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Lessons From Starting an Innovation Lab
1.
2. September 19–21, 2016 | Bellagio | Las Vegas, NV
THIS IS A BRICK AND MORTAR BUSINESS, SO WHY
INNOVATE?
Average lifetime for
S&P 500 company
60yrs>15yrs in
2014
Too many
ideas/products/
services applied slowly
& inefficiently (tech
moves fast)
No formal way to
capture best practices,
great ideas, conduct
group learning &
experimentation
Defensive & offensive
strategy (protect
against revenue
drains, take advantage
of revenue generation
opportunities)
3. September 19–21, 2016 | Bellagio | Las Vegas, NV
6 LESSONS LEARNED FROM CREATING A CORPORATE
INNOVATION LAB
LESSON
1
LESSON
2
LESSON
3
LESSON
4
LESSON
5
LESSON
6
Scope
&
Buy-In
Create
In-take
Process
& Sell It!
Vetting/
Prioritizing
Pilot –
Succeed
Fast/Fail Fast
Integrate
Successful
Solutions
into BAU
Communicate,
Market, Brand
& Sell
4. September 19–21, 2016 | Bellagio | Las Vegas, NV
LESSON 1 – SCOPE AND BUY-IN
LESSON
1
Scope
&
Buy-In
Budget Allocated - consider this a write off
Is Senior Management bought in?
How will success be measured?
5. September 19–21, 2016 | Bellagio | Las Vegas, NV
LESSON 2 – CREATE IN-TAKE PROCESS
LESSON
2
Create In-take
Process &
Sell It!
Incubator vs. Accelerator vs.
Venture Fund
Good Ideas Come to you First –
Real Lync, Mobile Doorman
Find a Strategic Partner
7. September 19–21, 2016 | Bellagio | Las Vegas, NV
LESSON 2 CONT'D – CREATE IN-TAKE PROCESS
LESSON
2
Create In-take
Process &
Sell It!
Start with Email Intake –
Just Get Going
6 Months In – Morphed to a
Web-Based Intake Program
Challenge Questions to
Generate Thought Process
8. September 19–21, 2016 | Bellagio | Las Vegas, NV
LESSON 3 – VETTING/PRIORITIZING
LESSON
3
Vetting/
Prioritizing
Creation of Waterton Innovation Council
‒ Representatives from all areas of the business
‒ Make-up is relative to the demographics of
our residents
Assist with Vetting/Prioritizing of Ideas
Innovation Champions
9. September 19–21, 2016 | Bellagio | Las Vegas, NV
LESSON 4 – PILOT – SUCCEED FAST/FAIL FAST
LESSON
4
Pilot –
Succeed
Fast/Fail
Fast
Active Give & Take with Pilot Property
Do not Become Emotionally Invested in an Idea
Recognize Quickly if this Idea/Solution will Fly (or Not)
Pilots Handled Outside the PMO
10. September 19–21, 2016 | Bellagio | Las Vegas, NV
LESSON 5 – INTEGRATE SUCCESSFUL SOLUTIONS INTO BU
LESSON
5
Integrate
Successful
Solutions
into BAU
Move to PMO for any further
installations/roll-out
Once Pilot is successful – Migrate it out of
the Innovation Lab
11. September 19–21, 2016 | Bellagio | Las Vegas, NV
LESSON 6 – COMMUNICATE, MARKET & SELL
THE INNOVATION LAB!
LESSON
6
Communicate,
Market
& Sell
If you are not talking about it, BAU will consume all the oxygen
in the room
Be Passionate – This is the cool part of our job!
If you are not talking about it, people will question its funding
If you are not talking about, its not happening
12. September 19–21, 2016 | Bellagio | Las Vegas, NV
Director, Applied Innovation
eric.potter@waterton.com
linkedin.com/in/ericpotter1
Eric Potter
Editor's Notes
Jim Basile of RIM – I never look up or down, left or right. Just keep moving forward.
Lots of M&A in our industry
Moore’s law
What tools, processes, products will you focus on
How should ideas that are already in play be handled
Budget – How much to lab and how much to creating minimum viable products
Don’t measure activity measure business impact – innovation is a tool, not an end state
What's more important development or fast paced learning
Don’t kill ideas because you already know everything
- Don’t start at incubator
- De-risking by having Harrison St. and Elmdale partners on board
Diversified offerings allow you to think outside of the box and see new things from new angles
Don’t get too stuck on tools – More important to just start
E-zassi, Zoom, Digital Ocean, Slack, Unbounce
Talk about innovation council
Only volunteers
- Have to be disciplined in which ideas you are going to follow i.e. if you stated increasing revenue is your focus an expense cutting idea shouldn’t make it
don’t let things get sucked into normal operations – this is why executive buy in is important
Get used to MVP and spread that culture
Get used to prototyping and have a property or 3 you partner with – strong CM, right demographic mix etc.
Things can stay in innovation lab for the short term, but belong in PMO and then BAU
Clearly establish a process for this.
Talk about this in terms of dollars and cents.
Brand this so it is a cultural social change, not just the new change management flavor of the day
You have to start somewhere to get going, but the goal is to create things executive teams can’t unsee, unhear, unfeel – big projects