Innovating yourlife prof. Robert C.Wolcott Oslo Innovation Week 2010-10-21

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The lecture given by Prof Robert Wolcott at Oslo Innovation Evening in the city hall 2010-10-21.

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Innovating yourlife prof. Robert C.Wolcott Oslo Innovation Week 2010-10-21

  1. 1. 1 I ti Y LifInnovating Your Life Applying the art & science of innovation to living a more inspiring, fulfilling and meaningful life Prof. Dr. Robert C. Wolcott Page 1All Rights Reserved, Robert C. Wolcott Prof. Dr. Robert C. Wolcott Founder & Executive Director Kellogg Innovation Network The Business School of the 21st Century: www.kinglobal.org Page 2All Rights Reserved, Robert C. Wolcott
  2. 2. 2 A quick plug for my new book… (… don’t wait for the i )movie) Page 3All Rights Reserved, Robert C. Wolcott Innovation Radar, v2.0 S l ti PlatformEcosystem Offering (What) Solution Channel Customers (WHO) Customer Needs (Who) Supply Chain (Where) Page 4All Rights Reserved, Robert C. Wolcott Value Capture Customer Experience Management Process (How) Communication
  3. 3. 3 Offering Bridge between Strategy & Innovation Customer Solution PlatformEcosystem Supply Chain Management Offering Channel Customer Need Page 5All Rights Reserved, Robert C. Wolcott Value Capture ExperienceManagement Process Communication 5 What did we learn at business school? Observation: The Fad Cycle Page 6All Rights Reserved, Robert C. Wolcott Premise: Apply the insights to living your life. (Well, some of them.)
  4. 4. 4 Tension in business and life: the Present & the Future Acting before the crisis Fundamental Tension: Fortification vs. Exploration Page 7All Rights Reserved, Robert C. Wolcott Acting before the crisis: The Success Trap Page 8All Rights Reserved, Robert C. Wolcott
  5. 5. 5 IBM’s near death experience Page 9All Rights Reserved, Robert C. Wolcott 1984 1992 Fortification versus Exploration Tension Exists Between Defending the Existing and Dominant Positions… …and Creating New Growth Through New Directions Fortification • The Near Future of the Current Business • Extending the Current Set of Products and Technologies Exploration • The Future Business • Technological Innovation and New Services, Beyond Sustaining Page 10All Rights Reserved, Robert C. Wolcott Technologies • Designed to Preserve Market Share and Sustain Profitability • Designed to Create New Markets and Generate Surprising Growth and Profitability Sources: James March, 1991; Dr. Michael Clem, J&J, 2005
  6. 6. 6 So, what should we do? What the field of innovation suggests for living our lives 1. Always keep the mission in mind. 2. Write down your questions… really. (Enhance serendipity.) 3. Speak multiple ‘languages’… live in multiple worlds. 4. Build non-obvious networks… before you need solutions. 5. Create option paths (dealing with uncertainty). Page 11All Rights Reserved, Robert C. Wolcott 6. Seek the wisdom in mistakes, and the unexpected. 7. Above all… Know Thyself. 1. Always keep the mission in mind. 1977 Challenge: Overwhelming Soviet conventional forces advantage in Europe Strategy: Leverage technology to offset the Soviet advantage Three platforms: •Smart weapons •Smart sensors •Stealth Page 12All Rights Reserved, Robert C. Wolcott Stealth Direction: Get it done in four years. William J. Perry Secretary of Defense, 1994 – 1997 Undersecretary of Defense for Research & Engineering, 1977 - 1981
  7. 7. 7 A lesson from the armed forces Mission Focus Mission ClarityMission Clarity Page 13All Rights Reserved, Robert C. Wolcott 2. Write down your questions, really. Alexander Fleming & Penicillin Chance favors the prepared mind. Louis Pasteur Mold & Ancient HistoryMold & Ancient History WWI: Fleming witnesses horrific wars deaths from bacterial infections. He seeks solutions. 1920s: Gratia & Dath publish article regarding Penicillium’s inhibiting properties with regard to Page 14All Rights Reserved, Robert C. Wolcott properties with regard to Staphylococcus aureus cultures Late 1920s: “Discovers” penicillum. 1930s – 1940s: Chain, Florey & Heatley achieve mass production for the War Effort
