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Foundations of
Business Innovation


               Andrew Maxwell
Agenda
 Explain who we are
 Get to know you
 Provide an outline of the course
 Provide an introduction to innovation concepts
 Deal with any administration issues
    Text - Managing Creativity and Innovation – Harvard Business Press
    Web site – U of T portal and CIC
    Downtown course
 Expectations and registration
 Class 6 – 9 pm Mondays at IB 270
Who are we:
             Andrew Maxwell
• Director Business Partnerships CIC
• Professional engineer and MBA
• 15 years with tech. multinationals
• Cofounded several technology businesses
• Created U of T’s technology incubator
• Teaches technology entrepreneurship
• Completing Ph.D. in innovation and new
  venture creation at University of Waterloo
• Industry advisor CBC Dragons’ Den.
1. Understand the innovation
             imperative
Definition of Innovation
Macro-economic impact
Micro-economic impact
Innovation imperative
  Country level
  Regional level
  Firm level
The Economic Conception of Innovation
                  Joseph Schumpeter

Innovation is:
• Introduction of a new good, or a new quality of a good
• Introduction of a new method of production (need not
  need include new technologies)
• The opening of a new market
• The securing of a new source of supply
• The creation of a new organization
Canada lags at innovation & gets worse




                           Canadian Council Of Academies
Innovation in the news
2. Importance of Firm-Level Innovation
In a knowledge based economy, organizations that
   are able to do more with less, outperform
   competitors
In the private sector, higher productivity makes you
   the acquirer, rather then the acquiree
In the public sector, exceeding benchmarks is
   encouraged, while falling behind has negative
   repercussions
“In the road to the future, there are drivers,
   passengers and roadkill”            Gary Hamel
3. Recognize different types of innovation
 Innovation is often confused with invention and
   specifically research and development leading to new
   technologies. In fact innovation includes:
 a. Product Innovation
 b. Process Innovation
 c. Supply chain Innovation
 d. Service Innovation
 e. Business model Innovation
 ……….. And can be applied to all areas of an organization
a) Product innovation
                              Technology
              Existing   Internal    External
        Customer
    New
b) Process innovation
A change in the way a product or service is
 manufactured, created, or distributed
Process innovation involves implementation of new or
 improved production or delivery method.
Process innovations can be intended to decrease unit
 costs of production or delivery, to increase quality, or
 to produce or deliver new or significantly improved
 products.
c) Supply Chain Innovation
 What product/service will be delivered to customers
 What components or services will be acquired
 externally
How you will add value internally
This involves consideration of:
   Core competencies necessary for long term success
   Availability of partners in supply chain
   Strategic risk management of relationship
Supply Chain Innovation Opportunities
• New raw materials
• Alternate suppliers
• Outsource manufacturing
• Third party distribution
• Sales agents or on-line sales
Consider:
    Risk management
    Financial implications
    Market issues
d) Service Innovation
Majority of individuals in Canada (and US) work in
 service industry
Even where people work in manufacturing, many
 of these individuals provide support services
Service innovation is biggest opportunity to
 increase competitiveness
Improvements in service innovation can be
 measured in terms of increases productivity and
 value added
Opportunities for Service Innovation
Contributes to competitive advantage
Requires specific social and technical skills
Involves development and new technology application
Costly to develop needed specialist and generalist skills
Requires integrated thinking and agile environment
Can be implemented in all service areas
Most significant possibilities in financial and medical
 services
Can you change your product into a
            service?
                 “An automobile is actually art, entertainment and
                 mobile sculpture, which, coincidently, also happens to
                 provide transportation.” Robert Lutz, Chairman, GM


                                       “Product,
      “Make sure I                     service or
      don’t run out                    experience”
      of cash”
                                         “The customer rarely
                                         buys what the
                                         company thinks it is
                                         selling him”
                                                - Peter Drucker
e) Business Model Innovation
The goal of innovation is to increase competitiveness
New ways of doing business can also increase
 competitiveness and productivity by:
   Creating enhanced utility for the customer
   Enabling a different pricing strategy
   Providing alternate purchasing options
Sometimes a technology innovation requires a business
 model innovation to achieve commercial success
Some Innovative Revenue Models
Xerox
   Developed photocopying technology
   Initial capital costs of machines perceived as
   excessive
   Introduced pay per copy business model
Google
   Automated search-engine technology
   Provided free to end users
   Revenues generated by advertising
4. Need to identify what innovation
         success looks like
 Improve top line, bottom line or market share
 Strengthen balance sheet
 Strengthen brand/reputation
 Increase workforce retention (incent stakeholders)
 Enhance community engagement
 Improve environmental performance
 Attract investors/acquirers
Establish specific innovation goals
 Improve quality of          Reduce use of raw
  processes, products and        materials
  services                    Reduce environmental
 Create of new markets          damage
 Extend product range        Reduce energy
 Reduce labour costs            consumption
 Improve production          Conform to regulations
  processes         If you don’t have specific goals, your
                    chance of reaching them are small
5. Need to find a way to create and
  capture innovation opportunities
Communicate vision and innovation imperative
Stimulate creativity and idea generation
Develop innovation decision-making process that:
  Captures ideas
  Makes decisions
  Activate resources
Implements projects and encourages accountability
Yes ……I know we are meant to be more
innovative … can you give me some guidelines
Identify sources of innovation
Internal drivers               Internal sources
1. Unexpected event             1. Research
2. Contradiction                2. Shop floor
3. Change of work process       3. Sales/service
4. Change in industry structure 4. Customer service
External Drivers                External Sources
5. Socio-economic changes       5. Customers
6. Political changes            6. Suppliers
7. Technology changes           7. Competitors
 Drucker‘s Innovation
 Framework
6. Recognize that innovation is a process
Innovation is a management process the requires
  specific tools, techniques and discipline
Innovation involves the development of
  organizational processes and procedures for
  generating, considering and acting on innovative ideas
Innovation research focussed on technology; but real
  challenge is to understand innovation process and the
  cognitions and behaviours of people in that process
Innovation failures due to lack of understanding people
“Stage Gate” Innovation Process




