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Innovation Demystified - Patrick Hogan
- 1. 2018 Patrick Hogan Innovation Demystified Unstick your team to create new revenues, fast
- 2. Increase Your Chances of Breakthrough Revenues • Create to new revenues faster then projected • Lead teams to create compelling, breakthrough offerings that change markets - in a fraction of the projected time • Engage the right people in the market most likely to adopt your breakthrough offering - Gateway Adopters • Mitigate your downside • Identify, manage and mitigate your biggest risks – tailored to the project profile • Drive your strategy with the project model that fits: Agile, Lean, Design thinking etc. • Continuously Improve how you innovate • With high impact, low risk, scoped steps – tailored to how you innovate now
- 3. 3 Gateway Adopters Breakthrough Innovation Solutions Challenge: Innovation Projects Largely Fail with Big Consequences ▶ 90% of innovation projects don’t make it to production ▶ Innovation theaters are not producing tangible results ▶ Fortune 500 churn rate is very high ~ 40% in 10 years ▶ Average Venture Capital returns are below the market
- 4. 4 Gateway Adopters Breakthrough Innovation Solutions Are you focusing on the right things? Features Are you investing in the right features? Are you putting the right amount of effort into your features? Value Are you solving a compelling enough customer problem? Are you selecting the most innovative solutions? Teams Are you leveraging your team’s competitive advantage? Are you aligned across your teams’ functions? Risks Are you clear on your risks? Are you mitigating your risks? Customers Are you engaging the right customers? Are you getting feedback from customers fast enough?
- 5. 5 Gateway Adopters Breakthrough Innovation Solutions Progression of Execution From Waterfall methods to Learning / Iterative Models AgileWaterfall Lean Project Management Models Predictable Low risk Sequential/ Control Dynamic High Risk Learning
- 6. 6 Gateway Adopters Breakthrough Innovation Solutions Gateway Adopters Pull Effective Solutions Across the Chasm Source: Crossing the Chasm book by Geoffrey A. Moore explains how to market high tech products during the early startup period. He explains that the chasm between the early adopters and the early majority is the most difficult step in gaining access to the mainstream market. Gateway Adopters The Gateway Adopters are the people that make innovation real – successfully, repeatedly disrupting their world adopting – and proving - breakthrough solutions the mass market follows Chasm? Built skills focus on novel best practices • To manage risky, breakthrough innovation • Within and across 5 key areas • Supporting Agile, Lean, Design and other Project models I manage, coach and Lead teams based on… • Innovation loop best practices – that wrap Lean and Agile with complimentary Strategy and tactical frameworks for “what” • Leverage Insight and principles from Gateway Adopters
- 7. 7 Gateway Adopters Breakthrough Innovation Solutions Innovation Demystified - With Clear, Proven Methods Breakthrough Innovation Loop Project Execution 3 Product Strategy 2Business Strategy 1 Engage Market 4 5 Innovate on your Innovation Synthesize Feedback
- 8. 8 Gateway Adopters Breakthrough Innovation Solutions My Methods Provide Principles and Frameworks That Solve Ubiquitous Strategic and Tactical Innovation Challenges Execution; Product / Build3 3.1 How do I create a roadmap of compelling offerings? 3.2 How do I mitigate my biggest risks? 3.2 How can my sales team qualify the right customers? 3.3 Which partners should I engage first? 3.4 How do I use big data to find a Minimum Compelling Concept? Ideas: Compelling Product Strategy2 2.1 How can we generate and select the most Innovative concept and not kill it? 2.2 Which new market should we enter? 2.3 Is my offering compelling enough to get adopted? Business Strategy (that get followed)1 1.1 What is my growth strategy? 1.2 What type of business am I in? 1.3 How can I quickly explain my concept? Engage Market; Measure/Synthesize4 4.1 How do I find the right customers for market leading feedback? 4.2 What demographic should I engage for market feedback? 4.3 How can I engage the right part of the market? 4.4 How do I make sure we are solving an important problem? 4.5 How do we make sure we have a compelling solution? Improve/Make Repeatable5 5.1 How do I improve my innovation process? 5.2 What steps do I take to innovate successfully? 5.3 How do we make change stick? 5.4 How do I safely transition these concepts into my business? Each item targets a specific challenges with a tailored tool and best practice Items in bolded text are a few examples shared in Appendix
