This document outlines RBC's approach to innovation including defining innovation, establishing an innovation infrastructure, and providing a case study on the Next Great Innovator challenge. It discusses generating ideas through various programs and challenges, testing ideas in applied innovation labs and through a beta program, and communicating knowledge across the organization. The Next Great Innovator challenge is highlighted as a sandbox for innovation that engages students in developing solutions to business challenges and identifying potential candidates for recruitment.

1. Idea generation and trials; low
risk innovation to test
breakthrough ideas
b kth h id
Avi Pollock
Head, Applied Innovation
Finnovation
November 21, 2008

2. Today’s Agenda
Defining Innovation @RBC
RBC Innovation Infrastructure
Case Study: Next Great Innovator Challenge: A
Sandbox for Innovation
Questions?
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3. RBC & Innovation
Innovation connects what is possible to
what is valuable to our clients and/or shareholders
• Innovation can be broadly
Client
interpreted as “something new” –
Needs
new to the world, new to a
particular market, new to the
i l k h
company or new within the company
•I Innovation i more th ideation –
ti is than id ti
Innovation
it is a full range of activities from
insight and idea generation,
through testing and development,
development
to launch and evaluation
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4. Benefits of Innovation
Client Value
• Clients recognize RBC as a
g
progressive institution
• Increases client advocacy and
likelihood to recommend
Business Growth Attracts/Develops Talent
• Contributes to earnings growth • Engages employees who view
that is required to maintain top the organization as innovative
quartile performance
til f and competitive
d titi
• Promotes new earning streams
Innovation • Attracts and retains innovative
and maximizes opportunities and progressive leaders who
in existing businesses win and ‘shape the future’
• More responsive to evolving
clients and markets
• Better able to absorb ‘shocks’
from industry transformation,
competitors or new entrants
Strategic Agility
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5. The Innovation Pyramid
“Change the Game ”
T
Transformational
f ti l
“Up the Ante”
“U th A t ”
Evolutionary
Efficiency “Tablestakes”
A portfolio approach is necessary to have a successful innovation agenda.
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6. Defining Innovation @RBC
RBC Innovation Infrastructure
Case Study: Next Great Innovator Challenge: A
Sandbox for Innovation
Questions?
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7. The Applied Innovation Team Mandate
Identify emerging technologies and new business
and process opportunities that have the potential to
drive growth
Support, facilitate and stimulate idea creation and
innovation with access to internal and external
thought leadership, tools and methodologies
Evaluate and test next generation technologies
Always looking to “what’s next”, “what’s new,”
“what’s different” and its application to RBC
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8. The RBC Innovation Council
Identify exploratory concepts on a longer-term
time horizon – concepts that are likely not yet on
the radar of the day-to-day business leaders
“Incubate” concepts to a point where a business
case has been developed and/or a proof of
concept has been completed and
Help drive an innovative culture through the
organization by acting as spokespeople on
innovation, clearing roadblocks, supporting IC
projects, etc.
j
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9. Ideation: Building a Pipeline
Ideation Programs
50
25
15
10
5
Deployment
p y
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10. Looking for that Next Idea
Scanning Activities
Top Enterprise Challenges
• Continuously scanning
unstructured information about
the external environment External Business
B i
• Providing early warning about Trends Drivers
topics not yet identified as
strategic
Scan
• Collecting and organizing data
Try
points into topic areas of
possible strategic importance Synthesize
• Identif ing ne topics of
Identifying new
strategic importance (through
sorting and ranking) that may
require monitoring in the
targeted process
• Engaging in user experience
tests on emerging trends
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11. Ideation: Driving New Ideas From Within
Idea Portal
Pipeline Metrics
Profiles
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12. Ideation: Looking Outside- Next Great Innovator
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13. Learning by Doing: Applied Innovation
Labs
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14. RBC Beta
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15. Communicating Knowledge
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16. Defining Innovation @RBC
RBC Innovation Infrastructure
Case Study: Next Great Innovator Challenge: A
Sandbox for Innovation
Questions?
16

17. RBC’s Next Great Innovator Challenge
What it is:
National competition targeted
at college and university
students with a focus on
business programs
RBC asks for innovative ideas
and solutions to a meaningful
business challenge
Over $45,000 in prizes and
many ancillary benefits for the
students
Third year of the Challenge
launched in September
Sponsored by RBC’s
enterprise Innovation Council
and managed by the Applied
Innovation team
I i
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18. Competition Objectives
Generate ideas that are relevant and actionable
Gain better insight into NGen demographic
Identify candidates for recruitment
Test effectiveness of innovative website design
and new web t h l i
d b technologies
Promote the perception of RBC as a progressive
and innovative financial institution among an
important consumer segment
Generate positive press for RBC
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19. The Challenges
2009
Suggest an Innovative
concept, product or process
from another region or
different industry that
Canadian Financial Services
providers should adopt.
2008
Describe an i
D ib innovation, idea or
ti id
concept that Canadian FI’s
should consider to make it
easier for clients to do
business with us
2007
How will today’s teens
influence the financial
services industry in Canada?
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20. Marketing NGI
www.nextgreatinnovator.co
m
Grassroots with professors,
clubs, faculties
clubs faculties, programs
Grassroots online
Coordination with RBC s Fall
RBC’s
Campus Promotion activities
Facebook
On-campus promotion
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21. Sandbox for Innovation – Social Media
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22. Sandbox for Innovation - Mobile
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23. Sandbox for Innovation - Multimedia
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24. Sandbox for Innovation – Interactivity
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25. Sandbox for Innovation – Interactivity
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26. Ideas into Action
107 S
I C
V D
S I
10 C I
7S
T
O 40 U
C
O 20 U V
D
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27. Ideas into Action
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28. Final Thoughts on Innovation
Do-learn-do is the optimal approach
Innovation i about change
I i is b h
Innovation doesn’t just happen
Don’t starve tomorrow to feed today or let the urgent crowd out
the important.
Develop a common l
D l language
Innovation is a team sport
Small things matter
Organizational Culture: Collaboration is king, aim for diversity of
thought.
th ht
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29. Final, Final Thought on Innovation
Some people make things
happen. Some watch while things
happen. And some wonder quot;Wh
h A d d quot;What
Happened?
Happened?quot;
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30. pp ed o at o
A Case study in Applied Innovation
Avi Pollock
Head, Applied Innovation
Email: avi.pollock@rbc.com
Phone: (416) 348 4871
Ph 348-4871
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