Innovate or Die: Applied Innovation
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Innovation by hacking using tactical tools to get you over biases, accessing fringe sources of information and predicting the future through scenarios. Discover new frameworks, your guides will bring you closer to innovating your product to what current and future customers need and value. Your guides are Carter, a mechanical engineer with focus on resource industries; Kelly, a human resources professional with focus on fun and play products; and Madhu, an IT professional by training with success as co-founder of a sports media startup. We just completed a journey around the world as part of our geMBA program and are keen to share.
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Innovate or Die: Applied Innovation
- 1. Carter, Kelly & Madhu MBA from University of Toronto, Canada EMBA from University of St. Gallen, Switzerland
- 3. TorontoBuenos AiresSao PauloRio de JaneiroShanghaiHong KongMacauGenevaSt Gallen (Zurich)BudapestViennaChennaiJaipurAgraNew DelhiMumbaiIstanbulDubaiVancouver!
- 5. George E. P. Box one of the great statistical minds of the 20th century “Essentially, all models are wrong, but some are useful.”
- 6. APPLIED INNOVATION Applied Research Phase I Entrepreneurship Curriculum Disruptive Innovation + Phase II Early Adopters Paid Pilot Disruptive Innovation + Phase III Scale Paid Pilot + Commercialization
- 7. a b d f g i c e h c e need solution THOUGHT PROCESS h
- 8. PROUST “THE REAL ACT OF DISCOVERY CONSISTS NOT IN FINDING NEW LANDS, BUT IN SEEING WITH NEW EYES ✤ We focus on bias - and the decision making process. ✤ We explore new ideas and other perspectives. ✤ We use foresight to contemplate and discuss possible futures. ” ✤ We leverage this to create new realities
- 9. BIAS
- 13. •We hold a number of Cognitive Biases (+170) •This Limits our Ability as Managers to make good decisions •Cause of Decision Paralysis and Doomed Projects •So what is the solution... BIAS FRAMEWORK
- 15. FRINGE
- 16. 3RULES
- 17. IS IT CRAZY?
- 18. CANYOU FEEL IT? “NOT EVERYTHINGTHAT CAN BE COUNTED COUNTS, AND NOT EVERYTHING THAT COUNTS CAN BE COUNTED.”
- 19. IS IT CRAZY ENOUGH? “IF AT FIRSTTHE IDEA IS NOT ABSURD, THENTHERE IS NO HOPE FOR IT.”
- 20. What is the Context? Why? QUESTION
- 22. WHAT ISTHIS ?
- 23. ANDTHIS ?
- 24. ANDTHIS ? Image: le monde “Atlas der Globalisierung”
- 26. HUMANTRAFFICKING
- 27. DRUGS Image: le monde “Atlas der Globalisierung”
- 28. You Other FamiliesOtherTribes Other Communities Friends of Friends Friends of Family Other People TYPICAL APPROACH Friends Family
- 29. Industry Alternate Services Inputs & Producers Other Users of Inputs New Entrants Related Services Other Buyer Demands DISCOVERINGTHE FRINGE Suppliers Consumers
- 31. Industry Alternate Services Inputs & Producers Other Users of Inputs New Entrants Related Services Other Buyer Demands DISCOVERINGTHE FRINGE Suppliers Consumers Cheese GroceryStore Connoisseur Cheese Shop Restaurant Cake BakerRefrigerators Aircraft Manufacturing Energy Companies
- 34. “SCIENCE JUST PREDICTS DISASTER, SINCE IT’S BOUND TO COME TRUE SOONER OR LATER.” Anecdote Mastlin’s advice to Kepler, Taleb THE BLACK SWAN
- 36. SCENARIO PLANNING PROCESS DRIVERS ASSUMPTIONS SCENARIO 1 SCENARIO 2 SCENARIO 3 IMPLICATIONS IMPLICATIONS IMPLICATIONS Hypothesis Fringe Indicators Hypothesis Fringe Indicators Hypothesis Fringe Indicators + - + - + -
- 37. P E S T LE FRAMEWORK Political Economical Social Technological Environmental Legal
- 39. Source: Emma Coats, http://www.slideshare.net/powerfulpoint/pixar-22rulestophenomenalstorytellingpowerfulpointslideshare STORYTELLING
- 40. APPLIED INNOVATION Applied Research Phase I Entrepreneurship Curriculum Disruptive Innovation + Phase II Early Adopters Paid Pilot Disruptive Innovation + Phase III Scale Paid Pilot + Commercialization
- 41. – Ben Horowitz “By definition they are not obvious. In fact, they seem insane. If they didn’t seem insane at the time, they wouldn’t be breakthroughs” Source: http://ilovefaygoslushies.deviantart.com/art/Insane-Base-415796210
- 42. “ASK YOURSELF THREE QUESTIONS.”
