Introduction to the innovation process
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The document discusses innovation and the innovation process. It defines innovation as a complex process of turning opportunities into new ideas and implementing them successfully. The innovation process involves four key phases - searching for ideas, selecting ideas, implementing ideas, and capturing benefits. For innovation to be successful, an organization must effectively manage these phases while also considering the people, organization, and innovation strategy context. The document provides examples of innovations over time and common reasons why ideas often fail.
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Introduction to the innovation process
- 1. Empowering your business by making life with technology easier Innova'on Day 1 – 14th October 2015 The impact of innova'on on Network ROI
- 2. Empowering your business by making life with technology easier We’ll cover the following: • What is innova'on? • What does innova'on look like? • More examples of innova'on • The defini'on of innova'on • What is innova'on • Innova'on in ac'on • Prepare for failure • What does failure look like? • Why do ideas fail? • The innova'on process • Innova'on in context • Innova'on phases – diagram • Phase 1 – Search • Phase 2 – Select • Phase 3 – Implement • Phase 4 – Capture • Context: People and organisa'on • Context: Innova'on Strategy • Innova'on: Response or Strategy • Strategic Approach • Innova'on takes many forms • Degrees of Innova'on • Successful Innova've Organisa'ons • Disrup've Innova'on • Disrup've Businesses • Innova'on at Network ROI • Innova'on at Network ROI • Ac'on Points
- 3. Empowering your business by making life with technology easier What is innova'on? • Write down how you would describe “innova5on” • What is the most “innova5ve” product or service you use / have encountered as a consumer? (not just your phone!) • Tell the person you are siBng beside what you have suggested and why • Who makes the product / provides the service? • What do you know about the organisa5on? • Why did you buy it?
- 4. Empowering your business by making life with technology easier What does innova'on look like? 1908 – Model T Ford 2015 – Tesla Model S 1950 Hoover upright 2015 – Dyson DC28c 1985 – Sony Walkman 2001 – Apple IPod
- 5. Empowering your business by making life with technology easier More examples of innova'on 1950 -‐ WD-‐40 2015 -‐ XCP 1950 – Paper directories 2015 -‐ Google 2015 -‐ Amazon 18th Century – Bookstores
- 6. Empowering your business by making life with technology easier The defini'on of innova'on • “Innova5on is a process of turning opportunity into new ideas and puBng these into widely used prac5ce.” (Tidd and Bessant, 2009) • “Companies achieve compe55ve advantage through acts of innova5on. They approach innova5on in its broadest sense, including both new technologies & new ways of doing things” (Michael Porter 2006) • “Innova5on is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or service. It is capable of being presented as a discipline, capable of being learned, capable of being prac5ced” (Peter Drucker, 2005)
- 7. Empowering your business by making life with technology easier What is innova'on? • Innova5on is not just one event -‐ it is a complex process • It’s not just about the end products/services • Occurs at all levels of organisa5ons, and in a variety of contexts e.g. private / public / third sectors – did any of your examples cover different sectors?
- 8. Empowering your business by making life with technology easier Innova'on in ac'on!
- 9. Empowering your business by making life with technology easier Prepare for failure! • 85% of new ideas never reach a market • 60% of R&D projects are market failures • 40% of consumer products & services fail • 20% of business products & services fail
- 10. Empowering your business by making life with technology easier What does failure look like! New Coke Laser Disc Sinclair C5 SpagheT Mask Google Glass
- 11. Empowering your business by making life with technology easier Why do ideas fail? • Split into 2 groups • Take 10 minutes to talk about failures • Come up with some reasons why ideas fail • Share your answers
- 12. Empowering your business by making life with technology easier The innova'on process Companies aiming to increase innova5on levels need to improve the management of the four key innova5on phases: 1. Searching for and genera5ng new ideas 2. Selec5ng & priori5sing new ideas to develop 3. Implemen5ng the ideas 4. Capturing the benefits
- 13. Empowering your business by making life with technology easier Innova'on in context • Aside from the 4 phases, we can see that the context – looking at people and organisa5on and “Innova5on Strategy” also impact on the success of innova5on in organisa5ons.
