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Innovation for Growth

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Innovation for Growth

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Innovation for Growth

  1. 1. Henrik Scheel Professor of Practice, Thunderbird School of Global Management Co-Founder and Partner, InnovatorsAgency.com Founder and CEO, StartupExperience.com Partner, Mentors.Fund Innovation for Growth Matching the speed of startups
  2. 2. Engineer Innovator Entrepreneur & Investor Denmark Silicon Valley
  3. 3. Constantly Reinvent Yourself Compete on Superior Business Models Transcend Industry BoundariesHow to become an Invincible Company…
  4. 4. Constantly Reinvent Yourself Compete on Superior Business Models Transcend Industry BoundariesHow to become an Invincible Company…
  5. 5. Innovation at McCormick Brendan Foley President Global Consumer, Americas and Asia at McCormick & Company
  6. 6. Henrik Scheel Professor of Practice, Thunderbird School of Global Management Co-Founder and Partner, InnovatorsAgency.com Founder and CEO, StartupExperience.com Partner, Mentors.Fund Innovation for Growth Matching the speed of startups
  7. 7. *dropped out of S&P 500 Short distance from greatness to failure
  8. 8. Human progress through time You are here. Time Progress
  9. 9. “..We must have a sense of urgency. This requires us to re-imagine Johnson & Johnson as a 134- year-old startup, one that embraces and acts on the best ideas, that is nimble and fast,..” Alex Gorsky CEO, J&J
  10. 10. Product-Market fit
  11. 11. What do these brands have in common?
  12. 12. Starting again in 10 min
  13. 13. “Failure and invention are inseparable twins” - Jeff Bezos
  14. 14. The Power Law of Investment Returns
  15. 15. HORIZON PLANNING 60% 30% 10%
  16. 16. 1988, Insurance company Financial institution Technology company One arena 5 arenas 7B USD invested in R&D 2008, #462 on fortune 500 2019, #29 on Fortune 500 Peter Ma, Founder and CEO
  17. 17. Intrapreneurship
  18. 18. 31 Entrepreneurship... is an eXtreme sport
  19. 19. The Startup Curve Before Startup Source: Paul Graham; avc.com Time Happiness The Startup Curve Initial Enthusiasm Before Startup Source: Paul Graham; avc.com Time Happiness The Startup Curve Initial Enthusiasm Reality Sets In Before Startup Source: Paul Graham; avc.com Time Happiness The Startup Curve Initial Enthusiasm Reality Sets In TROUGH OF SORROW Before Startup Experimenting & PivotingSource: Paul Graham; avc.com Time Happiness The Startup Curve Initial Enthusiasm Reality Sets In TROUGH OF SORROW Before Startup Starts Working Experimenting & PivotingSource: Paul Graham; avc.com Time Happiness The Startup Curve Initial Enthusiasm Reality Sets In TROUGH OF SORROW Before Startup Product/ Market Fit! Starts Working Experimenting & PivotingSource: Paul Graham; avc.com Time Happiness The Startup Curve Initial Enthusiasm Reality Sets In TROUGH OF SORROW Before Startup Product/ Market Fit! Scale Starts Working Experimenting & PivotingSource: Paul Graham; avc.com Time Happiness
  20. 20. MVP Product-Market Fit Pivot
  21. 21. STOP Thinking 10%
  22. 22. McCormic MMB Innovation Challenge
  23. 23. NO EXCUSES!
  24. 24. BUILDING THE RIGHT TEAM
  25. 25. 42 Who Are You?
  26. 26. TEAM ROLES Hacker Hustler Artist
  27. 27. The trailer of YOUR life And what’s your … Kryptonite? Super powers?
  28. 28. Millennials (between 24 and 40 years old Gen Z (between 8 and 23 years old) Customer segments E.g. recently had kids, needs repertoire of recipes Enjoy having friends over and cook for them Adventurous eatersDigital natives Many dietary preferences Share meals on social media 32% of the population Healthy Concepts Matter
  29. 29. The importance of creative confidence David Kelley Co-Founder; IDEO & Stanford D-School
  30. 30. - Thomas Edison If you want to succeed,double your failure rate! - Thomas Watson, founder IBM
  31. 31. Rules in the creative process
  32. 32. Generate Silent Brainstorm
  33. 33. Generate Open Brainstorm
  34. 34. Creating new ideas is hard but don’t give up too soon..
  35. 35. Generate New problem statement (Opposite meaning) BAD ideas (solving the new problem) Turn bad ideas into good ones
  36. 36. ZEN voting
  37. 37. NOW WHAT ?
  38. 38. Guess Guess Guess Guess Guess Guess Guess Guess Guess Guess Guess
  39. 39. = An experiment that allows you to test your riskiest hypothesis with the least effort
  40. 40. Testing Product-Market-Fit Interview Pre-sell Simulation
  41. 41. Testing Product-Market-Fit Interview Pre-sell Simulation
  42. 42. Sell it before you build it..
  43. 43. $630,862 $467,167
  44. 44. Testing Product-Market-Fit Interview Pre-sell Simulation
  45. 45. Fake it until you make it…
  46. 46. Customer interview Landing Page Explainer Video Digital Prototypes 3D Models The “Concierge” MVP Crowdfunding Software Prototype A/B Test Ad Campaigns Piecemeal MVP Blog Manual-first (aka “Wizard of Oz”) MVP Paper prototype Single-feature MVP Pre-order page The ‘Fake Door’
  47. 47. Three factors that repel intrapreneurs Forced to address incremental innovations Salary instead of equity Rigid financial structure and accounting system
  48. 48. Great books to check out..
  49. 49. IMPATIENT get off the couch and DO something!
  50. 50. “Whether you think you can, or you think you can’t - you’re right!” - Henry Ford Henrik Scheel henrik@startupxp.com Linkedin.com/in/HenrikScheel InnovatorsAgency.com StartupExperience.com Good luck with yourintrapreneurial journey!

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