rewir innovation seminar 20150827
TRANSCRIPT
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INNOVATE OR FADE
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Disruptive innovation Incremental innovation Structural”innovation”
M&A
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DEFINE INNOVATION
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BACKGROUND AND PURPOSE OF THE STUDY
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§ To understand how Swedish companies work with innovation with the purpose to help organizations better understand various aspects of innovation capabilities, strategies and execution.
§ The aim is to highlight the biggest success factors and pitfalls to give organizations hands on tips in how to improve their innovation capabilities.
PURPOSE WITH THE STUDY
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ABOUT THE STUDY
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How many employees does your company have?
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What is your company's annual revenue in millions SEK?
Responses: 101 Swedish companies
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TOP LEVEL FINDINGS
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INNOVATION IS A BIG DEAL FOR SWEDISH COMPANIES
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INNOVATION IS A BIG DEAL FOR SWEDISH COMPANIES
More than 70% of the companies says that innovation will become more important in the upcoming years.
60% state that innovation has been crucial factor in terms of its business success
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INCREASING COMPETITION
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40% OF THE COMPANIES HAVE AGGRESIVE GROWTH AMBITIONS OVER THE NEXT YEARS
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ONE THIRD OF THE COMPANIES ARE STATING THAT 11-20% OF FUTURE REVENUE WILL COME FROM INNOVATIONS.
12% of the companies are expecting that more than 50% of revenue will originate from innovations.
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60% HAVE AN HISTORIC INNOVATION SUCCESS RATE THAT IS AS EXPECTED
20% experience success rates higher than expected.
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IN 2000 ONLY 15% OF ITS INNOVATION EFFORTS MET PROFIT AND REVENUE TARGETS. TODAY THE FIGURE IS 50%.
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70% OF THE PARTICIPANTS VIEW THEMSELVES AS BETTER ON INNOVATION THAN THEIR PEERS.
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ONLY ABOUT 10% OF THE COMPANIES USES STRUCTURED PROCESS IN THEIR INNOVATION EFFORTS
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AND MOST SEEMS TO BE LOST WHEN IT COMES TO EXECUTION
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Systema3c process to
generate ideas
Systema3c process to
priori3ze ideas
Management focus
Knowledge Organiza3onal culture
Financial funding
Ability to bring ideas to the market
Alloca3on of responsibili3es
Ability to measure
Time
Elements of innova<on execu<on
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HUBRIS?
”ON THE SURFACE, IT'S NOT A BIG PROBLEM THAT WE TEND TO OVERESTIMATE OUR OWN ABILITIES. HOWEVER, WHEN WE'RE BLISSFULLY IGNORANT OF OUR SKILLS, WE CAN'T WORK TOWARD IMPROVING THEM.”
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Systema3c proccess to
generate ideas
Systema3c proccess to
priori3ze ideas
Ability to bring ideas
Alloca3on of responsibili3es
Culture Financial Fund Ability to measure
Company Revenues and Execu<on Elements
< 100 million SEK
> 100 million SEK
DIFFERENCES BETWEEN SMALL AND LARGE ORGANISATIONS
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SUMMARY
§ The companies in the study seem to be highly innovative and expecting innovations to be a great part of future revenue.
§ But on the same time they handle innovation as an informal process without any tools, processes and structures in place.
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SO WHAT DIFFERENTIATES INNOVATION PIONEERS FROM LAGGARDS?
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Informally Quite formally Highly structured Innova3on Pioneers 32% 55% 13%
Innova3on Laggards 39% 50% 11%
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Innova<on process: Pioneers vs. Laggards
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THOSE WHO REGARD INNOVATION AS IMPORTANT PERFORM BETTER THAN THOSE THAT DON’T.
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Innova3on pioneers Innova3on laggards
How important has innova<on been for the success of your company un<l today?
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- Innovation pioneers
- Innovation laggards
Vänd grafen
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Lower than expected As expected Higher than expected
Innova<on pioneers vs laggards: Historic success rate
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- Innovation pioneers
- Innovation laggards
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Management focus Ability to measure Time
Innova<on pioneers vs. laggards: Execu<on elements
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THE BIGGEST DIFFERENCE BETWEEN PIONEERS AND LAGGARDS LIES IN THE BRAND
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Innova3on pioneers Innova3on laggards
Our company has a brand strategy that is clearly defined in how we create differen<a<ng value for our customers.
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SUMMARY – INNOVATION PIONEERS
§ Use their brand to drive innovation. § Have higher management focus. § Know how to measure efforts and results. § Have processes to be more effective with the time they have.
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NO MATTER WHAT, INNOVATION WILL BE KEY MOVING FORWARD
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WHAT CAUSE ONE IDEA TO TAKE ROOT WHILE ANOTHER IDEA IS ABANDONED? § Only in storybooks do inventions comes like thunderbolt
§ Innovation = an idea transformed into customer value
§ Research repeatedly shows that coming up with breakthrough ideas is the easy part
§ The hard part is turning ideas into advances that are practical to implement – practical not only technically, but also commercially
§ Research repeatedly shows that what makes the difference between an idea and an innovation, is the ecosystem or the lack of it.
You sit under a tree, an apple falls on your head, et voilà, you discover
gravity.
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TIP NUMBER 1 – USE YOUR BRAND!
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TIP NUMBER 2 – WIDER PERSPECTIVE ON INNOVATION
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TIP 3 – MANAGEMENT FOCUS AND CULTURE
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TIP 4 – PLAN LESS, INTERACT MORE
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THE MARSHMALLOW CHALLENGE
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WHO CONSISTENTLY PERFORMS POORLY?
WHO CONSISTENTLY PERFORMS WELL?
RECENT KINDERGARTEN SCHOOL GRADUATES
RECENT BUSINESS SCHOOL GRADUATES
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Business students
0 Orient Plan Build Ta-Da!
18 minutes
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Business students
0 Orient Plan Build Ta-Da!
18 minutes
Kindergarten students
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SUMMARY
§ Use your brand § Wider perspective on innovation § Management focus and culture § Interact with customers § Prototype fast
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QUESTIONS? PLEASE CONTACT US!
Johannes Bergh, CEO +46 761 82 02 28 [email protected]
Andreas Lindholm, strategist +46 70 648 46 42 [email protected]