Innovation Myth Buster at Target Innovaiton Network Nov 2009

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Introduction to Innovation for Target's Innovation Network.

Challenging innovation myths is the first step to adopting a wider perspective that will allow anyone in your organization to innovate. This fast-paced, multi-modal experience will engage you to learn more about innovation thinking, while exploring assumptions, and building innovation strategies and synergy to achieve breakthrough results. Together we will bust FIVE common innovation myths and open the door to greater opportunity!

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Innovation Myth Buster at Target Innovaiton Network Nov 2009

  1. 1. Meeting Outcomes ● Understand 5 common innovation myths ● Learn and practice simple innovation strategies ● Be ENGAGED and have FUN!
  2. 2. Meeting Impact ● Feel excited and confident about applying simple innovation strategies in your work
  3. 3. Meet Natasha, knowledge integrator
  4. 4. once designed and managed products that could blow up...
  5. 5. loves to solve problems and help people do the impossible…
  6. 6. Meet Jackie, process integrator
  7. 7. once started a company…
  8. 8. loves facilitating group process and inspiring quality collaboration…
  9. 9. FUNctional Frameworks for bridging the gap from creativity to innovation IN-Vision Innovation Leadership Practice
  10. 10. What keeps you up at night?
  11. 11. Competitive Brand Positions ● Innovation ● Functions ● Price ● Quality ● Green ● Timeless Performance ● Technology ● Personal (Emotional) Reference: Motorola’s BASP
  12. 12. Where is Target on innovation?
  13. 13. Calibration ● Where is Target?: 0 (low) to 5 (High) FIST (0) FIVE (5) LOW HIGH
  14. 14. Where are YOU on innovation?
  15. 15. Calibration ● Where are YOU?: 0 (Novice) to 5 (Guru) FIST (0) FIVE (5) Novice Guru
  16. 16. Innovation Myth #1 Only a few people can innovate
  17. 17. INNOVATION = IDEAS + ACTION THAT CREATES VALUE
  18. 18. Innovation Value Domains Personal Professional Enterprise Self Corporation Self Colleagues Association Family Clients Foundation Friends Vendors Schools Workmates
  19. 19. Anyone can innovate
  20. 20. Everyone is a customer = Matt hates standing in line for beer Created TurboTap (faster pours) Outcomes: Taste fresher; Installed in 60% of professional stadiums
  21. 21. Innovators are Integrators
  22. 22. Commit to doing simple value-added innovation activities Download Innovations BYTES 10-minute practice guide http://mindfulinnovation.com/resources/
  23. 23. Innovation Myth #1 Only a few people can innovate
  24. 24. Fear factor?
  25. 25. How comfortable are you exploring new ideas? Mindset: “Notice without Judgment” On the continuum: ● 1 = Risk Avoidant ● 2 = Cautious ● 3 = Curious ● 4 = Cliff Diver 1 4
  26. 26. Innovation Myth #2 Lots of ideas is THE way to innovation
  27. 27. THE way to innovation is through a disruptive or different idea
  28. 28. Think of GOOD IDEAS
  29. 29. Think of CRAZY IDEAS
  30. 30. Think of Stupid IDEAS
  31. 31. Think of FUNNY IDEAS
  32. 32. What happens in your brain? ● Good Ideas – Information dump of what you know ● Crazy Ideas – Left brain ● Stupid Ideas – Right brain ● Funny Ideas – Both sides of brain (most innovative) Reference: Business Innovation in the 21st Century by Praveen Gupta
  33. 33. Combining two or more ideas uniquely takes time Thinking Time (min) Per Idea Good Crazy Stupid Funny Extent of Innovation Reference: Business Innovation in the 21st Century by Praveen Gupta
  34. 34. What stops us from discovering disruptive ideas?
  35. 35. Creating a Tradition of Innovation Important to ● Manage fear and risk taking ● To be able to fail faster 1. Vision 2. Foresight 3. Stretch Goals 4. Hire Good People and Trust Them 5. Open and Extensive Communication 6. Recognize and Reward Innovation by Dr. William Coyne past VP of R&D of 3M
  36. 36. Fear Factor?
  37. 37. Innovation Myth #2 Lots of ideas is THE way to innovation
  38. 38. What is your ME to WE scale?
  39. 39. Where are you on ME to WE? Mindset: “Notice without Judgment” On the continuum: ● 1 = Best work by myself ● 2 = Best work by myself with some collaboration ● 3 = Best work in team(s) with some by myself ● 4 = Best work in diverse team(s) 1 4
  40. 40. Innovation Myth #3 The BEST problem solving is typically done alone
  41. 41. Synergy is the energy of innovation
  42. 42. Optimal Team Size Creating an Invention More Intense Solving a Problem Action Planning Activity Scheduling Less Sharing Information Intense 1 3 5 10 18 Group Size Reference: Team Talk: The Power of Language in Team Dynamics by Anne Donnellon
  43. 43. Collaboration Factor?
  44. 44. Innovation Myth #3 The BEST problem solving is typically done alone
  45. 45. Innovation Myth #4 Innovation is “to build a better mousetrap” of products and services
  46. 46. The Ten Types of Innovation™ ● Innovation category: Finance ● Business model ● Networks and alliances ● Innovation category: Process ● Enabling process ● Core processes ● Innovation category: Offerings ● Product performance ● Product system ● Service ● Innovation category: Delivery ● Channel ● Brand ● Customer experience Resource: http://www.doblin.com/AboutInno/innotypes.html
  47. 47. VoIP for free 1. Business model 2. Enabling process 3. Core processes 4. Channel Outcomes: 309 Million Users and $125M in 2008
  48. 48. Designer T-shirt contest 1. Business model 2. Networks and alliances 3. Product system 4. Customer experience Vote by Designer win Designer Submit Idea customers money and have idea recognizing Outcome: $43 M in 2008
  49. 49. How many types of innovation are YOU doing? … is Target doing?
  50. 50. The Ten Types of Innovation™ ● Innovation category: Finance ● Business model ● Networks and alliances ● Innovation category: Process ● Enabling process ● Core processes ● Innovation category: Offerings ● Product performance ● Product system ● Service ● Innovation category: Delivery ● Channel ● Brand ● Customer experience Resource: http://www.doblin.com/AboutInno/innotypes.html
  51. 51. Innovation Myth #4 Innovation is “to build a better mousetrap” of products and services
  52. 52. Innovation Myth #5 Figuring out the solution takes most of the innovation effort
  53. 53. Figuring out the PROBLEM takes most of innovation effort
  54. 54. 95% of the effort Define should be in defining the Explore problem Solve MOST ENTER HERE Analyze Develop Prepare Execute
  55. 55. Define How can you do a Explore better job definite the problem? Solve Analyze Develop Prepare Execute
  56. 56. Need “Fresher” in Frozen Foods Joan Chow Outcomes: 2008 3rd largest new consumer packaged goods (CPG) product at 95M
  57. 57. How much time and effort do YOU spend creating “White Space?” … does Target spend?
  58. 58. Innovation Myth #5 Figuring out the solution takes most of the innovation effort
  59. 59. What will YOU do to innovate?
  60. 60. Questions and Comments?
  61. 61. Thank You! Presentation at http://www.slideshare.net/mindfulinnovation Natasha Tong Jackie Levin C:612.770.7110 C:612.759.7549 E: ntong01@gmail.com E: jlevin4dream@gmail.com MINDFUL INNOVATION, INC. www.mindfulinnovation.com

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