Social Media: Add Power to Your Innovation Efforts

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Stefan Lindegaard

Business Technologie

Social Media: Add Power to Your
Innovation Efforts

www.15inno.com
15inno by Stefan Lindegaard at LinkedIn Groups
stefanlindegaard@me.com
Twitter: @lindegaard
Google+: Stefan Lindegaard

We have no choice!

Innovation is about connecting the dots

Social media is about connecting the dots

Change how we innovate

Be competitively unpredictable

Develop the right conditions and framework

“…a philosophy or a mindset that they
should embrace within their organization.

This mindset should enable their
organization to work with external input to
the innovation process just as naturally as it
does with internal input”

- Making Open Innovation Work, 2011

Directed

Directive, invitational Directive, participative
Instructions

None Suggestive, invitational Suggestive, participative

Relatively few Invitations “Everyone”

Credit: OVO Innovation

Whirlpool, GSK on LinkedIn

@CarlosHaertel, @johnCEOatPsion

SAP, IBM and Psion tap into communities

Sanofi-Aventis got 4-5 years of ideas in six months

Better access, interaction with customers

Idea generation, feedback loops

Identify people, business intelligence

Broadcasting – not only outcomes

Cases

Understand OI strengths / weaknesses

Map social media competence / opportunities

Experimentation + Documentation = Change

Get corporate guidelines in place

What’s in it for me?

Purpose is not defined!

Too many digital visitors; few residents!

More questions than answers!

Direction, training and time

Get the book
for free on
15inno.com!

Let’sstay in touch!

www.15inno.com
15inno by Stefan Lindegaard at LinkedIn Groups
stefanlindegaard@me.com
Twitter: @lindegaard
Google+: Stefan Lindegaard

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Competitively unpredictable: two words that spell the key to success in today’s fast paced, highly competitive business arena. If your company has the ability to consistently outmaneuver the competition in ways they never see coming, then the future is bright. Why is being competitively unpredictable so essential now? One key reason is the ever-shrinking window of opportunity. In the past decades, depending on your industry, you could count on having three or five or even seven years after bringing something new to market to make good money before you needed to come up with the next new thing to keep revenues growing. This is no longer the case. While the pace of innovation used to be fast but still manageable, now the window of opportunity is getting shorter and moving faster so you’re forced to innovate ever faster. One of the best examples is the mobile phone industry where they are now counting in months. Open innovation and business model innovation are key concepts for becoming competitively unpredictable and in this session Stefan Lindegaard shares his views on how companies can embrace these concepts in order to bring better innovation to market faster. Specifically, he provides: • an overview of the current state of innovation and what the future will bring us • examples on how leading-edge companies merge open innovation and business model innovation • insights on why companies must embrace failure for better innovation • insights on how companies can use social media for their innovation efforts

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Here you can check out my PowerPoint deck for my new concept: 7 Steps for Open Innovation: Grading Your Company’s Open Innovation Capabilities The premise is that if your company is not already fully engaged with open innovation efforts, it is way behind. This is evident by looking at the number of companies around the globe that today embrace the use of external partners and input into their innovation efforts. But even though companies continuously launch new initiatives designed to help them leverage the power of outside knowledge and resources to drive innovation forward, there is a sense within these companies that they can do better and take this new innovation paradigm to an even higher level. They are also eager to get external perspective to make sure they are maximizing results by using best practices in all aspects of their open innovation efforts. To help companies with this evaluation, I have developed a seven-step assessment tool that helps them evaluate these key areas: 1. Common Language and Understanding, Motivation, Mandate and Strategic Purpose 2. Assets and Needs 3. Value Pools and Channels 4. Internal Readiness 5. External Readiness 6. New Skills and Mindset 7. Communications Strategy This assessment tool will help companies identify where they may be falling short in any of these key areas as well as provide ideas and insights on how to make the necessary improvements that will give more power to their open innovation efforts. This is still work in progress, but you can get an idea of what this is about by checking out my presentation here It would be great to hear your early feedback on the content itself as well as your thoughts on what I should do with the concept itself. Maybe it would be more valuable for the open innovation community as some kind of an open source project? What do you think?

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1. Social Media: Add Power to Your Innovation Efforts www.15inno.com 15inno by Stefan Lindegaard at LinkedIn Groups stefanlindegaard@me.com Twitter: @lindegaard Google+: Stefan Lindegaard

2. We have no choice! Innovation is about connecting the dots Social media is about connecting the dots

3. Change how we innovate Be competitively unpredictable Develop the right conditions and framework

4. “…a philosophy or a mindset that they should embrace within their organization. This mindset should enable their organization to work with external input to the innovation process just as naturally as it does with internal input” - Making Open Innovation Work, 2011

5. Directed Directive, invitational Directive, participative Instructions None Suggestive, invitational Suggestive, participative Relatively few Invitations “Everyone” Credit: OVO Innovation

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7. Whirlpool, GSK on LinkedIn @CarlosHaertel, @johnCEOatPsion SAP, IBM and Psion tap into communities Sanofi-Aventis got 4-5 years of ideas in six months

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10. Understand OI strengths / weaknesses Map social media competence / opportunities Experimentation + Documentation = Change Get corporate guidelines in place

12. What’s in it for me? Purpose is not defined! Too many digital visitors; few residents! More questions than answers!

13. Direction, training and time

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