from ideas to innovation
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Open Innovation and the EcosystemTRANSCRIPT
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From Ideas to Innovation Open Innovation and the Ecosystem
Javed Mohammed Innovation and Marketing Consultant
alchemyofinnovation.wordpress.com A K2Vista Production
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What is Creativity?
• Using the imagination to come up with new ideas or combine existing ones in unique or usual ways
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What is Innovation
• The process of taking a new idea and making it useful
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So what is an idea?
• A thought or a group of thoughts that develop in the mind.
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How does an invention factor in?
• It’s basically how a new idea comes into being
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The invention then has to spread
Called Diffusion or S-curve of adoption
Terms originates from Everett M. Rogers' Diffusion of Innovations
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The invention has to be faster, smaller, cheaper, or differentiated from what
exists
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The Adoption Curve of new technologies
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Adoption curve players
• Innovators open to new ideas and like to tinker
• Early adopters are the trendsetters and opinion leaders
• Early majority are above average but still followers
• Late majority adopt after “it” has become the norm.
• Laggards are the die-hards and only adopt when they are forced to.
Terms originates from Everett M. Rogers' Diffusion of Innovations
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Majority of innovations not able to cross the Chasm
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An Innovation can be a new
• Product (can be goods or service)
• Process (eg online banking)
• Business Model: way a firm delivers value and secures profits
• Technology (eg GPS)
• Social
• Market or – new way of organizing the business, business practices – new sources of supply or external relations.
Reference: Schumpeter, The Oslo Manual
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Not every innovation is revolutionary
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Type of Innovation
Can vary in newness and impact
• Incremental: Organic, the next logical step
• Radical (or breakthrough): a quantum leap forward
• Transformational ( or disruptive)
Reference: http://www.innovation-management.org/types-of-innovation.html
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Every act of creation is first of all an act of
destruction. Pablo Picasso
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We Know Innovation is Important
Innovation distinguishes between a leader and a follower.
Steve Jobs
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Innovation: Are we there yet?
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In the past most innovation was created internally
• R&D Centers, Employees across divisions, locations, functions
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But the rate of innovation isn’t enough
• "When the rate of change outside an organization is greater than the change inside, the end is near”
Jack Welch
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Innovation needs diversity of thought
Economist Intelligence Unit and Grant Thornton survey of Business Exec, June 2010
"Innovation: The Key to Future Success?" Global results shown here.
Global
U.S. only
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This is where we have to look outside
• Customers/Consumers
• Partners/Suppliers
• Universities & research institutes
• Media, Analysts, Fortune-tellers
• Anyone with a passion or vested interest
• That’s OPEN INNOVATION
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Open Innovation
• Use both internal and external ideas, and innovation to grow and remain competitive in the market.
Chesbrough, H., “Open Innovation”, Harvard Business School Publishing, Boston MA, 2003
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Innovation relies on a good Ecosystem
Ideas & Commerci- alization
Capital
Human Resources
Laws/ Regulation
Basic Research
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And funnels & filters Idea
Best Ideas
Idea
Idea Idea
Idea
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Ideas are a commodity, it’s the execution that counts
Idea Generation
Selection
Execution
Launch to Market
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Ideas are a commodity, it’s the execution that counts
Idea Generation
Selection
Execution
Launch to Market
Ideation: develop new ideas
Select the best ones through Crowdsourcing
Test it, Alpha sites, prototypes
Launch to Market
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Creating incentives
• To get people to participate in innovation, requires different incentives.
1. Recognition: A mention in the newsletter, lunch with an executive, Leaderboard
2. Competition: Leaderboard
3. Economic incentives: A financial or other type of gift
4. Altruistic reasons: if self motivated no need for rewards
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Can apply Crowdsourcing and Gamification to address
innovation Idea Generation
Enterprise Collaboration
Idea Markets
Prediction Markets
Jams
Challenge Events
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Parting thoughts on Innovation
• Innovation is multi-faceted
• There is no one way to do it
• No simple formulas
• Make it safe, make it transparent, make it fun, make it rewarding for people to participate.
• Make it open, make it easy, get everyone internal and external involved.
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Parting thoughts on Innovation
• Get management on board, it needs sponsors, it needs a budget to implement the best ideas.
• Recognize and reward not only winners but participation.
• It takes time for people and culture to change. Expect resistance, but learn, adapt and be persistent.
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