- 9. 9 Gateway Adopters Breakthrough Innovation Solutions The Gateway Adopters methodology is based on both enterprise and startup experience 35+ years of Experience • Envisioning and driving new offerings Rigorous Research • Adopting, creating new and improving innovation tools and best practices • 100+ of C level executives interviews • 1,000+ of consumer interviews • 100,000+ data point from thousands of projects Across many markets • New Cloud Dev API’s and supporting application platforms • Developer tools • Big data analytics solutions • Imaging and VR application platforms • Digital media consumer advertising analytics • CRM and mobile applications • New hosted authoring platform for ecommerce websites Bridge across many industries – beyond high-tech • Automotive and aerospace • Consumer banking • P&C insurance • Healthcare and eldercare • Online resort travel
- 10. Proprietary and confidential. No portion of this presentation should be modified or distributed without the prior written consent of Gateway Adopters LLC Patrick Hogan Patrick.Hogan@GatewayAdopters.com www.GatewayAdopters.com Phone: +1 (425) 444 2904
- 12. My Methods Provide Principles and Frameworks That Solve Ubiquitous Strategic and Tactical Innovation Challenges Execution; Product / Build3 3.1 How do I create a roadmap of compelling offerings? 3.2 How do I mitigate my biggest risks? 3.2 How can my sales team qualify the right customers? 3.3 Which partners should I engage first? 3.4 How do I use big data to find a Minimum Compelling Concept? Ideas: Compelling Product Strategy2 2.1 How can we generate and select the most Innovative concept and not kill it? 2.2 Which new market should we enter? 2.3 Is my offering compelling enough to get adopted? Business Strategy (that get followed)1 1.1 What is my growth strategy? 1.2 What type of business am I in? 1.3 How can I quickly explain my concept? Engage Market; Measure/Synthesize4 4.1 How do I find the right customers for market leading feedback? 4.2 What demographic should I engage for market feedback? 4.3 How can I engage the right part of the market? 4.4 How do I make sure we are solving an important problem? 4.5 How do we make sure we have a compelling solution? Improve/Make Repeatable5 5.1 How do I improve my innovation process? 5.2 What steps do I take to innovate successfully? 5.3 How do we make change stick? 5.4 How do I safely transition these concepts into my business? Bolded text indicates tools covered in Appendix
- 13. 1.1 What is my growth strategy? Market Development Diversification Market Penetration Product Development Products Markets Existing New NewExisting Use the Ansoff Matrix to: • Categorize projects by growth strategy • Create KPI’s to select of the most innovative concepts • Identify project risks before you take them on The Ansoff MatrixProjects Source: Igor Ansoff, in his 1957 paper, described the four growth alternatives Derive a clear product strategy: • Aligned with your business strategy • Allocate resources with a clear portfolio strategy • Select the most innovative concepts • Make Design thinking, Agile and Lean far more effective
- 14. 2.3 Is my offering compelling enough to get adopted? B a c k l o g Categorize capabilities backlog: • Consider customer persona, customer scenario, and customer problem • Allocate to one of five customer value types Team is focused on customer value and is on “same page”: • Capabilities • Investments Value Types
- 15. 3.1 How do I create a roadmap of compelling offerings? First MCO Apply guidance to capabilities to create road map: • One compelling delighter per release (MCO) • Leverage competitive advantage • Embellishing only one theme • Don’t build what you don’t need, now, for MCO Transparent decision making for allocating resources: • Drastically shorter time to market • Drive the evolution of the market - down the layers • Great product-market-fit • Coherent product team • Simplified team management/governance • Clear MCO aligns business functions to common theme
