selling ideas in your company? be ready for the executive inquisition
TRANSCRIPT
© 2015 Planning Innovations www.planninginnovations.com
Can You Survive the Executive Inquisition?
The Secrets to Being a Savvy Corporate Innovator
Dorian SimpsonApril 1 , 2014
© 2015 Planning Innovations www.planninginnovations.com
What BIG ideas are we talking about?
• New product or service?
• New approach to business?
• New types of customers?
• New technology?
• New application?
Any idea that:
• Leads to growth or profit
• Is not part of the plan
• Needs funding and resources
Starbucks
• Offer advanced coffee-making kiosks for any location.
• Create packaging to absorb and release heat to make a latte a consistent temperature.
• We could detect you walked in the store and immediately prepare your beverage - prepaid.
• Off coffee subscription service like Netflix. Just pay Starbucks $24.99/month and get whatever you want 8 times a month!
Etc. etc. etc. etc.
We could…
Corporate Innovation is Not Entrepreneurism
• Entrepreneurism– Create the vision– Create competency– Many funding sources
– Self realization– Personal risk ($K’s at
stake)
– Incentive: Get rich
• Corporate Innovation– Meet financial goals– Leverage competency– One funding source
– Self preservation– Shareholder risk ($B’s at
stake)
– Incentive: Thank you!
Part I
Every great business or product starts with an idea…
Ideas come from everywhere.
So what’s the problem?
© 2015 Planning Innovations www.planninginnovations.com
Innovation is Really a Fight for Resources
Bus./Manuf. Operations
Product Development
Mergers & Acquisitions
Internal Startups
Idea Funnel
1) Ideas 3) ResultsProblems. Trends. Technology. Revenue. Profit. Productivity.
2) Opportunities
The Easy Part The Hard Part
© 2015 Planning Innovations www.planninginnovations.com
Innovation is Really a Fight for Resources
Bus./Manuf. Operations
Product Development
Mergers & Acquisitions
Internal Startups
Idea Funnel
1) Ideas 3) ResultsProblems. Trends. Technology. Revenue. Profit. Productivity.
2) Opportunities
To get your first morsel of funding…
© 2015 Planning Innovations www.planninginnovations.com
SVP Sales
CFO
COO CMO
CEO
Innovator
SVP R&D
Look at this cool concept! Check out these features!
Where’s the ROI data?
Where’s your revenue forecast??
Where’s your market forecast?What are your
expected COGS?
What resource funding do you need?
How will you manage risk?
You Must Survive… The Executive Inquisition
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How it can feel...
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Preparing Can Feel Like an Unsolvable Puzzle
“How am I supposed to prove
my idea will be successful when it
doesn’t exist?? They just don’t get
it.”
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Let’s Say for Now…
• You are an “innovator” for a consumer appliances company…
• You have observed that bananas have a very small window of perfect ripeness.
• Eureka! The Perfect Banana!
Part ICan you solve the puzzle to
survive the executive inquisition to move this idea
forward?
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The Savvy Corporate Innovator Puzzle Challenge
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19 Factors + a Wild Card = Funding Success
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What prevents idea acceptance?
Opinions – “We’re way too early!”
Momentum – “We don’t do that.”
1
2
Fear – “What if we fail?”3
Skepticism – “That won’t work.”4
Personal Bias – “I wouldn’t buy that.”5
Biggest mistake innovator’s make?Not recognizing that innovation is a HUMAN Process
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#1 – Specific Needs of Each Decision Maker
Understand the specific needs of
each person behind the funding
decisions
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#1 – Specific Needs of Each Decision Maker
Understand the specific needs of
each person behind the funding
decisions
Understand the specific needs of
each person behind the funding
decisions
“How does this fit with our corporate strategy?”
CEO
“What will our margins be in 2 years?”
CFO
“How the hell are we going to test this?”
CMO
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#2 – The Right Data to Get Support
Understand the specific needs of
each person behind the funding
decisions
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#2 – The Right Data to Get Support
Present data that supports
your idea to the satisfaction of
executives“Ok.. But I need to know exactly how many people
are trying to preserve bananas today…”
Executive Says…
“Look at all of this great data!”
Innovator Says…
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#3 – Real Customers that Say “Yes!”
Understand the specific needs of
each person behind the funding
decisions
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#3 – Real Customers that Say “Yes!”
Provide solid data from 5+
targeted customers
“Customers throw out 30% of banana purchases worth
over $200M. They need this product!”
“Really? Prove it to me.. Show me exactly who wants
to buy this…”
Innovator Says…
Executive Says…
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#4 – Get Support for Approaches (not numbers)
Understand the specific needs of
each person behind the funding
decisions
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#4 – Get Support for Approaches (not numbers)
Have gained support for
your approach to forecasting
revenue
“I used Bass Diffusion Modeling to estimate the
market size at various prices!”
Innovator Says…
Executive Says…
“I don’t have time for this…”
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#5 – Pre-sell! Remove Objections. Repeat.
Understand the specific needs of
each person behind the funding
decisions
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#5 – Pre-sell! Remove Objections. Repeat.
Have gained support for
your approach to forecasting
revenue
Pre-sell the idea to influential
executives before the inquisition
Not this.
This.
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Which Pieces Are You Missing?
Part I
Let’s talk… Personal
Experience? Questions?
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The Book
30 Day Action Plan
5-Point Inspection
Opportunity Portfolio
Rapid Learning Cycles
How to navigate complex innovation environments
How to evaluate and communicate value, risk and forecasts
Step-by-step plans to develop a compelling proposal in 30 days
How to sell an idea to risk-averse executives
How to identify and select the most promising ideas
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Let’s Connect…
Part IThank You…
I hope you enjoy the book.