Demetris C. Hadjisofocli. This presentation provides some basic information on what is innovation and how it differentiates from Entrepreneurship. It gives a high level view on how Innovation processes should be approached within organizations to instill a culture of development and growth.
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Harnessing Innovation
1. Harnessing Innovation for SMEās
Introduction to Business Administration
Demetris C. Hadjisofocli
Executive Director, Entrepreneurship Frontier Network, Ltd.
2. ā¢ Innovation
ā¢ The process of making improvements by introducing something new
ā¢ Entrepreneurship
ā¢ Willingness to take the risks involved in starting and managing a business
and the use of resources to implement innovative ideas
3. INNOVATION
ā¢ Innovation vs Creativity
ā¢ Creativity is coming up with ideas
ā¢ Innovation is bringing ideas to life
ā¢ Innovation vs Invention
ā¢ Invention is the creation of a new concept
ā¢ Innovation is reducing that concept to practice, and making it a commercial
success
ā¢ Innovation vs Science
ā¢ Science is the conversion of money into knowledge
ā¢ Innovation is the conversion of knowledge into money
4. INNOVATION IS CRITICAL
ā¢ Shift of emphasis from a regional industrial economy to a knowledge-based
entrepreneurial economy driven by innovative technologies
ā¢ Customer Driven Economy
ā¢ Customers seek alternatives, compare offers, and hold out for the best option
ā¢ Shortening Product/Service Life Cycle
ā¢ If you understand the technology it is obsolete
ā¢ Rabidly changing business environment
ā¢ It is not the big that eats the small; it is the fast that eats the slow
ā¢ Convergence
ā¢ Globalization of world economies, technologies and innovations
5. INNOVATION MANAGEMENT (TRADITIONAL)
ā¢ Key Driver for Change & Competitive Advantage
ā¢ Focuses on large organizations with
ā¢ Lots of resources
ā¢ Planning infrastructure
ā¢ Small SMEās are left out ļ
6. SMEāS IN EUROPE
ā¢ Primary Source of Job Creation (68%)
ā¢ Primary Source of Economic Growth (63% of total Turnover)
ā¢ Suppliers of large OEMās
ā¢ Majority employ less than 10 people
7. KEY FOR SMEāS INFLUENCE OF
INNOVATION
ā¢ Using innovation subsidies
ā¢ Links with knowledge centers
ā¢ % of turnover invested in R&D
8. INNOVATION-LESS CHARACTERISTICS OF
SMEāS
ā¢ Management by exception (Centralization)
ā¢ Little analysis of the impact benefit of any change
ā¢ High ICT Usage/Low expertise
ā¢ Lack of Resources & Knowledge
ā¢ Lack of Motivation & Incentives
ā¢ Start up strategies
ā¢ Chicken & Egg Syndrome
9. WHY INNOVATION FAILS
ā¢ Goal Definition
ā¢ Action Alignment
ā¢ Allocation of Teams & Resources
ā¢ Feedback & Results
ā¢ Performance Monitoring
ā¢ Collaboration & Communication between Customers & Suppliers
ā¢ Innovation Culture
ā¢ Grade; F - Poor
10. BUSINESS ENVIRONMENT
ā¢ Legislation
ā¢ Authority Support (Government, Regional, Local)
ā¢ Outside Experience
ā¢ Values & Motivation
ā¢ Age of the SME
ā¢ Industry Sector
ā¢ Business Activism
12. INNOVATION PROCESS
ā¢ Inspire People
ā¢ Reduce Resistance
ā¢ Ensure that everyone is participating
ā¢ Clarify the resources and define success
ā¢ Measure against performance metrics
ā¢ Feedback & Communication
13. ORGANIZATION & PEOPLE
ā¢ Built a winning organization
ā¢ Get rid of bureaucracy
ā¢ Eliminate boundaries
ā¢ Put values first
ā¢ Cultivate leaders
ā¢ Create learning culture
ā¢ Harness your people
ā¢ Involve everyone
ā¢ Make everybody a team player
ā¢ Stretch
ā¢ Instill confidence
ā¢ Make business fun
14. INNOVATION LEADERSHIP
ā¢ Leaders who can energize, excite and inspire rather than hinder, depress, and
control.
