One of the biggest challenges to becoming more innovative as a firm is changing the corporate culture to accept and embrace innovation.

1. Building the culture of innovation
in your organization

2. Content
• Is your company ready for innovation?
• Why innovation?
• Understand the different types of innovation.
• Why culture is the heart of organizational innovation?
• Empower your employees, and they’ll provide value in new ways.

3. Companies that failed to innovate
Toys “R” Us is one of the world’s
largest toy store chains. Toys
"R" Us signed a 10-year
contract to be the exclusive
vendor of toys on Amazon in
2000. Amazon began to allow
other toy vendors to sell on its
site in spite of the deal, and
Toys "R" Us sued Amazon to
end the agreement in 2004. As
a result, Toys "R" Us missed the
opportunity to develop its own e-
commerce presence early on.
Filing for bankruptcy in
September 2017 under pressure
from its debt of US$1bn

4. Companies that failed to innovate

5. Companies that failed to innovate
Nokia, a company founded in Finland was the first to create a cellular network
in the world.
With the arrival of the Internet, other mobile companies started understanding
how data, not voice, was the future of communication. Nokia didn’t grasp the
concept of software and kept focusing on hardware because the management
feared to alienate current users if they changed too much.
Nokia’s mistake was the fact that they didn’t want to lead the drastic change
in user experience.

6. Companies that failed to innovate

7. Companies that failed to innovate
In 2005 Yahoo was one of the main players in the online advertising market.
But because Yahoo undervalued the importance of search, the company
decided to focus more on becoming a media giant.
The decision to focus more on media meant they neglected consumer trends
and a need to improve the user experience.
Yahoo managed to gain a massive number of viewers to view content but
failed to make enough of a profit in order to scale.

8. Companies that failed to innovate

9. Companies that failed to innovate
The average lifespan of a company on the S&P
was 90 years back in 1935.

10. Companies that failed to innovate
What is it today?

11. Companies that failed to innovate
18 years. At that churn rate 75% of today's S&P
companies will be removed by 2027.
(When a business model changes…)

12. Activity
Write down 2 signs that you think your company/
previous company is not ready for innovation

13. Is your company ready for innovation?
Sign 1: “Always driven by success”
When a leader says “we expect you to succeed every single time” or “we
don’t admit failure” he is giving a very clear signal to his co-workers that they
should take no risks.
Sign 2: “We do it internally:
Your business might be biggest around the block, the coolest, the biggest with
hipsters and coffee-lattes but if you are trying to do everything internally it will
lead to innovation consanguinity. The right attitude would be:
We are always open to new ideas and projects, even if they come from the
outside.

14. Is your company ready for innovation?
The most fundamental of innovation, is that
the only certainty is uncertainty

15. Sign 3: “Our innovation culture comes from the top!”
This one is actually the ground floor for innovation culture. Of course the
business leaders are innovative, or at least they were when they first
created the company.
But if innovation culture only comes from the top, is neither innovation nor
culture. It must come from the relations with the client, from the technical
team, the marketing department or even from HR.
Is your company ready for innovation?

17. Sign 4: “We have a clear vision of the future”
Now, this one doesn’t even make any sense, because being prepared for
the future is to be able to adapt to change, and lead in times of uncertainty.
When someone says they have a clear vision of the future it just means they
are not ready to adapt to any change that may occur in the Market.
Is your company ready for innovation?

18. Is your company ready for innovation?
Successfully leading innovation, can look a
lot like the game, name that tune.

20. Types of innovation in business?

21. Video: Inside Alibaba's smart warehouse

22. Video: What it is like to work at Google

23. Culture is the heart of innovation
According to a 2016 Gartner Financial Services
Innovation Survey, "the biggest threat to innovation
is internal politics and an organizational culture
which doesn’t accept failure, doesn’t accept ideas
from outside, and/or cannot change."

24. Empower your employees with innovation
Environment: Giving permission to challenge assumptions, creating
openness to new ideas, and giving freedom to experiment, fail, and learn.
Process: Considering broad sources for idea generation and having a
process to incubate innovative concepts.
Talent development: Implementing training and development programs for
innovation, setting and managing innovation performance objectives, and
building diverse teams.
Embrace challenges: Every person who has reached SUCCESS has
faced challenges. But with perseverance, optimism, determination and
patience, they got the needed steps to cope with the challenges before
SUCCEEDING.

25. Empower your employees with innovation
Build Clarity and Alignment Around Innovation. Aligning your team around a
common definition of the term ‘innovation’ is the first step.
Create Psychological Safety. Taking an honest look at how people within
your organization react to failure can be a very telling factor when innovation
is the goal. Creating the culture that no-one that blames, shames and
punishes…
Encourage Dialogue. Honest and open dialogue can only take place once
people feel comfortable to share their true feelings. Bring people together
and create space for them to look each other in the eye and talk through
their ideas.
Invite Diversity. Bringing together a diverse workforce can really amplify your
ability to innovate.

27. THANK YOU !