- 43. 1. WHAT KIND OF INNOVATION DO I WANT? 2. HOW MUCH INNOVATION DO I WANT? 3. WHEN DO I WANT IT?
- 44. Projected cash stream from investing in Innovation & Marketing More likely cash stream resulting from doing nothing DCF and NPV methodologies implicitly make this comparison Companies should be making this comparison Assumed cash stream resulting from doing nothing B A C PETER DRUCKER, “BECAUSETHE PURPOSE OF BUSINESS ISTO CREATE A CUSTOMER,THE BUSINESS ENTERPRISE HASTWO – AND ONLYTWO – BASIC FUNCTIONS: MARKETING AND INNOVATION. MARKETING AND INNOVATION PRODUCE RESULTS;ALLTHE REST ARE COSTS. ”
- 45. The Unexpected Success Failure Outside Event (Eureka Moment !) Incongruity in Reality Asymmetry in Experience Innovation on Process Need Bridging a Gap Change in Market Structure Demographics Changes in Perception Society Bites Back New Knowledge Drucker 7-Sources Christensen Disruption Problem is Undefined New Market (blue ocean) Innovation is a dramatic game changer Customer doesn’t know Market is Unpredictable Traditional Models Fail Talk to Early Adopter Customer Development The Domain of the Outsider (Fringe) What: 1) Simpler, Cheaper, & Good Enough 2) Micro-Market Underserved & Uncontested How: 1) Job-to-be-Done 2) Combinatory 3) Adjacencies 4) Trade-offs
- 46. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining Horizon 1 Horizon 2 Horizon 3
- 47. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining Saving $ Defend your Core Spending $ Build Momentum Networks & Fans Create Options for futures
- 48. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining Efficiency Sustaining Empowering
- 49. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining
- 50. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining
- 51. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining Soon to be Non-‐Customers Customers Refusing Non-‐Customers Unexplored Non-‐Customers
- 52. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining
- 53. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining Soon to be Non-‐Customers Customers Refusing Non-‐Customers Unexplored Non-‐Customers
- 54. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining Soon to be Non-‐Customers Customers Refusing Non-‐Customers Unexplored Non-‐Customers Efficiency Sustaining Empowering
- 55. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining Soon to be Non-‐Customers Customers Refusing Non-‐Customers Unexplored Non-‐Customers Saving $ Spending $ Networks & Fans
- 56. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining Soon to be Non-‐Customers Customers Refusing Non-‐Customers Unexplored Non-‐Customers
- 57. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining
- 58. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining Soon to be Non-‐Customers Customers Refusing Non-‐Customers Unexplored Non-‐Customers
- 59. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining Soon to be Non-‐Customers Refusing Non-‐Customers Unexplored Non-‐Customers Finite Infinite
- 60. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining Soon to be Non-‐Customers Refusing Non-‐Customers Unexplored Non-‐Customers Finite Infinite Efficiency Sustaining Empowering
- 61. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining Soon to be Non-‐Customers Refusing Non-‐Customers Unexplored Non-‐Customers Finite Infinite - $ $ + $$$
- 62. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining Soon to be Non-‐Customers Refusing Non-‐Customers Unexplored Non-‐Customers Finite Short-term Infinite Long-term
- 63. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining Soon to be Non-‐Customers Refusing Non-‐Customers Unexplored Non-‐Customers Comfortable Uncomfortable
- 64. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining High individual project probability in short term Low aggregate sustaining probability in long term (virtually all industries disrupted at some point of time) Line of business oriented Low individual probability (virtually infinite number of plausible disruptive scenarios) High aggregate probability of disrupting industry (virtual certainty disruption will come from below/fringe) Core competency + bottom up / fringe application
- 65. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining
- 66. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining Saving $ Spending $ Networks & Fans
- 67. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining Order Chaos More Options & Possibilities More Insights & Patterns
- 68. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining Order Chaos
- 69. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining Conceptual Knowledge Understanding & Organization Source: Knowledge System (Artistry Unleashed - Hilary Austen) Order Chaos Directional Knowledge Identity & Motivation Experiential Knowledge Skills & Awareness
- 70. – Albert Einstein “I rarely think in words at all. A thought comes and I may try to explain it in words afterwards.”
