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Innovation Management/ lecture 4: Speed: New thoughts on an old idea

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1/. The Myths of Innovation
2/. People and Teams for Innovation Success
3/. Customer Focused Innovation
4/. Speed: New thoughts on an old idea
5/. Co-creation to build more value
6/. Eco-system development
7/. Selecting Ideas / Theories to tie things together

Veröffentlicht in: Business
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Innovation Management/ lecture 4: Speed: New thoughts on an old idea

  1. 1. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  2. 2. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Class Update 5 Google Killers 15 First movers / fast seconds 60 Launching a google killer 20 Break 10 The myths of speed 60 Nomadesk: what now … 5 Checklist based on today’s class 2 Next week's assignment 5 180
  3. 3. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
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  10. 10. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  11. 11. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Meeting Objective Clarify what is expected of you in the innovation audits Help make sure you are on the right track Wednesday 12/3 14:00 15:30 Wednesday 12/3 16:00 17:30 Wednesday 12/3 18:00 19:30 Tuesday 18/3 14:00 15:30 Tuesday 18/3 19:30 21:00
  12. 12. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  13. 13. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Product Marketing Bryan Cassady 07/08 Imagine you receive this letter from Lucy. What does she want to tell you? A LETTER FROM A FRIEND (1/3) Dear Shirley, Remember last Saturday afternoon when I was playing in the park with my boyfriend and you came over, and he told me that when my back was turned, you kissed him? And also, on Sunday when you came to my house and my Mom made you a tuna fish salad for lunch and you said: “Yech! That’s the worst salad I ever ate!”? And yesterday, when my cat brushed against your leg, you kicked her and threatened to sic your dog “Monster” on her? Well, for all of these reasons, I hate you, and I no longer want to be your friend. Lucy Source: [Zel99], http://education.dbai.tuwien.ac.at/wie/WS05/ 1
  14. 14. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Product Marketing Bryan Cassady 07/08 Wouldn‘t the message be far clearer if the letter were written that way? A LETTER FROM A FRIEND (2/3) Main statement or “governing thought” Dear Shirley, I HATE you. Here are my reasons: 1. You stole my boyfriend. Reasons supporting 2. You insulted my mother. the governing thought 3. You scared my cat. Source: [Zel99], http://education.dbai.tuwien.ac.at/wie/WS05/ 2
  15. 15. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Product Marketing Bryan Cassady 07/08 In the second letter, the hierarchy of Lucy‘s actual thoughts becomes more explicit and can be considered as a fictitious question-answer dialogue with the addressee. A LETTER FROM A FRIEND (3/3) Q: Why did Lucy write this letter to me? A: Because ... Lucy hates me. Q: Why? I stole her I insulted I scared her A: Because ... boyfriend. her mother. cat. Source: http://education.dbai.tuwien.ac.at/wie/WS05/ 3
  16. 16. Assignment Group Num Answere d the question (0-25) Focused on key Qs (0-25) Professio nalism (0- 50) Score (0- 100) Avg Grade Comments 1 1 19 19 45 83 80 14.0 Your team did a lot of work (and a lot of good work). Your class presentation was also good. What missing for me was a movement way from the books towards real reflection. 1 2 19 19 42 80 80 14.0 Some good thinking… I think you had some good insight into how to split the work. Question: how well are you doing following your execution plan… (do you have a Gantt chart with retro timings) 1 3 22 20 43 85 80 14.9 Some good analysis and diving into the details. Question: have you been able to keep original focus you planned on ? I feel it is still very high level 1 4 15 15 35 65 80 11.4 I was looking for more specifics in your planning. E.g. who will do what , why and when. Note: you have to pay attention to the typos… it leaves a negative impression (it is also easy to fix ) 1 5 22 22 45 89 80 15.0 I enjoyed the candor and freshness of your presentation. I feel you really took the assignment to heart. Great work. Your work was the best one this time. 1 6 20 22 42 84 80 14.0 Good work. I liked the end slide a lot :-). It is good to see people laughing together Average 13.9
