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Jeremiah Owyang, Crowd Companies: The Corporate Innovation Imperative

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Jeremiah Owyang, Crowd Companies: The Corporate Innovation Imperative at W2OatSXSW's PreCommerce Summit

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Jeremiah Owyang, Crowd Companies: The Corporate Innovation Imperative

  1. 1. Dec 2016 The Corporate Innovation Imperative Jeremiah Owyang, Founder
  2. 2. Finding: Corporations approach innovation in 10 distinct ways. Examination: We looked deeper at the how behind the 10 innovation programs, internal and external, via interviews & survey data. Maturation: Sophisticated companies approach corporate innovation via multiple, interconnected programs.
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  4. 4. Corporate Innovation Impacts Customers in Four Ways 5
  5. 5. The 10 Corporate Innovation Programs 1. Dedicated Innovation Team 2. Innovation Center of Excellence 3. Intrapreneur Program 4. Open Innovation: Hackathon, Incubator 5. Innovation Excursion 6. Innovation Outpost 7. Accelerator Partnership 8. Technology Education / University Partnership 9. Startup Investment 10. Startup Acquisition 6
  6. 6. 1: Dedicated Innovation Team 10 Corporate Innovation Programs A team of full-time employees dedicated to developing the strategy, managing, and activating innovation programs.
  7. 7. 1: Dedicated Innovation Team Swisspost has a 12-person innovation team that collaborates with BUs and the C-suite Swisspost’s innovation team uses equates the company’s main revenue stream as the “tanker,” while innovation projects are “speed boats” that orbit the company. They know that the tanker’s business model will have to shift to survive, while the speed boats make bets and prototype new ideas to combat disruption. 8
  8. 8. 10 Corporate Innovation Programs A cross-functional, multi-disciplinary group to share knowledge throughout the company. 2: Innovation Center of Excellence
  9. 9. 2: Innovation Center of Excellence WL Gore’s Innovation CoE drives processes and implementation of programs WL Gore’s Innovation CoE is a core steering committee in guiding the company’s innovation center mission. The team is also responsible for bringing a lean startup methodology into WL Gore. They’re process driven and drive the roll-out of innovation programs and methodologies in BUs. 10
  10. 10. 10 Corporate Innovation Programs Rather than rely solely on external programs, internal employees are given a platform and resources to innovate. 3: Intrapreneur Program
  11. 11. 12 3: Intrapreneur Program Adobe Kickbox inspires internal innovators with practical tools and support system Each Kickbox includes a prepaid $1,000 card for proof-of-concept research, Starbucks card, chocolate, and directions to follow Adobe’s innovation process. Since its inception, more than a thousand new ideas have been prototyped using the Kickbox process. Adobe also offers these resources free for others to download at Kickbox.Adobe.com.
  12. 12. 10 Corporate Innovation Programs 4: Open Innovation: Hackaton or Incubator Hosted inside a corporate office, large corporations invite startups to embed at their physical locations. Other variations include online open-innovation programs that request ideas from the crowd.
  13. 13. 14 4: Open Innovation: Accelerator or Incubator Wells Fargo gains early access to CX-centric technologies via startup accelerator Wells Fargo’s startup accelerator has given the company access to technologies that help its customers, including EyeVerify (eyeball metrics), and MotionSavvy for gesture recognition for the deaf. It focuses most on security and metrics startups. They accept startup applications twice per year for the six-month program.
  14. 14. 10 Corporate Innovation Programs Corporate leaders tour innovative organizations, companies, and regions to discover trends in various industries, learn from speakers, meet partners, and be inspired as they immerse themselves in innovation culture. 5: Innovation Excursion
  15. 15. 16 5: Innovation Tours Fujitsu regularly invests in Silicon Valley innovation tours to incite changes at HQ Fujitsu’s tours have been so successful as inspirational tools, they’ve increased the amount of leaders they bring to Silicon Valley in each visit. Fujitsu’s partnership with Tech Shop, and opening one in Tokyo, grew directly from a Silicon Valley tour.
  16. 16. 10 Corporate Innovation Programs A dedicated physical office staffed with corporate innovation professionals whose job is to sense what’s occurring in a market, connect with local startups, and integrate programs back into the corporate HQ. 6: Innovation Outpost
  17. 17. 18 6: Innovation Outpost AXA’s three global innovation outposts have exposed the company to 600 startups AXA’s innovation outposts are in Silicon Valley, Shanghai, and Paris. Each outpost is charged with: connecting with tech players; detecting trends and startups that leverage trends; elevating awareness to executives; and piloting ideas of interest with ultimate goal of investment. AXA has fostered six partnerships as a results of its outposts.
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  20. 20. • Years spent in current role: 3.2 • Innovators need to know the business, and internal stakeholders, before generating new ideas. They must have credibility with to sell up to executives. • Duration of career: 18.6 years • Number of industries in career: 3 The Average Corporate Innovation Leader Corporate Innovator Persona 21
  21. 21. Corporate Innovator Persona • Percentage with “innovation” in title: 60.7% • “Innovation” in title of previous role: 40% • “Chief Innovation Officer” comprised 3.8% of roles examined • Education: 46% have an advanced (Master’s+) degree The Average Corporate Innovation Leader 22
  22. 22. Recommendations for Innovation Program Growth Recommendations
  23. 23. Recommendations • Secure processes behind your decision-making structure. Especially important for global companies with innovation occurring in geographic pockets. Laddering up to a global group or CoE ensures ideas are brought to fruition in the right BU at the right time with checks and balances. • Focus on talent retention. Concentrate on building strong teams. Are you doing enough to keep your innovators happy? Don’t underestimate the power of intrinsic motivation beget by a strong culture of innovation and intrapreneurship program. Have a pipeline of capable workers at the ready to replace those that are poached. • Man your “speedboats.” Take a page from Swiss Post, and approach innovation bi-modally. The core revenue stream (or “tanker ship”) must still have the resources to keep pace, while the “speedboats” of pocketed innovation can move more quickly toward change, less burdened by bureaucracy and expectations of immediate impact. Best Practices 24

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