innovation for power & profit
DESCRIPTION
What is Innovation? How Important Is It? How do you do it?TRANSCRIPT
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InnovationFor PowerAnd Profit
Singapore Computer Society September 2009
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What is Innovation?
How Important Is It?
How do you do it?
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“The business has two basic functions.
Only Marketing & Innovation produce results.
All the rest are just costs.”
Prof. Peter Drucker
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Innovation Marketing
Implementation
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Marketing 3.0 – Kotler
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1. What is Innovation?
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PayPal
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Banks Were Doing Better Sameness!
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Innovation Is NOT
Better Sameness!
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Steadily improving what we already do
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The Parity Trap.
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All make almost same thing.
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All make almost same thing.Including small profits!
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Significant changes to makesignificantly higher profits.
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Why doesn’t every company innovate?
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Risk Of Failure.
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Famous Failures.
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Different + Valuable.
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DifferentFrom All The Rest
0
Valuable ToCustomers
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DifferentFrom All The Rest
0
*
Valuable ToCustomers
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DifferentFrom All The Rest
0
*
Valuable ToCustomers
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DifferentFrom All The Rest
0 *Valuable ToCustomers
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DifferentFrom All The Rest
0
*
Valuable ToCustomers
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DifferentFrom All The Rest
0 *Valuable ToCustomers
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Why Innovate?
Survival
Self defence
Market expansion
Diversification
Profitability
Power
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To Control Your Own Destiny
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How Do You Innovate?
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3 Sources
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Within your own company.
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Culture for Creativity.
Autonomy.
Mastery.
Purpose.
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Fast Changing Markets Need 2 Critical Modes.
• Active Waiting
• Alert for Anomalies
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From outside your company.
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Blend both – Open Innovation.
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Open >50% of P&G Initiatives
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How About You Personally?
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Embrace Change.
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Be a Change Agent.
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Generate Ideas.
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SCAMPER
• Substitute an aspect of it
• Combine elements with something else
• Adapt or Alter an aspect
• Minimize, Magnify or Multiply an aspect
• Put some part of it to other uses
• Eliminate an aspect
• Reverse an aspect
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Explore Your Clients’Problems for Ideas.
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Make Mistakes.
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"The way to succeed is to double your error rate."
Thomas J. Watson Sr.
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What is the process?
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Innovation Process?
Have Ideas
Production
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Innovation Process?
Have Ideas
Production
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Innovation Process.
Ideas.Review.
Prototype/POC.Test.
Refine.Implement.
Review.Refine.
Implement.
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Ideate Review Prototype/POC Test Implement
CREATIVITY
ANALYSIS
The Innovation Pathway
Refine
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Innovation Summary.
• Significant, valuable changes
• Control of your destiny
• Culture & Leadership
• Essential process
• 3 main sources
• You can do it
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Innovation Consulting:- Digital Marketing Consultancy
- Digital Advertising & Media Reviews
- Strategy, Structure & Staffing
- Acquisitions & Partnerships
- Culture & Leadership
- Methods & Systems
- Rent-An-Inventor