how to innovate in a regulated industry wenceslao casares
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How to innovate in a regulated industry Wenceslao Casares. May 2010. Regulated industries startups. Innovation. Formed by people with experience in the sector Generally, large structures are built too fast Initial product without sufficient innovation - PowerPoint PPT PresentationTRANSCRIPT
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1Copyright © 2010, Bling Nation confidential.
May 2010
How to innovate in a regulated industry
Wenceslao Casares
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Regulated industries startups
Formed by people with experience in the sector
Generally, large structures are built too fast
Initial product without sufficient innovation
Slow business model and product iteration
Formed by people without experience in the sector
Tendency to be much more innovative and disruptive
Much higher road-kill that average startups
Innovation
Undesired effects
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Regulated industries startups
Innovation
Undesired effects
There is value to be created operating between this two opposites
Showing minimal but serious infrastructure
Keeping dynamism and flexibility to iterate business model and product
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Innovation
Undesired effects
Let’s start looking the opposite ¿which environments are designed to eliminate innovation?Example: An Army
Which environments produce innovation?
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An Army: The importance of hierarchyand symbols
General
Brigadier
Colonel
Lt. Colonel
Major
Captain
Undesired effects
Innovation
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An Army: The importance of processes
To give some consistency in similar situationsTo reduce the redundant effortFollowing process reduces undesired effects
Undesired effects
Innovation
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Innovation
Undesired effects
¿which environments foster innovation?Example: IDEO
Which environments produce innovation?
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Which environments produce innovation?
Undesired effects
Innovation
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Which environments produce innovation?
Undesired effects
Innovation
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IDEO: Organization structure
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No processes
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An environment that produces innovation...
Is innovation in the best case
40%
The rest are undesired consequences:DisorderHigh costsInefficiency
60%
You can’t get one without the other
… doesn’t produce
innovation
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Regulated industries require more creativity to innovate
Regulated Industries are regulated for a reason
That's why they are most likely the Army than IDEO
It requiresmuch more creativity to innovate and at the same time to fulfill the regulations
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Regulated industries require more creativity to innovate
Examples of different approaches to tackle this dilemma
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Example: Microsoft
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Cisco: Another way
And many more…
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Innovation and regulation: Myths
Processes that produce innovation can be established
Common mistake in a regulated industry
Regulation prevents innovation
You can not innovate in a regulated industry
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Innovation and regulation: Realities
It is more difficult to innovate in a regulated environment
More structured environment
Lack of fear to die
The regulations became our own limitations
To innovate is not always desirable
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An attitude that leads to innovation?
To understand the client’s needs in the most pure form
Example of College Fund Product
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Which is the objective of innovation?
To give a better service to our clients or to be more profitable?
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May 2010
How to innovate in a regulated industry
Wenceslao Casares