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Strategic innovation slideshare

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Strategic Innovation, assassinator of companies and markets. Engagement group presentation

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Strategic innovation slideshare

  1. 1. What is innovation? Innovation: ( noun ) a new idea, device, or method; the act or process of introducing new ideas, devices or methods. Source: Merriam Webster Dictionary The word “innovation” itself descends from the Latin words in and novare, meaning ‘to make new.’
  2. 2. What is innovation? Innovation is a new idea, more effective device or process. Innovation can be viewed as the application of better solutions that meet new requirements, inarticulated needs, or existing market needs. This is accomplished through more effective products, processes, services, technologies, or ideas that are readily available to markets, governments and society. The term innovation can be defined as something original and more effective and, as a consequence, new, that "breaks into" the market or society.
  3. 3. Innovation = Creativity + Delivery
  4. 4. In what department in your company does innovation take place?
  5. 5. Innovation Type Operational (Process) Tactical (Product) Strategic (Business Models) Focus Improving processes to optimise delivery of an existing product/service to a defined market Improving a market position by introducing new products/services or business model The disruption and destruction of existing markets to create fertile soil for new markets Measurement s Throughput, defects, quality, waste, line downs, yields, ROI Market share, Customer satisfaction, Customer delight, ROI Share price, Funding, Capital, Alliances, bankruptcies, takeovers Department Finance, Quality, Manufacturing HR, Training Marketing, Sales Product Development, Technology development ? Aim Fulfill existing customer need cheaper Understand emerging needs of customers and fulfill Create a need for users they did not even know they had Boundary The company/group The Market(s) ? What is strategic innovation
  6. 6. Strategic innovation disrupts and destroys
  8. 8. Impact: 10x every 5 years
  9. 9. Who are using strategic innovation If you don’t explore new business models – you will go extinct McKinsey & Co
  10. 10. The large players according MIT
  11. 11. Competition Collaboration Assassination Creation Cannibalization The battle for world domination
  12. 12. Find one error in this picture
  13. 13. Death of the Funnel Google owns search (Dying) Apple now support add blockers Amazon Prime Exploding Facebook Search used by 1B every day LinkedIn dominates B2B Move from desk to mobile Move from homepage to Apps Nobody is going to find your products or homepage anymore.
  14. 14. Unicorns are predominantly from Silicon Valley Unicorns 1B$ Cap 147 total 53 in US 13 in EU 505B$ Cap
  15. 15. More Starfish Models
  16. 16. Why is it important
  17. 17. No Industry is safe
  18. 18. The operating logic of most companies is to compete in a well defined market
  19. 19. Economics is the science of choice in scarcity
  20. 20. What is needed? Innovation is difficult for well-established companies. By and large, they are better executors than innovators, and most succeed less through game-changing creativity than by optimizing their existing businesses. McKinsey
  21. 21. Strategic Innovation - disruption Does not accept market rules Takes advantage of asymmetric faults in market Collaborate rather than compete Starfish model: Connects rather than owns Get users to generate value Creates new markets Create new users Differentiate between customers and users Experimental rather than professional
  22. 22. If you can be disrupted, you will be disrupted unless you disrupt yourself
  23. 23. Can you cannibalize your own revenue stream?
  24. 24. The Hedgehog principle Most companies are build around doing one thing really well and effective
  26. 26. You will not change what you believe is perfect
  27. 27. Rethink your market • From loyalty to empowerment • From efficient to intelligent • From low cost to no cost • From ownership to access
  28. 28. Time for a reflection How could you disrupt your own market and company?
  29. 29. Innovate like Google
  30. 30. Google Innovation • Differentiate between customers and users • Forget ROI – focus on providing max value for user • 20% of time allocated to passion projects • Organisation level does not dictated pay • Minimum 7 direct employees • Focus on user, learn from user, learn about user • Have user generate data, knowledge & Insights • Experimentation over perfection
  31. 31. Organisations don’t innovate Engaged employees innovate
  32. 32. Thank You