  17. 17. Assignment Group Num Answere d the question (0-25) Focused on key Qs (0-25) Professio nalism (0- 50) Score (0- 100) Avg Grade Comments 2 1 21 20 42 83 80 14.5 A nice professional look. Your group also showed some clear thinking about the key objectives. Good work. 2 2 20 20 38 78 80 13.7 Your presentation was OK, but I think you could have been more specific in your recommendations and rationale. You presentation for the class was good. 2 3 18 18 40 76 80 13.3 Your presentation was a bit flat and lacked inspiration. Maybe the assignment didn't catch your interest.. 2 4 15 15 35 65 80 11.4 If I compare the work of your group with the other groups, you've not up to the level of the rest of the class… If you'd like, I would be happy to meet with your group to identify a way to get your future grades up. 2 5 18 18 42 78 80 13.7 I feel your recommendations could have (and should have) been more specific. Your recommendations remained general instead of really answering the questions. A nice use of things from class though :-) 2 6 22 22 42 86 80 15.1 Good solid thinking and clear recommendations. Loved the last photo again. It looks like the dream team is doing well. Average 13.6
  18. 18. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  19. 19. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  20. 20. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Student Presentation A google killer
  21. 21. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  22. 22. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  23. 23. Bryan Cassady Guest Professor, Bryan@fast-bridge.com % passers by that joined 1 5% 5 20% 15 45% 30 80% Social Proof: the tendency to assume that if a lot of people are doing something or believing something there must be a good reason why
  24. 24. Bryan Cassady Guest Professor, Bryan@fast-bridge.com One bad decision, can lead to lots of bad decisions…
  25. 25. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  26. 26. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  27. 27. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Revenues Profit Value 1995 0.00 0.00 0.15 1997 0.01 0.00 100 1998 150 -30 250 April 8, 1999 (morning) 108 -56 1045 April 8, 1999 (mid day) 108 -56 3316 April 8,1999 (close) 108 -56 2498 Aug – 99 140 -124 681 Nov – 99 240 -124 681 Jun – 00 ??? ??? 2
  28. 28. Bryan Cassady Guest Professor, Bryan@fast-bridge.com A small idea Shameless copycats Group Think Gotta be first
  29. 29. Bryan Cassady Guest Professor, Bryan@fast-bridge.com  The great Tulip crisis  The US plank road bonanza  Bowling in the 60s Historical Examples  Social networking and blogs ?  The US Dollar ? Today
  30. 30. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  31. 31. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
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  37. 37. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  38. 38. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  39. 39. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  40. 40. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  41. 41. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  42. 42. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  43. 43. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  44. 44. Bryan Cassady Guest Professor, Bryan@fast-bridge.com  Source of the technology change  Advantage in technological development activity  Advantage in skills  The diffusion rate of technological information  Consumer involvement in the product  Ability to define competitive rules  Reputation advantage  Ability to preempt and make it stick  Switching costs  Position on the learning curve  Superior access to channels and to inputs  Ability to define industry standard  A higher share of the consumers mind  Non-proprietary pioneering costs  Demand & technology uncertainty  Threat of obsolescence and/or imitation
  45. 45. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  46. 46. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  47. 47. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  48. 48. 2 lab tests over time
  49. 49. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Repeated Exposure to Pioneer 0.6 0.5 0.4 0.3 0.2 0.1 Pioneer 2nd Entrance 3nd Entrance Session 3Session 2 Probability of choice
  50. 50. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Repeated Exposure to Pioneer Probability of choice 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 Session 2 Session 3 Pioneer 2nd Entrance 3nd Entrance Recall of Unique Features
  51. 51. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Repeated Exposure to Pioneer Probability of choice 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 Session 2 Session 3 Pioneer 2nd Entrance 3nd Entrance Recall of Shared Features
  52. 52. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  53. 53. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  54. 54. 2 lab tests over time