ā¢ Create a Vision and then ignite the organization to make the vision a reality
ā¢ Micromanagement (Bad)
ā¢ Everyone should be encouraged to be involved and new ideas should be welcomed
ā¢ Lead by example
ā¢ Get people to see exciting opportunities and possibilities for the future through
positive attitude
ā¢ People change and unlock their inner power when they are emotionally engaged
and committed
15. MAKE RELENTLESS INNOVATION A WAY OF
LIFE
ā¢ Lead innovation, emphasize opportunities not problems, and encourage
innovative behavior
ā¢ Establishing the culture of innovation requires a broad and sustained effort
ā¢ Questions are critical to innovation, so start with creating a culture of
questioning
ā¢ Exploration of possibilities, discoveries, innovation, and progress start with
challenging assumptions, asking searching āWhy?ā and āWhat if?ā questions,
and playing āWhat ifā scenarios
ā¢ Encourage your people to challenge assumptions
ā¢ Reward both individual and collective contributions
ā¢ Celebrate success
16. ENCOURAGE ENTREPRENEURIAL
CREATIVITY AND EXPERIMENTATION
ā¢ Develop entrepreneurial staff and create a corporate climate that
encourages rule-breakers and outside-the-box thinkers
ā¢ Experimentation by definition is a trial-and-error process, but
experimentation is also the key to discovery
ā¢ Without action, you cannot know whether or not your innovative
ideas will actually work
17. INVOLVE EVERYONE, EMPOWER AND
TRUST EMPLOYEES
ā¢ Talented and empowered human capital is the prime ingredient of
organizational success
ā¢ A critical feature of successful teams, especially in knowledge-driven
enterprises, is that they are invested with a significant degree of
empowerment, or decision-making authority
ā¢ Formulate stretch goals, provide resources, and empower your people
ā¢ Find a balance between hands-off and autocratic management styles
18. BUILD TEAMS AND PROMOTE TEAMWORK,
LEVERAGE DIVERSITY
ā¢ Teamwork is essential for competing in today's global arena. Build a star team, not a
team of stars
ā¢ Diversity of thought, perception, background and experience enhance the creativity and
innovation
ā¢ A team should not just be diverse; it has to make the most of it
ā¢ Involve everyone, facilitate cross-pollination of ideas, build and empower cross-functional
teams if you wish to harness the power of diversity
ā¢ Challenge people from different disciplines and cultures to come up with something
better together and achieve creative breakthroughs.
19. MOTIVATE, INSPIRE AND ENERGIZE PEOPLE, RECOGNIZE
ACHIEVEMENTS
ā¢ Financial rewards do encourage people to produce results
ā¢ But the kind of ownership that really generates energy is not
financial; It is emotional
ā¢ Set stretch goals ā they energize people. Become a positive,
encouraging person
ā¢ Give people a sense of responsibility and make them feel that their
actions make a difference
ā¢ Communicate with people frequently and praise them
20. ENCOURAGE RISK TAKING
ā¢ Take risks! Don't play it safe!
ā¢ Making mistakes is essential to innovation and organizational growth, as long
as systems are developed to learn from failures and to avoid making the same
mistake twice
ā¢ The more people fail, the more they succeed
ā¢ They learn from taking action, from mistakes, from feedback, from getting their
hands dirty
ā¢ Treat failures as learning opportunities
ā¢ Develop a tolerance for mistakes and give your people freedom to fail, learn from
failures, and start again more intelligently
21. MAKE BUSINESS FUN
ā¢ Fun must be a big element in your business strategy
ā¢ No one should have a job they don't enjoy
ā¢ If you don't wake up energized and excited about tackling a new set of challenges,
then most likely you are in the wrong job
22. MANAGE LESS
ā¢ It is amazing how much people will do when they are not told
what to do by management
ā¢ In the new knowledge driven economy, people should make
their own decisions
ā¢ Managing less is managing better
ā¢ Close supervision, control and bureaucracy kill the
competitive spirit of the company
ā¢ Weak managers are the killers of business; they are the job
killers
ā¢ You cannot manage self confidence into people
23. CHANGE IS AN OPPORTUNITY
ā¢ Change is a big part of the reality in business
ā¢ Willingness to change is a strength, even if it means plunging part of the company
into total confusion for a while
ā¢ Keeping an eye out for change is both exhilarating and fun
24. GET RID OF BUREAUCRACY
ā¢ The way to harness the power of people is
ā¢ Turn them loose
ā¢ Get the management layers off their backs
ā¢ Bureaucratic shackles off their feet
ā¢ Functional barriers out of their way
ā¢ Bureaucracy is the enemy
ā¢ Drop unnecessary work
ā¢ Delayer! Create a flat responsive organization
ā¢ Cross-pollinate to make faster and better decisions
ā¢ Encourage employees to identify problems and come up with solutions
ā¢ Make your workplace more informal
25. ELIMINATE BOUNDARIES
ā¢ In order to make sure that people are free to reach for the impossible, you must
remove anything that gets in their way
ā¢ Boundary-less describes an open organization free of bureaucracy and anything else
that prevents the free flow of ideas, people, decisions
ā¢ Informality, fun and speed are the qualities found in a boundary-less organization
26. CREATE A LEARNING CULTURE
ā¢ Turn your company into a learning organization
ā¢ Spark free flow of communication and exchange of ideas
ā¢ The desire, and the ability, of an organization to continuously learn from any source,
anywhere - and to rapidly convert this learning into action - is its ultimate
competitive advantage
27. INVOLVE EVERYONE
ā¢ Business is all about capturing intellect from every person
ā¢ The way to engender enthusiasm is to allow employees far more
freedom and far more responsibility
ā¢ Start with yourself...
