Basics of innovation
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This document provides an overview of innovation and the process of moving ideas to products. It defines innovation as the profitable implementation of ideas. There are four types of innovation: product/service, process, paradigm/business model, and position. Building innovation requires knowing ideas come from employees, providing tools to find good ideas, allowing time for collaboration, and having processes to move ideas forward. Ideas can come from changes in markets, demographics, knowledge, perceptions, unexpected outcomes, and incongruities. Leveraging a company's unique assets, talent, and brand is important for innovation. Moving ideas to products involves interactive models that incorporate technology push, market pull, and advances in society.
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Basics of innovation
- 1. “An Introduction to Innovation ” Julie Anne Reda VP Product Strategy, Yesmail Interactive 6/04/2013
- 2. A Framework for Disruption (on legacy products) What you will learn: 1. What is innovation? How do you define it? 2. What’s essential in building innovation? 3. How innovative ideas become products? 4. Reference Material
- 3. About the Products I Work With • Business to Consumer • SaaS Financial • SaaS Marketing
- 4. What is innovation? What is Innovation? Innovation is the profitable implementation of ideas.
- 5. What is innovation composed of? +
- 6. Where Innovation Starts • Product / Service Innovation – Innovate in WHAT we do • Process Innovation – Innovate in HOW we do it • Paradigm / Business Model Innovation – Innovate in HOW we make money • Position Innovation – Innovate in marketing mix and strategy WHERE, WHO, HOW MUCH Bessant, John and Tidd, Joe Managing Innovation 2011
- 7. Types of Innovation Incremental - What we do – but better. Radical - New to the world. - Marcus Limos, PhD (PPT on Slideshare)
- 8. © 2009 John Wiley & Sons Ltd. www.wileyeurope.com/college/tidd 8
- 10. Steps in Building Innovation Framework 1. Know and Evangelize that innovative ideas come throughout the organization, and predominantly the the people 2. Give cues, tools mechanism to know where to find good ideas 3. Give Time for Collaboration 4. Provide Process Funnels to move from idea to innovation
- 11. Your most essential asset - people • • • • • • Clients and Users Profession and Account Services Sales Marketing Talk to Tech Support Read, Read, Read This is critical!
- 12. Leverage the Assets of your Org • What makes your company unique? • What makes your brand different? • What unique talent and IP of your organization do you have, but don’t use? • What unique user experience are out there ONLY you can offer? – Mine the talent and the brand
- 13. Leverage the Assets and Talent of your organization
- 14. TOOLS FOR FINDING GOOD IDEAS
- 16. Sources of Innovation according to Peter S. Drucker • Industry and market changes – What’s changed in our market over the last 12-18 months? • Demographic changes – What’s changed about our buyers? Our users? Our suppliers? • New knowledge – What new knowledge do I have, or can I get that I didn’t before? • Changes in perception – Do buyers perceive us, our market, or competition differently? Can we change perception? • Unexpected occurrences – When you created a X product or service or changed a process, was there an unexpected outcome? • Incongruities – Opportunities to Change the status quo or an incongruity in or product or market that is ripe for change? • Process needs – Opportunities to do business better?
- 17. Deep Dive Example: Look at Markets Similar to Your Own • How to do this: – Look at lateral technologies that fall under the same umbrella as your market. – Look a technologies that are similar to your own but used in different markets. – TALK to people
- 18. Example: Automated Testing • Feature Overview: Provides a test automation and optimization tool, making it easy to rapidly plan and deploy multivariate tests to defined audience segments that automatically optimize, to drive better results for their programs. Includes subject line, friendly from, day of week, time of day, and content. Benefit to Clients: Clients can rapidly test and optimize their campaigns automatically and get better business results Core Features: • Subject-line testing • Content Testing • Automatic split cell multi-variant testing • Automatic winning combination to the best version.
- 19. Example 2: Leverage the Assets of your Org to respond to demographic changes Change: Consumers were looking online to decide vacation stays. Challenge: How do we involve participation in the brand experience? • What makes your company unique? • What makes your brand different? • What unique talent and IP of your organization do you have, but don’t use? • What unique user experience are out there ONLY you can offer? – Mine the talent and the brand
- 20. Leverage the Assets and Talent of your organization innovation comes from people meeting up in the hallways or calling each other at 10:30 at night with a new idea, or because they realized something that shoots holes in how we've been thinking about a problem. - Steve Jobs
- 21. Tackle the Hard Stuff Everyone is Ignoring • If market performance is declining, ask why? • If there’s a lot of a complaints, how do you redesign from a user’s experience? • Is the competition assuming users are not as smart as they might be? • Is the product making smart choices on the behalf of the user? Is it bloated?
- 22. A few more examples • Dyson – Focused on suction • Etsy – Change how goods are sold small businesses. Empowered SMB with technology directly. • Mint.com – Changed the value equation for consumers and suppliers. • Chockstone – Built a marketers DIY loyalty platform when the rest of the market assumed marketers shouldn’t do this.
- 23. Moving from Idea to Product
- 24. Where we began: Innovative Models 1950/60s – Technology Push Research & Development Manufacturing Marketing 1970s – Market Pull Marketing Research & Development Manufacturing
- 25. Innovation Funnels – Interactive Model Latest in science & technology 1990s Idea Market Pull Advances in society R&D Manufacturing Marketing Needs in society and the marketplace Technology Push Commercial Product
- 26. Open Innovation Model – Emphasis on Business Model innovation as driver 2000s
- 27. Moving from Idea to Innovation © 2009 John Wiley & Sons Ltd. www.wileyeurope.com/college/tidd
- 28. Resources • Managing Innovation: Integrating Technological, Market and Organizational Change by John Bessant, and Joe Tidd • The Innovator’s Delimma – Clay Christensen • Innovation and Entrepreneurship – Peter Drucker • The Connected Company – Dave Grey • Open Innovation: The New Imperative for Creating And Profiting from Technology - Henry William Chesbrough
- 29. Thank you!
Editor's Notes
- #5: It’s not a department, or a title or even a process.Alternate definitions “Innovation is about implementing new ideas that have value.” Innovation NetworkThe Intersection of Invention and insight, leading to the creation of social and economic value.” - US National Innovation Initaitive.
- #6: Takingan idea and going after a market that wants it. The difference between an idea – or for that matter – and invention - and an innovation is really that someone wants it. This may mean: customers are willing to pay more for an innovative product (Apple)… - OR - A company producing a product in a more efficient way. (Dell)
- #8: Radical innovation is more strategic than incremental innovationNot all radical innovations are disruptiveAll disruptive innovations increase the innovator’s competitivenessIncremental innovations cannot be disruptiveSustaining innovations cannot be radical
- #11: Know and Evangelize that innovative ideas come throughout the organization Give tools to know where to find good ideasFoster CollaborationsProvide Process Funnels to move from idea to innovation
- #12: This exercise is critical because it both gives you feedback and sets the foundation for alignment in your organization. You are setting the stage that you don’t innovate in a vacuum.
- #17: The challenge with a lot of these types of frame work
- #27: New examples of this are open innovation, social innovation,