                        Stage-Gate Institute
                        (Bob Cooper)
Implementing The Innovation Process
 Identify innovation imperative and establish objectives
 Create innovation framework
 Assess current resources (Business Analysis)
 Analyze current environment and external trends
 Source and capture innovative ideas
 Create an innovation decision system
 Compare each opportunity to agreed criteria
 Implement pilot project
 Measure performance
 Scale up or cancel
7. Establish innovation resources
Time
People
Money
Processes
8. Understand innovation constraints
Successful innovation usually involves:
Changing current processes and procedures
Modifying management style and communications
Developing new organizational structures
Abandoning existing customers and finding new ones
Modifying incentives, compensation and recruitment
Change company culture and attitude to risk
Important to raise questions and ask how far you will go
Is your organization innovative?
Embraces and learns       Focuses on financials &
 from failure               timelines
Fosters high energy       Has strict guidelines & control
 activities                Had a hierarchical structure
Create a “Can do”         Has multiple bosses & “dotted
 environment                lines”
Develop support & trust   Fosters attitude of “Everyone
Is a fun place to work     is for himself”
Change management approach can help
  an organization become innovative
1. Change through Leadership
2. Create a Shared Need
3. Shape a Vision
4. Mobilize Commitment
5. Make Change Last
6. Monitor Progress
7. Change Systems and Structures
8. Change Culture from Control to Trust
9. Communicate
10.Incentivize
Focus on the people issues
What works:
 Mentoring and coaching
 Skills & experience development
 Free information exchange (networking)
 Resource availability
What doesn’t:
 Strict personal objectives
 Individual performance over team performance
 The “right” way of doing things
Architect an innovative environment
• Company leaders                                 • Collaborative & open
  and organization                                  culture.
  aligned to achieve a                            • Incentives that
  vision                                            reward challenging
                          Leadership    Culture     the status quo
                             and         and
                         Organization   Values


• Disciplined
  approach to               People      Process
  building                    and                  • Process & tools that
                                          and
  innovation                 Skills                  support idea
                                         Tools       generation &
• Desire to do
                                                     experimentation
  things better
Creating an Innovation Capability
                                             The
                  High morale and
                                        organization’s
                    retention of
                                        reputation for
                  creative people
                                          innovation


      Motivates people
                                                      Attraction of
   within the organization
                                                     creative people
   and reduces frustration




                                                  Organizational
         A willingness within
                                                encouragement of
         the organization to
                                                   creativity &
          accept new ideas
                                                   innovation
                                Development
                                of innovative
                                  products
Develop an Innovation Culture
 Create an innovation-friendly organization, that embraces
 a culture of “risk” and “rewards failure” (and success)
Develop a “ project and portfolio management” approach
 to innovation around decision-making and implementation
Develop a cross functional “matrix organization” to
 embrace innovation across organization
Focus on “communications” and “engagement”
Design “incentives” to support innovation
Common Causes of Innovation Failure
Organizational Causes       Process Causes
1. Poor leadership          1. Poor goal definition
2. Poor organization        2. Poor alignments of goals
3. Poor communication          and actions
4. Lack of empowerment of   3. Poor team effort
   stakeholders             4. Poor monitoring of results
5. Poor knowledge           5. Poor communication and
   management                  access to information
6. Resource limitations     6. Inappropriate decision
                               making
Meeting   Topic                                                     Meeting   Topic
1         Introduction and Innovation Management: Basic Concepts    7         The Innovative Organization: Structures and Systems
          · What is innovation?                                               · What Makes an Organization Innovative
                                                                              · Balanced Scorecard
          · Innovation Myths and Mantras                                      · People Leadership
          · Innovation Vocabulary                                             · Team dynamics / structures
          · Models of Innovation                                              · Communication strategies
          · Centers of innovation (Ex: Universities)                          Intellectual Property Management
                                                                    8         Leadership in Innovation
2         The Social and Economic Dimensions of Innovation
                                                                              · Common Myths About Leadership
          · International Innovation Indices                                  · Characteristics of a Leader
          · Innovation, Productivity and Economic Competitiveness             · Motivation, Performance, Reward Systems
          · Productivity vs. Competitiveness                                  · Voice of the Customer
3         Innovation in Business Models                             9         Managing Change
          · “Traditional” vs. Emerging Business Models                        · Innovation and Change
          · Examples for Innovative Business Models                           · Why Change? What is Change Management?
          · Implementing Business Models                                      · Factors in Change – CAP Model
4         The Essentials of Product Innovation                                · Creating the Need for Change
                                                                              · Implementing Change
          · Scale of Product Innovation                             10        Service Innovation
          · Product vs. Process Innovation                                    · What is Service Innovation
          · Examples of Disruptive Innovations                                · Examples of Service Innovations
          · New Product Development Framework                                 · Closed vs. Open Innovation
5         The Essentials of Process Innovation                                Product or Service?
          · The Drivers of Process Innovation                       11        Innovation in Product Development
          · Business Process Management                                       · 50,000 ft view of innovation in product development (Courses 2 and 3)
          · Business Process Mapping                                          · Stages of Product Development
                                                                              · 3P – People, Product, Process
          · Management of Change
                                                                              · Examples
6         Mid-Term Presentation/Exam                                12        · Team Presentation and Final Exam
Assignments