  55. 55. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  56. 56. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  57. 57. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Before any change can occur. We need to conceptualize change Hypotheses are the concepts of change. Note: self-inflicted search biases “I’ll see it when I believe it’ 1
  58. 58. Bryan Cassady Guest Professor, Bryan@fast-bridge.com 2 Before learning can occur. Evidence needs to be received (1) Familiarity influences what is seen (2) Law of small numbers… I have enough info (3) Sequential vs. side by side learning (Framing issues) 1
  59. 59. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  60. 60. Bryan Cassady Guest Professor, Bryan@fast-bridge.com 2 Information received needs to be encoded Prior knowledge, Expectations  Selection of evidence & meaning(s) attached Bottom-up : Data driven (e.g. Tasting) or Top-down concept driven (e.g. how a brand name influences taste) Consumers likely to see what they expect to see Might not be motivated to accommodate discrepant evidence  Reinterpretation so it fits, or explain it away as an exception 1 3
  61. 61. Bryan Cassady Guest Professor, Bryan@fast-bridge.com 2 Integration = new beliefs Cognitive conservatism:  A tendency to accept confirmation and reject disconfirmation Mixed messages  polarized views 1 3 4
  62. 62. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  63. 63. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  64. 64. Bryan Cassady Guest Professor, Bryan@fast-bridge.com How motivated are consumers to learn? What do consumers already know? How much can experience teach? Most consumer products here Hence, the logic of first movers…
  65. 65. Bryan Cassady Guest Professor, Bryan@fast-bridge.com How motivated are consumers to learn? What do consumers already know? How much can experience teach? Experience can be Managed Hard to manage Product dependent
  66. 66. Bryan Cassady Guest Professor, Bryan@fast-bridge.com How motivated are consumers to learn? What do consumers already know? How much can experience teach? Block exposure to evidence Show risks of experimentation Kelloggs: Value of the brand you know It’s as good as Xerox
  67. 67. Bryan Cassady Guest Professor, Bryan@fast-bridge.com How motivated are consumers to learn? What do consumers already know? How much can experience teach? Explain the Experience: Heinz Anticipation, Thomas muffins: nooks taste better Reinforce the agenda: Budweiser beachwood aged, Lays: bet you can’t eat just one Ryder: your brother in lay, pay too much or Ryder (Uhaul left off the list)
  68. 68. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  69. 69. Bryan Cassady Guest Professor, Bryan@fast-bridge.com How motivated are consumers to learn? What do consumers already know? How much can experience teach? Virtually any comparison with top dog will Build credibility and image Eg. Pepsi Challenge: let your taste decide
  70. 70. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  71. 71. Bryan Cassady Guest Professor, Bryan@fast-bridge.com How motivated are consumers to learn? What do consumers already know? How much can experience teach? Disrupt the Agenda / change the rules The beer for good friends: Weekends are for Michelob Build Trial
  72. 72. Bryan Cassady Guest Professor, Bryan@fast-bridge.com “Nobody ever got fired for buying IBM” Reinforcing the Agenda
  73. 73. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  74. 74. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  75. 75. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  76. 76. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  77. 77. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  78. 78. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
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  81. 81. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
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  84. 84. Bryan Cassady Guest Professor, Bryan@fast-bridge.com INNOVATOR FOLLOWER WINNE
  85. 85. Discussion if you were launching a google killer… how would you start ?
  86. 86. Break …
  87. 87. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  88. 88. Bryan Cassady Guest Professor, Bryan@fast-bridge.com  Pick a direction  Be committed to your ideas  Get cash now  Get partners you can trust  Make sure you are first  Go as fast as you can  Do more and more And success will follow… What you’d expect me to say about speed ..
  89. 89. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  90. 90. Bryan Cassady Guest Professor, Bryan@fast-bridge.com These are comfortable, logical ideas and what we have been taught…. But, they are not the whole story
  91. 91. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  92. 92. Focus on needs, keep your options open Myth: Pick a direction and stick to it.
