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Social Media and Innovation

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Social Media and Innovation

  2. 2. INNOVATION! The act or process of introducing new ideas, devices, or methods” - Merriam-Webster online “
  3. 3. INNOVATION! Innovation is the specific function of entrepreneurship, [...] It is the means by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth.” - Peter Drucker, Harvard Business Review, 2002 Economic innovation as “Creative Destruction” - The replacement of existing ideas, technology, firms with new ones. It begins as monopolistic and grows to become more competitive. - Joseph Schumpeter “
  4. 4. What do you think? INNOVATION vs. INVENTION
  5. 5. But what does innovation need to consider? HUMAN + SOCIAL “An invention is usually a “thing”, while an innovation is usually an invention that causes change in behavior or interactions.” - Bill Walker, WIRED Magazine INNOVATION v. INVENTION
  6. 6. Innovation Matrix Domain Definition Not Well Defined Defined ProblemDefinition NotWellDefinedDefined Can anyone provide an example for one of the different types of innovations? (Greg Satell, Forbes)
  7. 7. HOW THEY STACK UP •Seeks to improve existing systems Incremental Innovation •There’s a clearly defined problem and a reasonably good understanding of how to solve it Sustaining Innovation •Uproots conventions and replaces existing methods/ technologies Disruptive Innovation •Helps create a new market that eventually disrupts an existing market; Radical/ Breakthrough Innovation
  8. 8. ADOPTION CYCLE ● Diffusion of Innovation Theory - Everett Rogers ○ Innovations are not adopted by all individuals in a social system at the same time ■ They tend to be adopted over time in sequence ○ Users can be classified into categories based upon how long it takes for them to begin adopting a new idea Innovators → Early Adopters → Early Majority → Late Majority → Laggards
  9. 9. But first, WHO WANTS TO PLAY A GAME
  10. 10. 550 BC 1889 1966 1999 2005 2010 Today SOCIAL TIMELINE
  11. 11. Innovations in Social Media What are some areas of innovation in social media that you can think of?
  12. 12. •Social Networking •Social Curation •Mobile Experience Innovations in Social Media •Live Streaming •Wearables •Augmented & Virtual Reality (AR/VR)
  13. 13. Social Networking ● What do you think this encompasses? ● How would you define social networking?
  14. 14. Social Networking From Merriam-Webster online, social networking is: “The activity of creating personal and business relationships with other people, especially by sharing information, personal messages, etc., on the internet”
  15. 15. Social Networking & Innovation ● Something that has existed throughout history ○ The idea behind the building and maintenance of relationships has shaped technology and led us to where we are today ● The concept behind social networking isn’t necessarily innovative ○ However, the technologies that have emerged can be considered innovative
  16. 16. Examples of Social Networking & Innovation
  17. 17. E.g. Facebook ● Considered an incremental innovation ○ Was built upon the downfalls and success of MySpace ● Facebook has changed and shaped many aspects of our live such as through the way we: ○ Keep in touch, share our lives, consume content, view privacy, interact with businesses/consumers
  18. 18. E.g. Skype ● Considered a disruptive innovation; a threat to wireless operators ○ Low-cost telecommunication service allowed customers to communicate at a fraction of the cost ● Ways in which Skype has changed how the world communicates: ○ Old boundaries are far less relevant and businesses have been changed
  19. 19. E.g. Zynga ● Considered a disruptive innovation; changed the gaming industry ○ Integrated an online social gaming platform that doesn’t require the use of a console ● Zynga has created communities of gamers and established a platform for individuals to create relationships
  20. 20. Social Curation
  21. 21. Social curation is the collaborative sharing of Web content organized around one or more particular themes or topics What is Social Curation?
  22. 22. Social Curation & Innovation ● Content curation has changed the fundamentals of businesses ○ It’s changing business models, especially in the way companies are now approaching marketing
  23. 23. E.g. GoPro ● Has anyone ever used a GoPro before? ● Are you aware of how GoPro markets their products to consumers?
  24. 24. ● Using the videos created and shared by their clientele, the marketing team at GoPro takes advantage of this content to help broadcast their message What Does GoPro Do?
  25. 25. How Does GoPro Do It? ● Around 6000 GoPro videos are posted online each day but how exactly does GoPro’s content marketing strategy work?
  26. 26. It All Beings With #GoPro
  27. 27. Dedicated Webpages
  28. 28. Building Community
  29. 29. GoPro’s Results "When you factor in the strength of the brand, it’s so aspirational and high-energy and cool that our customers want to be associated with it. That is another reason why they tag, title and describe their content as GoPro. The result is that GoPro is arguably the world’s largest production force in the form of our customers and arguably, one of the world’s largest ambassador movements." -Nick Woodman
  30. 30. Prevalence of Social Curation ● Are there any social curation sites that you can think of? ● What about the categories that these sites might fit into?
  31. 31. Reviews Forums Publishing Bookmarking Prevalence of Social Curation
  32. 32. The Mobile Experience & Streaming
  33. 33. The Invention of the Smartphone One of the greatest inventions in 21 st century.