  8. 8. 8 What questions are you asking?What questions are you asking? What questions are the people whom you love asking? Page 15All Rights Reserved, Robert C. Wolcott Knowing the questions enhances positive serendipity. Otherwise, it’s all just luck. Serendipity: An unsought, unintended or unexpected discovery or occurrence, made by accident and sagacity. 3. Live in multiple worlds. People who live in the intersection of social worlds… are at higher risk of having good ideas. Ronald Burt, Sociologist University of Chicago Page 16All Rights Reserved, Robert C. Wolcott
  9. 9. 9 4. Build non-obvious networks… …before you need solutions. Pleasant Nordic Countries Nordic Council of Ministers Build your own… •Objectives Page 17All Rights Reserved, Robert C. Wolcott Novosibirsk, Siberia A bunch of scientists in Siberia… literally! j •Knowledge domains •Diversity •Absorptive Capacity If you always look in the same places, you’ll likely find the same answers. 5. Create option paths. An Axiom: No Uncertainty = No Innovation We diversify our investments. Why not our lives? Business Risk Uncertainty Spend Rate Business Risk Page 18All Rights Reserved, Robert C. Wolcott Don’t manage the rate of failure, manage the cost of failure. Option Management Core Business Launch Source: Ian McMillan & Rita Gunter McGrath
  10. 10. 10 6. Seek wisdom in mistakes… and the unexpected. What is the first thing people typically do when they make a mistake or things don’t go as expected?mistake, or things don t go as expected? The world’s most famous failed experiment (1887) Seeking the “Luminiferous Ether”. Page 19All Rights Reserved, Robert C. Wolcott Albert Michelson & Edward Morley If things don’t go as expected, perhaps there is a problem with your view of the universe. Thoughts from the Patent Office… The experiment didn’t fail. The theory did. 7 Above all Know Thyself7. Above all… Know Thyself Vision or Realization? Strategy or Execution? Page 20All Rights Reserved, Robert C. Wolcott Tigger or Eyore? Early Stage or Established Player? Outcome or Process Motivated?
  11. 11. 11 The List, redux 1. Always keep the mission in mind. 2. Write down your questions… really. (Enhance serendipity.) 3. Speak multiple ‘languages’… live in multiple worlds. 4. Build non-obvious networks… before you need solutions. 5. Create option paths (dealing with uncertainty). Page 21All Rights Reserved, Robert C. Wolcott 6. Seek the wisdom in mistakes, and the unexpected. 7. Above all… Know Thyself. Prepare your MindPrepare your Mind Of what are you aware? What are the problems you are trying to solve? Page 22All Rights Reserved, Robert C. Wolcott p y y g (Carry the important ones around with you all the time.)
  12. 12. 12 Diversify & PrototypeDiversify & Prototype Change your Context. Create options in your life. Page 23All Rights Reserved, Robert C. Wolcott FORGET about sunk costs. Ul i lUltimately, Find True Meaning. Page 24All Rights Reserved, Robert C. Wolcott
  13. 13. 13 O C Obj iOur Common Objective To expand prosperity for the global community while sustaining the planet. Page 25All Rights Reserved, Robert C. Wolcott community while sustaining the planet. (Proving Malthus wrong, again.) You have a true mission Malthus & the end of the world… Page 26All Rights Reserved, Robert C. Wolcott
  14. 14. 14 My thanks, and a wish. Many thanks for your time today. Particular thanks to the Oslo Innovation Week Team, Movation and the Nordic Innovation Centre. I truly value the time I spend with all of you exploring innovation in the Nordic Region. All blessings for your cumulative quests. What YOU do will define a large part of our World in Page 27All Rights Reserved, Robert C. Wolcott What YOU do will define a large part of our World in the coming Century. Use your time well. Many thanks, again. Robert C. Wolcott Kellogg School of Management Page 28All Rights Reserved, Robert C. Wolcott ellogg Sc ool o Ma age e t r-wolcott@kellogg.northwestern.edu mobile: 847.910.8934

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