- 71. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining
- 72. TOGETHER BE OPEN AND LISTEN Breakthrough DisruptionOptimization Sustaining Directional Knowledge Identity & Motivation Conceptual Knowledge Understanding & Organization Experiential Knowledge Skills & Awareness Source: Knowledge System (Artistry Unleashed - Hilary Austen) Mastery:Applying Developed Knowledge Recognition, Effectiveness, Expertise, Purpose, Focus Guides Guides Informs Informs Originality: Generating New Knowledge Perception, Creativity, Innovation, Flexibility, Openness
- 73. Directional Knowledge Identity & Motivation Conceptual Knowledge Understanding & Organization Experiential Knowledge Skills & Awareness Source: Knowledge System (Artistry Unleashed - Hilary Austen) Mastery:Applying Developed Knowledge Recognition, Effectiveness, Expertise, Purpose, Focus Guides Guides Informs Informs Originality: Generating New Knowledge Perception, Creativity, Innovation, Flexibility, Openness THE LEARNING & INNOVATION LOOP
- 74. BUT WHO WILL IMPLEMENT IT?
- 75. WE HAVE ALREADY MOVED FROM MANAGEMENTTO LEADERSHIP – AND NOW WE’RE GOING BEYOND LEADERSHIPTO INSPIRATION… TO SENSE OPPORTUNITIES ASTHEY ARISE IN TODAY’S FAST PACED ENVIRONMENT LEADERS MUST HELP PEOPLE ACCESS THEIR SOURCES OF INSPIRATION, INTUITION AND IMAGINATION…
- 76. “SO ASK YOURSELF THREE QUESTIONS.” (AGAIN)
- 77. 1. WHAT KIND OF INNOVATION DO I WANT? 2. HOW MUCH INNOVATION DO I WANT? 3. WHEN DO I WANT IT?
- 80. “INNOVATE OR DIE” @carterhurlburt @margomartins15 @madhuvenkatesan
- 81. Appendix Innovation concepts as a story
- 82. Forget about looking for good ideas, find good people.
- 83. Don’t love your idea until the world loves it, too.
- 84. Test your hypothesis and key assumptions, when you get a better question, test that.
- 85. If you can’t tell it as a story, it probably won’t work.
- 86. When you Converge, subtract… change the system logic
- 87. What is your competitive advantage? What happens when that goes away or market logic changes?
- 88. Know where you want to end up...not how to get there (or even the exact destination...but get close)
- 89. Test something, launch something and Practice, Practice, Practice.
- 90. Remember buff-naked Einstein...the absurd - even remotely plausible - may hold the best path forward.
- 91. Know your bias.
- 92. Write/Draw things on paper. We learn by writing.
- 93. Go for the fringe...mainstream doesn’t have the best “stuff”...surprise is your friend !
- 94. Don’t be lame. Push boundaries, think strategically, think opposite of your natural disposition.
- 95. Have conviction in your strategy...break it down into the most basic fundamentals.
- 96. Context.
- 97. Solve the big,“game changing”, industry wrecking problems...brand yourself as the protagonist.
- 98. Keep trying...don’t be afraid to shelve a great idea for something that is possible now v. probable then.
- 99. Test, test, test...solve up to the next bottleneck...don’t “refine” the plan to avoid them.
- 100. The fringe will knock you off balance...the likelihood you will be able to capitalize on another fringe event is small.
- 101. What don’t you like...fix it...but keep most if not all of the same pieces. Justify - plausibly - anything you remove.
- 102. Don’t hunt for “the-next-big-thing”, find something that makes you want to take action.
- 103. Can you test the basic assumptions at little to no cost?