  34. 34. Source: http://www.pewinternet.org/data-trend/mobile/device-ownership Number of Smartphone Production Compare: Social Media Use vs Mobile Production
  35. 35. Source:http://www.pewinternet.org/data-trend/social-media/social-media-use-all-users/ Compare: Online adults using social networking site Social Media Use vs Mobile Production
  36. 36. Social Media Platforms Hinge on Mobile Capabilities Facebook Twitter Share of Time spend on mobile platform Source:http://marketingland.com/facebook-usage-accounts-1-5-minutes-spent-mobile-171561
  37. 37. ● Users on mobile platforms are more active. ● Mobile User shares twice as often. Social Media Platforms Hinge on Mobile Capabilities
  38. 38. More opportunities. Mobile Social Network & Business
  39. 39. Video Trend By 2012, video became a popular content format across Social Media
  40. 40. The Problem Lost of originality.
  41. 41. Live Streaming Platforms: Meerkat, Periscope, Facebook live
  42. 42. The Value ● “In the Moment” ● Originality ● Creating interaction, in real time.
  44. 44. $25,000,000,000USD expected worldwide by 2019 57%Of consumers interested in making a purchase 245m unitsWearable devices to be shipping by 2019
  45. 45. WEARABLE OPTIONS Smartwatches / Fitness Trackers These devices provide notifications, extend smartphone functionality, and log daily fitness. Medical Devices A large assortment of technologies aimed to monitor, log, and transmit medical data to improve a user’s well being. Augmented Reality Overlaying digital information over a user’s visual view to extend smartphone functionality.
  46. 46. Smartwatches: ● Apple Watch ● Android Wear ● Pebble Fitness Trackers ● FitBit ● Nike+ SMARTWATCHES / FITNESS TRACKERS
  47. 47. Some examples include: ● Hearing devices ● Visual aids ● Blood monitoring ● Attention tracking ● Posture monitoring MEDICAL DEVICES
  48. 48. AUGMENTED REALITY This area is quickly exploding with the introduction of: ● Layar ● Yelp’s Monocle ● Pokemon Go ● Microsoft’s Hololens
  50. 50. TAILORED SEARCH RESULTS From basic machine learning to... LIMITLESS POSSIBILITIES CLOUD COMPUTING FOR THE MIND Interconnected intelligence!
  51. 51. Artificial intelligence is present in a variety of places today: ● Targeted marketing ● Logistics ● Service automation ● Voice assistants ● Chatbots TODAY
  52. 52. In the near future AI will be a core player in the following industries: ● Medical ● Manufacturing ● Transportation ● Resource Management ● Synthetic Biology TOMORROW
  53. 53. SOCIAL MEDIA & AI “By far the greatest danger of Artificial Intelligence is that people conclude too early that they understand it.” ― Eliezer Yudkowsky
  54. 54. Virtual and Augmented Reality
  55. 55. 3 Elements Leading to Popularity 1. Meaningful Content 2. Convincing realistic interactions 3. Unique value Applications? Military, city planning, medicine, advertising, interior design “NEXT BIG THING” Make-up/Fashion, Information, Tourism, Entertainment, Social Networking >>
  57. 57. ImmersiveAmbient Virtual Augmented HTC Vive Facebook - Occulus Sony-Playstation Microsoft Hololens Google Samsung Gear Google 360 Video Layar Blippar Google
  58. 58. THE FUTURE
  59. 59. ● Affordable Occulus ● Exist in virtual or real environments with friends ● Facilitating social interactions
  60. 60. CHALLENGES? ● Providing real value ● Accessibility/Affordability ● Integration ● Security/Ethics
  61. 61. TAKEAWAYS
  62. 62. TAKEAWAYS ● Innovation vs. Invention ● 4 Stages of Innovation ● Changing Business Models
  64. 64. THANKS!
  65. 65. Sources: Christensen, C. (2012). Disruptive Innovation. http://www.claytonchristensen.com/key-concepts/ Drucker, P. (2002). The Discipline of Innovation, Harvard Business Review. https://hbr.org/2002/08/the-discipline-of-innovation Econ in Motion. (2014). Video: Creative Destruction – Econ in Motion Harvard Business Review. (2008) Video: “How to Spot Disruptive Innovation” Javornik, A. (2016) The Mainstreaming of Augmented Reality, Harvard Business Review. https://hbr.org/2016/10/the-mainstreaming- of-augmented- reality-a- brief-history Orland, K. (2016). Will high-priced headsets kill mass-market virtual reality in its crib?, ArsTechnica http://arstechnica.com/gaming/2016/02/will-high-priced-headsets-kill-mass-market-virtua -reality-in-its-crib/ Pol, E & Carroll,P. (2006). An Introduction to Economics with Emphasis on Innovation. Startup Grind. (2013). Video: Clayton Christensen - Innovators Dilemma a Startup Grind 2013. Walker, B. (2015). Innovation vs. Invention, WIRED.com. https://www.wired.com/insights/2015/01/innovation-vs-invention/