How to Start An Innovation Program

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Creating the Culture of Innovation through an Innovation Program that encourages employee to contribute ideas to grow the business, create operational efficiencies and improve customer satisfaction - Based on the Innovation Program I created at my company

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How to Start An Innovation Program

  1. 1. Jag RandhawaVP of IT/E-Commerce
  2. 2. Video: Selective Attention Test - Harvard
  3. 3. Limitations of human brain:o Focus limits mental processing powero Brain has limit on number of external stimuli it can process
  4. 4. It’s often the employees—rather than outside consultants— who know a company’s products and processes best (Wall Street Journal, 2011)Use employees to increase brain power and expand visual field
  5. 5. 48% 45% 59%75% What can we learn from them? 36% 45% 33% Innovation Premium. Forbes, Aug 2011
  6. 6. Creativity is thinking up new things. Innovation is doing new things. (Theodore Levitt)
  7. 7. o Disruptiveo Sustained
  8. 8. Information rich o Orderly, Incremental… often aligned with perceived customer’s needs Interaction rich Chaotic, breakthrough… often aligned with customer’s wants** We pay outrageous price for what we want, and cut coupons for what we need
  9. 9. Promise cannot be touched or seenBUT,… felt through the services your employees provide Psychology of Experience vs Memory
  10. 10. Create means for employees to contributeState the problem and give them a purpose Ideas are as valuable as the solutions Make it infectious
  11. 11. Identify the NeedDesign the Innovation Program Involve Employees Create Recurring Meetings Refine the Program
  12. 12. Domains of Idea CapturingInnovation ProcessScreening Investment Process ImplementationRecognition Process
  13. 13. Business Domains Revenue Cost Business BusinessGenerating Saving Process Model
  14. 14. MY BIG IDEA Measurable Outcome or Business Value OutcomeWho will be Impactedand How Impact ROI Time and Cost of implementation
  15. 15. • Idea Screening TeamValidate and Refine • Executive Team Prioritize Implement • Implementation Team
  16. 16. o Timeo Capitalo Support
  17. 17. o Prop for accepted ideao Wall of Fame for implemented idea
  18. 18. o Small Winso Prototypeo Fail Frequently, Fail Earlyo Test, Refine, Implement, Refine…o Continuous Learning
  19. 19. o Sell it to Employeeso Recruit Idea Screening Team Memberso Create Recurring Meetingso Recognize Contributors and Promote the Programo Solicit Feedback to Refine the program
  20. 20. NoveltyExclusivity Quality Commodity
  21. 21. Be patient for growth, be impatient for profit (Clayton Christensen, Innovators Dilemma)Every innovation destroys something existing (Jeff Degraff, Innovation You)
  22. 22. Thank you! Jag Randhawa jrandhawa@camico.com

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