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The Art of Banking On Innovation
Ravi Padaki
About Me
@NPC Kolkata, July 17th, 2014
INNOVATION AS IT HAPPENED
THE STORY OF CHOTUKOOL
The Story of ChotuKool
http://www.innosight.com/impact-stories/chotokool-case-study.cfm
Portable
8 to 10 deg C
12 V battery
BANKING ON INNOVATION
TOP 10 GUIDELINES
#1: Shift To The Innovation
Mindset
#1: Shift To The Innovation Mindset
• Customers Needs Vs Customer Wants
– You have given us what we asked for. But now,
that we have seen it, we realize that it’s not what
we really want.
• Problem Space VS Solutions Space
– Define the problem statement first
• Market driven Vs Client driven
– Solve for 1 or Solve for many
– Look for Repeatability
#2: Empathize
Before you get into your customer’s shoes, you
must first remove your own
#3: Collaborate
Sony Vs Apple
Implications of not collaborating can be
disastrous for business
#4: Challenge Conventional Wisdom
Example: Snapfish Partner Solutions
• Re-licensing sharing and photo merchandize
service as white label enabled snapfish a
handsome cash flow while learning more
about markets, users, and the retail business
#5: Don’t Fear Cannibalization
#5: Don’t Fear Cannibalization
“Our core philosophy is to
never fear cannibalization. If
we don’t do it, someone else
will”
The S Curves
#6: Speed matters
#7: Build Prototypes First
Nordstrom Innovation Labs
https://www.youtube.com/watch?v=szr0ezLyQHY
#8: Choose the right metrics
#8: Choose the right metrics
Stay away from vanity metrics that make you
feel good but don’t move the needle
#9: Focus
#9: Focus
• Prioritize aggressively
• Don’t have to do everything the customer says
• Celebrate real success when you meet
business goals or make customers successful
– Not when you launch the product
#10: Simplify for the user
Steve Jobs on Simplicity
ZOOM OUT
How to Build a Culture of Innovation?
• Enable the junior most to participate
• Seek ideas consistently and frequently
• Encourage fail-fast.
– Make not trying not an option
• Big ideas rarely get killed. They get diluted!
– Resist dilution…
• Gamify through leader boards and simulations
Source: The Chasm Group
Thank You
Ravi Padaki
Founder, Pravi Solutions
Mobile: (91) 953-557-3939
Email: ravi@pravisolutions.com
Web: www.pravisolutions.com
Do more with ideas…

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SocGen_BankingInnovationv3