  93. 93. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Needs first, not ideas first ! Develop a solution Find a need Find a market Ideas First Success Rate* 5-10% Find a need Develop a solution Find a market Needs First 70 % * According to Strategyn research on outcome driven innovation…
  94. 94. Bryan Cassady Guest Professor, Bryan@fast-bridge.com personal podcasting and sharing audio content
  95. 95. Bryan Cassady Guest Professor, Bryan@fast-bridge.com personal podcasting and sharing audio content Paypal Facebook Flickr Twitter
  96. 96. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  97. 97. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  98. 98. Don’t drink the Koolaid Myth: Be committed to your ideas
  99. 99. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  100. 100. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  101. 101. Bryan Cassady Guest Professor, Bryan@fast-bridge.com The big innovation Paradox Whoever Makes the Most Mistakes Wins Richard Farson & Ralph Keyes
  102. 102. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  103. 103. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  104. 104. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  105. 105. Stay lean, until your business model is proven Myth: Get cash now
  106. 106. You lose money
  107. 107. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Failure is easy !!! Are you spending more time looking for money than building your business model
  108. 108. Learn to trust almost everyone Myth: Get partners you can trust
  109. 109. Bryan Cassady Guest Professor, Bryan@fast-bridge.com A question: Is there any idea someone hasn’t talked about on the Internet (If they haven’t talked about yours be scared… )
  110. 110. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Innovation = Size ^ power value Power value Cities Companies 1.3 0.7 Innovation output 1 100% 100% Size 5 690% 309% 25 4759% 952% Innovation per person 1 100% 100% Size 5 138% 62% 25 190% 38% Source: Geoffrey West: The surprising math of cities and corporations The Power Laws of Innovation As cities grow and contact increases… innovation increases (25 X bigger = 2X more innovative) Why: contact increases … As companies get bigger and have more resources… innovation falls (25 X bigger = 60% less innovative ) Why: contact decreases
  111. 111. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Imagine this… BMW has some of the best designers in the world and sells their designers by the day below cost Why: to build creativity…
  112. 112. Fast seconds are also a viable option Myth: Make sure you are first
  113. 113. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  114. 114. Build in pauses and time to reflect Myth: Go as fast as you can
  115. 115. Bryan Cassady Guest Professor, Bryan@fast-bridge.com 6
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  118. 118. Bryan Cassady Guest Professor, Bryan@fast-bridge.com A detailed contract for companies setting up the installations Buried deep “M&Ms, but no brown ones” If they found a brown M&M they wouldn’t play
  119. 119. Do less to do more (write a do not do list) Myth: Do more and more
  120. 120. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Right thing Right thing Done wrong Done Right Wrong thing Wrong thing Done wrong Done Right
  121. 121. Bryan Cassady Guest Professor, Bryan@fast-bridge.com “With so many things to do and so many great ideas… what we decide not to do is infinitely more important than what we decide to do” – Steve Jobs
  122. 122. Bryan Cassady Guest Professor, Bryan@fast-bridge.com Research on innovation 211 companies Worst Avg Best Top vs. bottom % of revenues from new products 17% 28% 47% 2.76 % of profits from new products 11% 25% 44% 4.17 % of products that meet profit targets 43% 48% 66% 1.53 Go / Kill criteria set up front 26% 57% 85% 3.28 Decisions are objective / fast based 15% 42% 57% 3.85 Decisions are made in review meetings 26% 51% 60% 2.32 Cooper, Robert G. "Perspective: The Stage‐Gate® Idea‐to‐Launch Process Update, What's New, and NexGen Systems*." Journal of Product Innovation Management 25.3 (2008): 213-232.
  123. 123. Summary Pick a direction Focus on needs, keep your options open Be committed to your ideas Don't drink the koolaid Get cash now Stay lean, until your business model is proven Get partners you can trust Learn to trust almost everyone Make sure you are first Fast Seconds are a not bad Go as fast as you can Take some time to think Do more and more Do less to do more (write a do not do list) And success will follow...
  124. 124. Case: Sophie’s Shopping Club vs. Consodata
  125. 125. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  126. 126. Data Providing/ Use Data Acquisition Data Management
  127. 127. Discussion: A live case, Nomadesk
  128. 128. Nomadesk is a leading provider of file sharing, storage and synchronization software that enables users to access, share, synchronize and safeguard files from any location, whether online or offline. There were the first and might still be the best
  129. 129. Not even identified as an alternative ! On 9 of 10 sites
  130. 130. Mobile user and nomadic professional Work with / without 100% internet access Better file security
  131. 131. Not cloud But seen As cloud
  132. 132. My thoughts Guidelines Your thoughts Focus on needs, keep your options open Is all about unlimited and security Don't drink the koolaid Say we're like XXX, but better in the following ways Stay lean, until your business model is proven Develop and test alternative business models... Learn to trust almost everyone Work with 4-5 of the smaller companies in the same space Fast Seconds are a not bad Change the dialogue, make dropboxes strengths weakness Take some time to think Set up tripwire and real market tests Do less to do more (write a do not do list) Cut away from 80% of work being done now (eg no consumer)
  133. 133. Bryan Cassady Guest Professor, Bryan@fast-bridge.com
  134. 134. Bryan Cassady Guest Professor, Bryan@fast-bridge.com

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