Luminary Labs:

Luminary Labs is a strategy and innovation consultancy working with organizations in transition to become more resilient in the face of change.

We have have deep roots in business planning, technology, innovation, and design, and we partner with our clients to help them use these tools, mindsets, and methodologies to their best advantage.

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The Innovation Myth

  2. FOUR CHAPTERS 1. We are living in the 21st century with 20th century ideals. 2. The cracks are starting to surface. 3. We fall prey to the innovation myth. 4. Agility breeds resiliency. Luminary Labs 2
  4. What happened in the 20th century? Luminary Labs 4
  5. We grew. Fast. Luminary Labs 5
  6. We built well-oiled factories. Luminary Labs 6
  7. We developed organizational structures to serve this intense period of growth. Luminary Labs 7
  8. And we rolled right into the 21st century. Luminary Labs 8
  10. Until this happened. Luminary Labs 10
  11. The post-recession experience: Companies in a post-recession rebuilding phase face reduced headcount, flat budgets, and yet greater expectations to ensure company survival. Your customers no longer buy what you sell. Technology continues to outpace even the best-laid annual plan. Luminary Labs 11
  12. How deep was your bench cut? Luminary Labs 12
  13. Luminary Labs 13
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  15. Services are reshaping the landscape. Luminary Labs 15
  16. People are adopting (expensive) tech faster than an annual plan can accommodate. Luminary Labs 16
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  19. There is no such thing as platform loyalty. Luminary Labs 19
  20. There is no slowing down. Luminary Labs 20
  21. Welcome to the new day-to-day. Luminary Labs 21
  22. Luminary Labs So why are we still budget planning like this? 22
  24. Innovation is the hot post-recession job. Luminary Labs 24
  25. But what exactly is innovation? It’s not the “thing.” Luminary Labs 25
  26. Nor is it in R&D. Luminary Labs 26
  27. Innovation is the ability to adopt, operationalize, and refine the thing. So that you can create new things. Continuously. Over time. Benefitting more than one party, including Luminary Labs customers. 27
  29. Agility is the hallmark of a 21st century organization. “In essence, super-flexibility is the capacity to change course, transform, evolve, and reinvent—like a chameleon changing its color.  At the same time, super-flexibility is not just about transformation and reinvention; it is also about the capacity to withstand turbulence, to bounce back, and to stay the course, like a camel surviving in desert conditions. In practice, it means engaging in a delicate balancing act: deciding what to keep and how to stay the course on the one hand, and deciding where to make swift and sudden changes in order to address new realities, on the other hand.” -- Homa Bahrami and Stuart Evans, authors of Super-Flexibility for Knowledge Enterprises: A Toolkit for Dynamic Adaptation Luminary Labs 29
  30. It’s easy if you look like this. Luminary Labs 30
  31. Really nice fountain. (There’s always a nice fountain.) But what if you look like this? Luminary Labs 31
  32. You may need to re-think the industry you are in. Automotive (the car) Transportation (zipcar, bus w/wifi) Pharmaceutical (drugs) Healthcare (devices and services) Media & Publishing (television, print) Experiences (multi-modal) Higher education (college degree) Hire-ability (likely to get a job) Telecommunications (a phone) Access to the internet (e.g., apps, email) Beauty (expression) Transformation (cycle of looks) Retail (aspiration) Collaborative consumption (never pay retail) Luminary Labs 32
  33. And identify the conditions for success. Luminary Labs 33
  34. You will need to take action. ATTRIBUTES ACTIONS Digital Mindset Experimentation Calculated Risk Failure budgets Agility Short sprints Embrace the network Networked staff models Open models Partnerships Design & systems thinking Operate in the full ecosystem Pattern detection Self-learning processes Luminary Labs 34
  35. And persevere. "A company can't will itself to be agile. Agility is an emergent property that appears when an organization has the right mindset, the right skills, and the ability to multiply those skills through collaboration.To count agility as a core competence, you have to embed it into the culture.You have to encourage an enterprise-wide appetite for radical ideas.You have to keep the company in a constant state of inventiveness. It's one thing to inject a company with inventiveness. It's another thing to build a company on inventiveness." --Marty Neumeier, The Designful Company, Design Thinking Luminary Labs 35
  36. This is resiliency. Luminary Labs 36
  37. Luminary Labs 37

Editor's Notes

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  • Image source: “Another Day at the Office,” Wall Street Journal,\n
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  • Image Source: Open Services Innovation: Rethinking Your Business to Grow and Compete in a New Era\n\n
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