- 14. Empowering your business by making life with technology easier Innova'on phases -‐ Diagram Phase 1 Search Phase 2 Select Phase 3 Implement Phase 4 Capture People & OrganisaSon
- 15. Empowering your business by making life with technology easier Phase 1 – Search • Sources -‐ Knowledge push -‐ Need pull • Team -‐ Idea genera5on -‐ Brainstorming • Individual -‐ Personal crea5vity
- 16. Empowering your business by making life with technology easier Phase 2 -‐ Select • Feasibility • Benefits • An5cipa5on of resources required • Assessing and spreading the innova5on risk • Recognising uncertainty
- 17. Empowering your business by making life with technology easier Phase 3 -‐ Implement • Development of new product/service process • Commercialisa5on -‐ Adding value
- 18. Empowering your business by making life with technology easier Phase 4 -‐Capture • Protec5ng intellectual property – patents; design rights • Measuring innova5on success – E.g. number of new ideas; failure rate
- 19. Empowering your business by making life with technology easier Context: People & Organisa'on • Buy-‐in from colleagues and management • Is the company culture innova5on-‐ready? • Are there resources available • CORE score – more about this later
- 20. Empowering your business by making life with technology easier Context: Innova'on Strategy We must consider the following: • Overall strategic approach within the organisa5on to innova5on • Types of innova5on – services, products etc. • Building external/internal coali5ons to support innova5on
- 21. Empowering your business by making life with technology easier Innova'on: Response or strategy? “…chance favours only the prepared mind” L. Pasteur, 1854 “…the more I prac5ce, the luckier I get…” Gary Player (Golfer)
- 22. Empowering your business by making life with technology easier Strategic Approach • Innova5on must be a key aspect of any organisa5on’s strategy to be effec5ve • Innova5on must be defined AND measureable • “Our mission is to empower every person and every organisa5on on the planet to achieve more” Satya Nadella, CEO, Microsom
- 23. Empowering your business by making life with technology easier Innova'on takes many forms Many types of innova5on are recognised: • Product innova5on – the development of new or improved products • Service innova5on e.g. telephone financial services, Direct Line Insurance • Process innova5on – the development of a new manufacturing or payment process • Organisa5onal innova5on – developing a new structure/overall approach • Commercial/marke5ng innova5on – new financing arrangement, new sales approach
- 24. Empowering your business by making life with technology easier Degrees of innova'on Six categories, each a bit less different • New to the world (only 10% of products) • New product/service lines • Addi5ons to exis5ng product/service lines • Improvements and revisions of exis5ng product/service lines • Reposi5oning • Cost reduc5ons • At Sony 80% of NPD is undertaken to modify/improve the company’s exis5ng products
- 25. Empowering your business by making life with technology easier Successful Innova've Organisa'ons Have an External focus for their Strategy • Customer focus, not customer driven • Sensi5ve to and ac5vely scan for external opportuni5es • Use formal tools e.g. forecas5ng • Design and par5cipate in diverse networks • How to assess these for your chosen organisa5on? What informa5on would you need? How would you get it?
- 26. Empowering your business by making life with technology easier Disrup've innova'on • New breed of innova5ve business model • Sharing economy / peer to peer • Many app-‐based ‘start-‐ups’ • Challenge tradi5onal and established models • Call themselves “start-‐ups” • “Up-‐starts” may be more appropriate
- 27. Empowering your business by making life with technology easier Disrup've businesses
- 28. Empowering your business by making life with technology easier Innova'on at Network ROI • What does the future hold for Network ROI? • What tech will be available? • What will service look like? • What will we be doing? • What will our compe55on be doing?
- 29. Empowering your business by making life with technology easier Innova'on at Network ROI Things to consider: ! Does the innova5on make our customers’ lives easier? ! Does the innova5on make our lives easier? ! Does the innova5on exceed our reliability standards? ! Does the innova5on exceed our security standards? ! Will the innova5on make us more profitable? ! Does the innova5on improve our market posi5on? ! Does the innova5on fit with our brand values?
- 30. Empowering your business by making life with technology easier Ac'on points Thinking about innova5on, ask yourself: • How can we embrace innova5on to improve working lives at Network ROI? • What opportuni5es currently exist for Network ROI? • How can we use innova5on to improve our clients’ lives? • Are there small innova5ons we can implement quickly?