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Five Ways to Create an Innovation Culture

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LSU Founder Matt Boffey kicked off his presentation by arguing that the automotive industry has a long way to go to become truly innovative, then gave us his top tips to do innovation successfully.

Published in: Automotive
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Five Ways to Create an Innovation Culture

  1. 1. 5waystocreatean innovativeculture (unlikethecarindustry) March 2017 @LSUsocial
  2. 2. Wehelpcompaniesseizethebiggest opportunitiesintheirmarket-and becomebigger,betterandbraver businessesasaresult.
  3. 3. Whoweworkwith
  4. 4. Culturedrivesinnovation. Cultureeatsstrategyforbreakfast. Cultureisjusthabitsaddedtogether.
  5. 5. 1. Set a bold vision 2. Obsess over consumer behaviour 3. Relish competition 4. Promote diversity 5. Think long-term 5habitsthat createa cultureof innovation:
  6. 6. 1.Setaboldvision
  7. 7. Visionmeans Aninspiringreasontoexistover andabovemakingmoney.
  8. 8. WithoutVision Companies get stuck on what they can do - not what they should do. For the automotive industry, this has meant building products with 4 wheels and an engine - not bringing people the benefit of mobility.
  9. 9. Visionmattersbecause It transcends today’s products - inspiring companies to find new ways to deliver on their vision - and attracts top talent.
  10. 10. 2.Obsessover consumerbehaviour
  11. 11. Consumerobsessionmeans Puttingconsumerneedsattheheartofthe business-encouragingeveryindividualtoremain closeto,empathisewithandcareforconsumers.
  12. 12. Withoutaconsumer- obsessedculture Companies can become disconnected from the people they serve and unknowingly make bad products.
  13. 13. Anobsessionwith consumers mattersbecause It helps keeps companies relevant by making sure that they prioritise consumer needs over their own products.
  14. 14. 3.Relish competition
  15. 15. Competitionmeans Exposuretomarketforces,notprotection byagovernment.
  16. 16. Withoutacompetitive culture Companies become bureaucratic, not brave - draining economies, rather than benefitting communities.
  17. 17. Beingopentocompetition mattersbecause Competition drives ‘creative destruction’ - constantly clearing ground for the creation of new value. Competition creates an urgency to disrupt your own business before your rivals do.
  18. 18. 4.Promotediversity
  19. 19. Diversitymeans Beingopentopeoplewithdifferent skills,ideasandbackgrounds.
  20. 20. Withoutadiverseculture Companies become victims of groupthink - unable to see different perspective and valuable market opportunities.
  21. 21. Promotingdiversity mattersbecause It attracts the ‘crazies’ you need to generate new ideas and ensures companies represent all the people they could potentially serve. @bchesky: “55% of our hosts are women. They have earned $10B to date.”
  22. 22. 5.Thinklong-term
  23. 23. Thinkinglong-termmeans Creatingvaluethatoutlastsanyoneindividual,not justdeliveringthisquarter’starget.
  24. 24. Withoutalong-termist culture A short-term profit motive encourages under-investment - storing up problems for someone else to solve in the future, not addressing them here and now.
  25. 25. Long-termfocus mattersbecause It justifies investment in R&D and a commitment to the future - forcing people to think about the world they want to create, not the trend they want to follow.
  26. 26. 5 habits that create a culture of innovation: 1. Set a bold vision 2. Obsess over consumer behaviour 3. Relish competition 4. Promote diversity 5. Think long-term InSummary
  27. 27. Thanks! @LSUsocial

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