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Killer Innovations Introduction to a better way to innovate Philip McKinney [email_address] www.killerinnovations.com
[object Object],[object Object],[object Object],[object Object],[object Object],Agenda
Innovation Acceleration Time Impact ,[object Object],[object Object]
Technology Adoption is Accelerating Phone 74 years Radio 38 years PC 16 years TV 13 years Internet 2 years Blogs 1 year How long does it take to get to 50 million users?
The Innovation Reality Innovation Gap The shortfall between a organizations rapidly rising need for ideas/innovations and their inadequate supply Innovation Delay The delay between the time when decisions to adopt strategic innovations are made and their eventual impact to the organization.
Innovation Impact Innovation has increased in importance over the last 10 years Innovation plays an important role in assessment of company value Confident in ability to manage and measure innovation impact 35% 73% 92% Source: Arthur D. Little Research 0% 20% 40% 60% 80% 100%
Executive View of Innovation ,[object Object],[object Object],[object Object],[object Object],Source:  DiamondCluster International, Techtrend Group
The Challenge of Innovation ,[object Object],[object Object],[object Object]
Value From Innovation R&D Incremental Innovations to existing offerings Creating new offerings/markets/industries Source: Harvard Business Review, October 2004 86% 14% Revenue 62% 38% Margin 39% 61%
What’s wrong with the current approaches to find ideas?
What’s wrong with current brainstorming approaches? ,[object Object],[object Object],[object Object],[object Object]
Incremental versus Breakthrough ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Killer Innovations
What is a killer innovation? A Killer Innovation is defined as  significant and highly profitable departures from current offerings or practices that is difficult to imitate
[object Object],[object Object],[object Object],[object Object],Killer Innovation Approach
Killer Innovation Tools Using FIRE ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],History of the KI Approach
Tool: Focus
Focus the search Moving into new competitive arenas Expansion into new geographies Improvement in industry structure New or existing customers Innovation in products or services Innovation in value delivery system
Search Areas for Innovation Six degrees of freedom Such as … Creating a new business by selling existing products/services to existing or new, unfamiliar customer segment Creating a new product or service, normally in a cocooned manner Creating an innovation that redesigns the business system sufficiently to alter the value proposition Changing the value proposition, value delivery system, or competitive relationships that improve/change the industry structure or redefine the industry Expanding into a new geographic area with high value-added transfer from existing geography or when the activity is new Developing a new business in an industry within which a company has not previously competed or when there is no overlap in customer value proposition New/Existing customers Innovation in products or services Innovation in value delivery system Improvement in industry structure Expansion into new geographies Moving into new competitive arenas Source:  Techtrend Group
Focus on the customer YUPPIES Young Urban Professionals YUFFIES Young Urban Failures MOBY/DOBY Mom/Dad Older – Baby Younger WOOFS Well Off Older Folks SKIPPIES School Kids with Income + Purchasing Power “ Sandwichers” Adults caught between caring for their children and their older parents Which are the right segments?
Tool: Ideation
[object Object],[object Object],[object Object],[object Object],The Current Method ….
Better Questions = Killer Ideas ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Exploring Beyond the Obvious S Substitute? C Combine? A Adapt? M Modify – Magnify? P Put to other uses? E Eliminate or minify? R Reverse – Rearrange? ,[object Object],[object Object]
Idea Quota ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Characteristics of the  Best Killer Ideas ,[object Object],[object Object],[object Object],[object Object],[object Object]
Suspend Disbelief Let’s shelve that for the time being Who is going to do it? I have something better. We tried that before. It won’t fit our operation. It’s against all our combined logic. Not enough return on investment. It’s great, but . . . . . . Someone must have already tried it. I thought of that a long time ago. We can’t afford that. You’ll never get approval. You’re on the wrong track. Don’t rock the boat. The market it not ready yet. It’s not a new concept.
Tool: Rank The Ideas
Idea Criteria: Key Questions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Idea Criteria: Ability To Execute ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Tool: Execution
Execution = Stage Gate Management Source:  Techtrend Group “ The Best” use some from of a Milestone/Stage Gate process to introduce new products and services
Skills: Observation
What do you see?
