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Innovation(digital october)


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Innovation(digital october)

  1. 1. The Future of Innovation The New Rules for Entrepreneurs Digital October June 30, 2011 Bill Reichert Managing Director Garage Technology Ventures
  2. 2. Thanks, Digital October!
  3. 3. The Pace of Innovation“The pace of innovation is accelerating at an exponential rate.”“The cumulative knowledge of mankind is doubling every four years.” -- Common Wisdom
  4. 4. The Pace of Innovation . . .If this were true …n  My computer wouldn’t freezen  Cancer would be curedn  Energy would be cheap and cleann  I wouldn’t need to carry roubles.
  5. 5. So, What Does the Future Hold?“The future ain’t what it used to be!” -- Yogi Berra. . . Hint: It’s not about new ideas, and it’s not about new technology
  6. 6. The Engine of Innovation“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself.Therefore, all progress depends on theunreasonable man.” -- George Bernard Shaw
  7. 7. Reasonable or Unreasonable?
  8. 8. Future of Innovation Top Ten New Rules for Innovators
  9. 9. 1. Fundamental ObjectiveOld Rule:n  Create wealthNew Rule:n  Create value
  10. 10. 2. Driving InnovationOld Rule:n  Brilliant leaderNew Rule:n  Brilliant team
  11. 11. The Brilliant Team . . .A Parable:n  The Optimist, the Pessimist, and the Engineer
  12. 12. 3. Sharing the VisionOld Rule:n  Craft a Mission StatementNew Rule:n  Create a Wow! Statement
  13. 13. Mission Statements …“The mission of {???} is to deliver superiorquality products and services for our customersand communities through leadership,innovation, and partnerships.”
  14. 14. Wow! Statements . . .The essence of your value proposition . . .n  Unique offeringn  Clear benefitn  Advantage over alternatives
  15. 15. Wow! Statements . . .n  Fedex: The only solution if you need to get it there overnightn  Simply Hired: More job listings than any other site on the planetn  MiaSole: The world’s most efficient and most cost effective thin film solar panels
  16. 16. Wow! Statements . . .n  What’s your Wow Statement ???
  17. 17. 4. Management StyleOld Rule:n  Plan the work, work the planNew Rule:n  Get going!
  18. 18. 5. Foundation of InnovationOld Rule:n  New ideas and technologiesNew Rule:n  “Stolen” ideas and technologies . . . applied in new ways
  19. 19. 6. Business MetricsOld Rule:n  Measure ROI, . . .New Rule:n  Measure customer delight, . . .
  20. 20. 7. Competitive AdvantageOld Rule:n  First mover advantageNew Rule:n  Fast adaptor advantage . . . . . . IBM, Microsoft, Oracle, Google, Facebook, Apple
  21. 21. 7. Competitive Advantage . . .FlatbushNational Bank
  22. 22. 8. Marketing StrategyOld Rule:n  Build it and they will comeNew Rule:n  Everyone sells
  23. 23. 9. Pace of ChangeOld Rule:n  The pace of change is acceleratingNew Rule:n  Change takes time
  24. 24. Pace of Change . . .Actual progress is slower than we thought:n  Mobile paymentsn  Batteriesn  Softwaren  Bandwidthn  Medicinen  Transportationn  Television.
  25. 25. 10. Source of InnovationOld Rule:n  Technology drives innovationNew Rule:n  People trump technology
  26. 26. Top Ten New Rules for Innovators1.  Focus on value2.  It’s a team sport3.  Craft a Wow! statement4.  Don’t just plan, get going!5.  Steal good ideas6.  Measure customer delight7.  Be a fast adaptor8.  Make everyone customer focused9.  Be realistic about pace of adoption10.  People trump technology
  27. 27. New Rules for Innovators For questions, comments, or slides: reichert@garage.comResources:§  Garage website:§  Art of the Start, the classic book
  28. 28. The Art of Going Global How to Increase the Likelihood that You Will Achieve World Domination
  29. 29. The Art of Going Global1.  Learn how to sell2.  Pick the right geography3.  Dedicate your team4.  Find the right partners5.  Make new mistakes
  30. 30. The Art of Going Globaln  Elena Masolovan  Nick Puntikovn  Aynur Abdulnasyrovn  Marc Burchn  Bill Reichert
  31. 31. The Art of Attracting Resources When Going Global How to Increase the Likelihood that You Will Achieve World Domination Part II
  32. 32. The Art of Attracting Resources1.  Understand your funding alternatives2.  Get the right advisors3.  Connect with funding sources early4.  Put the right infrastructure in place5.  Make new mistakes
  33. 33. The Art of Attracting Resourcesn  Andrey Kazakovn  Pavel Bogdanovn  Boris Ryabovn  Marc Burchn  Bill Reichert
  34. 34. The Art of Going Global How to Increase the Likelihood that You Will Achieve World Domination