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INNOVATION	  FOR	  SMALL	  BUSINESS:	                        	  MYTHS	  &	  LEGENDS	                      FRAMEWORK	  FOR	...
THE	  MANY	  FACES	  OF	  INNOVATION	              Product Innovation                                            Operation...
SO	  WHAT	  IS	  INNOVATION?	  Dirks Definition:Creating products, services andprocesses, both internally andexternally, t...
Problem:More than one billion people – one sixth of the world’s population- are without access to safe water supply. At an...
Innovation:
COMMON	  MYTHS:	  MY	  FAVORITE	  FIVE	  Myth: Innovation is only for big companies with big R&D budgets.Fact: Although th...
COMMON	  MYTHS:	  MY	  FAVORITE	  FIVE	  Myth: Innovation requires lot’s of money.Fact: Innovation isn’t free but it doesn...
COMMON	  MYTHS:	  MY	  FAVORITE	  FIVE	  Myth: Customers are a critical source of innovation ideas.Fact: They are but not ...
COMMON	  MYTHS:	  MY	  FAVORITE	  FIVE	  Myth: Innovation isn’t by epiphany.Fact: The Hollywood version of innovation: the...
COMMON	  MYTHS:	  MY	  FAVORITE	  FIVE	  Myth: Innovation is random.Fact: Innovation doesn’t just happen. It’s hard, chall...
WHAT	  IS	  THE	  FRAMEWORK	  FOR	  	              SMALL	  BUSINESS	  INNOVATION?	  There is no magic formula or method.Th...
WHAT	  IS	  THE	  FRAMEWORK	  FOR	  	           SMALL	  BUSINESS	  INNOVATION?	  •  Initially spend more time researching,...
WHAT	  IS	  THE	  FRAMEWORK	  FOR	  	            SMALL	  BUSINESS	  INNOVATION?	  •  Give your ideas a place to grow.•  Pr...
Small Business Innovation: Insights
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Small Business Innovation: Insights

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A short and concise overview of some common myth about innovation (just five of Dave's favorite myths...there are more). While there is no 'one way' to embed an innovation process into a business, Dave presents a simple framework that any small business can use to start. The key to innovation finding ways to solve customer problems - either ones the customer understands or the ones they don't even know they have.

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Small Business Innovation: Insights

  1. 1. INNOVATION  FOR  SMALL  BUSINESS:    MYTHS  &  LEGENDS   FRAMEWORK  FOR  ACTION  David E. Dirks
  2. 2. THE  MANY  FACES  OF  INNOVATION   Product Innovation Operational InnovationService Innovation Application Innovation Disruptive Innovation Acquisition Innovation Line-Extension Innovation Enhancement Innovation
  3. 3. SO  WHAT  IS  INNOVATION?  Dirks Definition:Creating products, services andprocesses, both internally andexternally, that solve current problemsor fulfill unmet or hidden market needs.
  4. 4. Problem:More than one billion people – one sixth of the world’s population- are without access to safe water supply. At any given moment,about half of the worlds poor are suffering from waterbornediseases, of which over 6,000 – mainly children – die each day byconsuming unsafe drinking water.
  5. 5. Innovation:
  6. 6. COMMON  MYTHS:  MY  FAVORITE  FIVE  Myth: Innovation is only for big companies with big R&D budgets.Fact: Although they garner a lot of media attention, the Fortune500 doesn’t own innovation. The trend today is for largercompanies to spur innovation by buy or invest in smallerbusinesses or creating their own internal ‘enterprise zones’.Smaller companies form the foundation for general innovation.Ex. Apple iPhone SiriEx. Of the 1,279 U.S. firms granted 15 or more U.S. patents eachbetween 2005 and 2009, 42 percent (up from 33 percent, 41 percentand 40 percent, respectively, in the 2003, 2005 and 2008 studies)are small firms
  7. 7. COMMON  MYTHS:  MY  FAVORITE  FIVE  Myth: Innovation requires lot’s of money.Fact: Innovation isn’t free but it doesn’t always have to translateinto direct dollars. Although a certain amount of investment ispossible when prototyping products or services, innovation at thesmall business level is based on an investment of TIME, SPACEand PROCESS.Ex. More R & D Spending Sometimes Means LessMicrosoft $12bSony $8bApple $4
  8. 8. COMMON  MYTHS:  MY  FAVORITE  FIVE  Myth: Customers are a critical source of innovation ideas.Fact: They are but not in the sense we commonly think.Identifying problems are customers have and developing theinnovations to solve them are the key.Ex. Apple iPod – Who told Apple it needed an iPod device? Or thatthey needed an iPad? Their customers didn’t.The most powerful innovations create markets.
  9. 9. COMMON  MYTHS:  MY  FAVORITE  FIVE  Myth: Innovation isn’t by epiphany.Fact: The Hollywood version of innovation: the ‘great idea’ justhits us out of the blue.Innovation is about the ability to connect the dots accumulatedfrom thought, research, questioning, and a multitude of sources.
  10. 10. COMMON  MYTHS:  MY  FAVORITE  FIVE  Myth: Innovation is random.Fact: Innovation doesn’t just happen. It’s hard, challenging,exhausting and full of failure.Ex. James Dyson failed 5,127 times before developing his first,consumer-ready ‘cyclone technology’ based vacuum cleaner –butthere was nothing ‘random’ about his continuous focus on gettingthe technology right.“It wasn’t the final prototype that made the struggle worth it. Theprocess bore the fruit. I just kept at it.” James Dyson
  11. 11. WHAT  IS  THE  FRAMEWORK  FOR     SMALL  BUSINESS  INNOVATION?  There is no magic formula or method.There is a framework for innovation you can work with: •  Focus on solving customer problems. •  Think in terms of product, service, or process innovation. •  Establish an R&D budget. •  Create time and space in your workweek for innovation & discipline yourself to invest the time week after week.
  12. 12. WHAT  IS  THE  FRAMEWORK  FOR     SMALL  BUSINESS  INNOVATION?  •  Initially spend more time researching, thinking, andcollecting data, information, ideas, thoughts withoutevaluation.•  Keep a database/repository for all the research & datayou collect. Keep it organized so you can find it.•  Look outside your area of expertise for insights.•  Involve others and share your thoughts and findingsto gain further insights.
  13. 13. WHAT  IS  THE  FRAMEWORK  FOR     SMALL  BUSINESS  INNOVATION?  •  Give your ideas a place to grow.•  Prototype, prototype, prototype. Test. Test. Test.•  Failure is a sign of progress.•  Never stop. Starting working on the next customerproblem to solve.

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