What do you see? Minimum space which can represent the full alphabet! Look beyond the obvious ….
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Observation Skills
Skills: Changing Perspective
What is half of thirteen?
Half of thirteen 6.5 6 or 7 (rounded) “ thir” and “teen” XII = VII  and IIV(split horizontal) 1 and 3 . . . How many more can you come up with? Be careful .. Don’t assume the definition of words (e.g. “half”)
Benefits of KI
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],The benefits of the KI Approach
Lessons Learned
[object Object],[object Object],[object Object],[object Object],[object Object],Lessons Learned
Thank you Q & A

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Introduction To The Killer Innovation Approach Ver 5

  • 1. Killer Innovations Introduction to a better way to innovate Philip McKinney [email_address] www.killerinnovations.com
  • 2.
  • 3.
  • 4. Technology Adoption is Accelerating Phone 74 years Radio 38 years PC 16 years TV 13 years Internet 2 years Blogs 1 year How long does it take to get to 50 million users?
  • 5. The Innovation Reality Innovation Gap The shortfall between a organizations rapidly rising need for ideas/innovations and their inadequate supply Innovation Delay The delay between the time when decisions to adopt strategic innovations are made and their eventual impact to the organization.
  • 6. Innovation Impact Innovation has increased in importance over the last 10 years Innovation plays an important role in assessment of company value Confident in ability to manage and measure innovation impact 35% 73% 92% Source: Arthur D. Little Research 0% 20% 40% 60% 80% 100%
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  • 9. Value From Innovation R&D Incremental Innovations to existing offerings Creating new offerings/markets/industries Source: Harvard Business Review, October 2004 86% 14% Revenue 62% 38% Margin 39% 61%
  • 10. What’s wrong with the current approaches to find ideas?
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  • 14. What is a killer innovation? A Killer Innovation is defined as significant and highly profitable departures from current offerings or practices that is difficult to imitate
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  • 19. Focus the search Moving into new competitive arenas Expansion into new geographies Improvement in industry structure New or existing customers Innovation in products or services Innovation in value delivery system
  • 20. Search Areas for Innovation Six degrees of freedom Such as … Creating a new business by selling existing products/services to existing or new, unfamiliar customer segment Creating a new product or service, normally in a cocooned manner Creating an innovation that redesigns the business system sufficiently to alter the value proposition Changing the value proposition, value delivery system, or competitive relationships that improve/change the industry structure or redefine the industry Expanding into a new geographic area with high value-added transfer from existing geography or when the activity is new Developing a new business in an industry within which a company has not previously competed or when there is no overlap in customer value proposition New/Existing customers Innovation in products or services Innovation in value delivery system Improvement in industry structure Expansion into new geographies Moving into new competitive arenas Source: Techtrend Group
  • 21. Focus on the customer YUPPIES Young Urban Professionals YUFFIES Young Urban Failures MOBY/DOBY Mom/Dad Older – Baby Younger WOOFS Well Off Older Folks SKIPPIES School Kids with Income + Purchasing Power “ Sandwichers” Adults caught between caring for their children and their older parents Which are the right segments?
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  • 28. Suspend Disbelief Let’s shelve that for the time being Who is going to do it? I have something better. We tried that before. It won’t fit our operation. It’s against all our combined logic. Not enough return on investment. It’s great, but . . . . . . Someone must have already tried it. I thought of that a long time ago. We can’t afford that. You’ll never get approval. You’re on the wrong track. Don’t rock the boat. The market it not ready yet. It’s not a new concept.
  • 29. Tool: Rank The Ideas
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  • 33. Execution = Stage Gate Management Source: Techtrend Group “ The Best” use some from of a Milestone/Stage Gate process to introduce new products and services
  • 35. What do you see?
  • 36. What do you see? Minimum space which can represent the full alphabet! Look beyond the obvious ….
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  • 39. What is half of thirteen?
  • 40. Half of thirteen 6.5 6 or 7 (rounded) “ thir” and “teen” XII = VII and IIV(split horizontal) 1 and 3 . . . How many more can you come up with? Be careful .. Don’t assume the definition of words (e.g. “half”)
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  • 45. Thank you Q & A