ā¢ Encourage people to take initiative...
ā¢ Use the brains of every worker...
ā¢ Create an atmosphere where workers feel free to speak out...
28. CONSTANTLY FOCUS ON INNOVATION
ā¢ You must constantly focus on innovation
ā¢ Observe competitors
ā¢ You must constantly produce more for less through intellectual
capital
ā¢ Look for the quantum leap ā not incremental
ā¢ The fundamentals have got to be more education
ā¢ More information knowledge, faster speeds, more technology
across the board
29. INNOVATION II
ā¢ You Innovate to
ā¢ Improve products and services
ā¢ Retain existing and win new customers
ā¢ Find new ways to solve a problem
ā¢ Save money
ā¢ Enhance your jobs
ā¢ Make a task easier, faster and/or more enjoyable
ā¢ Increase your promotion potential
ā¢ Achieve great results and have fun
30. INNOVATION III
ā¢ Forms and Sources of Innovation
ā¢ Innovation can be incremental or radical
ā¢ Innovation can result from technology transfer or through
development of new business models and concepts
ā¢ Innovation can be technological, organizational, presentational, etc.
31. HARD VS. SOFT INNOVATION
ā¢ Hard Innovation is organized R&D characterized by strategic
investment in innovation, be it high-risk-high-return radical
innovation or low-risk-low-return incremental innovation
ā¢ Soft Innovation is the clever, insightful, useful ideas that just
anyone in the organization can think up (SME)
32. SPEED
ā¢ Speed is everything
ā¢ Speed is the indispensable ingredient of competitiveness
ā¢ Speed, simplicity and self-confidence are closely intertwined
ā¢ Simplify the organization and instill confidence, and you will
create the foundation for an organization that incorporates
speed into the fabric of the company
33. SPEED II ā THE SEQUEL
ā¢ Fast Thinking Road-mapping
ā¢ Anticipate, and spot trends
ā¢ Let best ideas win
ā¢ Fast Decision-making
ā¢ Setting Rules and Guiding Principles
ā¢ Reassessing Constantly Past Decisions
ā¢ Getting Rid of the Bureaucracy
ā¢ Fast to Market
ā¢ Launching a Crusade
ā¢ Own Your Competitive Advantage
ā¢ Institutionalizing Innovation
ā¢ Rapid Experimentation
34. REMEMBER
ā¢ Inspire
ā¢ Set Benchmarks
ā¢ Let them Loose
ā¢ Trust
ā¢ Speed
ā¢ Leadership
ā¢ Risk
ā¢ Motivation
ā¢ Incentives
ā¢ Knowledge Assets
ā¢ Failing is good
35. MAKE BUSINESS FUN
ā¢ As business today is about passion and creating new things, fun has become a big
element in the business strategy of many highly successful businesses
ā¢ Make fun an important part of your corporate culture to enable relentless
innovation and create an inspiring culture
ā¢ "What's really driving the new economy ā and confounding the grand pooh-bahs of
the old one ā is that individuals are having a huge impact and an awful lot of fun
ā¢ People should be happy at work and have fun
ā¢ Encourage just-for-fun programs
ā¢ Find some humor in your failures. Don't take yourself so seriously. Loosen up, and
everybody around you will loosen up. Have fun. Show enthusiasm ā always