- 16. 3.2 How do I mitigate my biggest risks? Business Value Enough value? Does it Perform well enough? Can we sell it? Emulate Successful Gateway Adopters • Target and mitigate the biggest risks implicit in your strategy Match investment to your project’s risk profile • Sequenced Lean, Agile and other risk mitigation models • Engage the right market for each Clear coherence between strategy and execution: • Investment governance driven by business strategy: learn the most for the least, before big investments • Pivot/Ramp as risks mitigated • Kill concepts that should be killed early • Increase % of success • Increase ROI Experience Design Technology GTM Can the value be realized? The Next Generation of Lean Lean Epics target Risks Inherent in Project
- 17. 4.1 How do I find the right customers for actionable feedback? Gateway Adopters Chasm Mindset – they want to gain a competitive advantage • Focused on their top challenges • Metrics for success are overall business impact and effectiveness Skills - they rigorously manage risks • Know their risks before they take them • Apply risk mitigation techniques by type and level • Full Lean, not just AgileBehavior - they have a pragmatic solution for the problem: • Satisfice; achieve an effect, move to next issue • Continually build risks mitigation skills • Innovate how they innovate
- 18. 5.1 How do we improve our innovation practices? Create a competitive advantage with breakthrough Innovation • Successful innovation – quickly • Repeat what works now Solve key challenge - move to next • Kaizen on you innovation process • Address a key problem • Organize, adopt what is needed for the challenge • Manage risks Impactful, repeatable improvements • Undramatic but quick steps – with dramatic outcomes • No big failures Lean Innovation adoption Innovation Process B. Organize Team, Target Solution C. Implement change, Transition D. Make change repeatable A. ID Target “Choke Point” Managerial Breakthrough
- 19. How to Engage Act like Gateway Adopters Streamline Product Development Identify & Engage Gateway Adopters Strategy and Ideation Execution Market Four Engagement Models • Workshops; hands-on experiences working with new concepts • Consulting; Lean business growth, product Market Fit and project strategy analysis and assessment. • Coaching; guide Implementing new concepts • Full Time Role
Notes de l'éditeur
- generating revenue, getting products unstuck, increasing company value, etc. Keep the CxO deck to no more than 5-6 slides, and not so text heavy.
- Innovation Loop: Create, select and deliver high value concepts Identify and Engage GA’s Make sure you are solving a top problem - with a compelling solution Aligning your team to customer value
- Book - Good strategy / bad strategy – NOT a strategy if not implemented coherently
- Stories / case : Car – type -consequences fender liner, interior etc. Mng - Office API – team dyn. Align -Dev managers TTM - startup – Bet3z – fail fast, - Avanade offerings Stores: Scale – House/Kitchen remodel, Coffee, Bridegroom, fortune 500
- Stories – Office API – feedback by each role – councils Env.&CSi – Startup – ID DM’s 1/3rd of road map New markets – SME’s w/ Elevator pitch
- What I don’t do/use “big bang” change “Rip and Replace” stop doing what you do now / section of how you innovate Require adopted a bunch of new stuff all at once a What you don’t get Changes that fail spectacularly / Failed changes / spectacular flame out’s Changes that don’t stick / Can’t repeat what works
- I compliment/help a team’s domain expertise to streamline their work to deliver compelling breakthrough customer value, fast – typically in three ways: Product dev/execution: Market Fit Fast and other workshops – along with implementation consulting to help a team think differently to create a compelling offering in less than 1/2 the time Market engagement targeting: consulting to help teams profile and target GA's for their breakthrough concept - for 1) feedback, 2) Sales qualification and 3) Marketing messaging/positioning Overall Innovation strategy: consulting or as an FTE with an org looking to build a team that practice the most successful breakthrough innovates principles, e.g. Risk ID at the business strategy level and risk mitigation like the Next Generation of Lean As one CEO quipped, "Your the guy I go to when I want to unstick my team".