1. If you haven’t done register for course
        learn.utoronto.ca/bps/innt.htm
        www.slideshare.net/andrewmaxwell/innovate-or-
        die-9190354
2. Find someone else you think might be interested and tell
   them to watch the video
        http://vimeo.com/29112717
3 Identify a key innovation challenge you are willing to share
Thank you




“I don’t mind failure. I’ve always thought that
schoolchildren should be marked by the number of
failures they’ve had.” – James Dyson
Thank you




“Innovation comes from saying no to 1,000
things to make sure we don’t get on the wrong
track or try to do too much.” – Steve Jobs
Thank you




“If the people running Amazon.com don’t make some significant
mistakes, then we won’t be doing a good job for our shareholders
because we won’t be swinging for the fences.”- Jeff Bezos
Thank you




“You have three choices…. Innovate, find a partner
who you can innovate with… or wait to be innovated
by someone else….” – Andrew Maxwell.

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Tech Trends Report 2024 Future Today Institute.pdf
 

Course intro (1)

  • 2. Agenda  Explain who we are  Get to know you  Provide an outline of the course  Provide an introduction to innovation concepts  Deal with any administration issues  Text - Managing Creativity and Innovation – Harvard Business Press  Web site – U of T portal and CIC  Downtown course  Expectations and registration  Class 6 – 9 pm Mondays at IB 270
  • 3. Who are we: Andrew Maxwell • Director Business Partnerships CIC • Professional engineer and MBA • 15 years with tech. multinationals • Cofounded several technology businesses • Created U of T’s technology incubator • Teaches technology entrepreneurship • Completing Ph.D. in innovation and new venture creation at University of Waterloo • Industry advisor CBC Dragons’ Den.
  • 4. 1. Understand the innovation imperative Definition of Innovation Macro-economic impact Micro-economic impact Innovation imperative Country level Regional level Firm level
  • 5. The Economic Conception of Innovation Joseph Schumpeter Innovation is: • Introduction of a new good, or a new quality of a good • Introduction of a new method of production (need not need include new technologies) • The opening of a new market • The securing of a new source of supply • The creation of a new organization
  • 6. Canada lags at innovation & gets worse Canadian Council Of Academies
  • 8. 2. Importance of Firm-Level Innovation In a knowledge based economy, organizations that are able to do more with less, outperform competitors In the private sector, higher productivity makes you the acquirer, rather then the acquiree In the public sector, exceeding benchmarks is encouraged, while falling behind has negative repercussions “In the road to the future, there are drivers, passengers and roadkill” Gary Hamel
  • 9. 3. Recognize different types of innovation Innovation is often confused with invention and specifically research and development leading to new technologies. In fact innovation includes: a. Product Innovation b. Process Innovation c. Supply chain Innovation d. Service Innovation e. Business model Innovation ……….. And can be applied to all areas of an organization
  • 10. a) Product innovation Technology Existing Internal External Customer New
  • 11. b) Process innovation A change in the way a product or service is manufactured, created, or distributed Process innovation involves implementation of new or improved production or delivery method. Process innovations can be intended to decrease unit costs of production or delivery, to increase quality, or to produce or deliver new or significantly improved products.
  • 12. c) Supply Chain Innovation  What product/service will be delivered to customers  What components or services will be acquired externally How you will add value internally This involves consideration of:  Core competencies necessary for long term success  Availability of partners in supply chain  Strategic risk management of relationship
  • 13. Supply Chain Innovation Opportunities • New raw materials • Alternate suppliers • Outsource manufacturing • Third party distribution • Sales agents or on-line sales Consider:  Risk management  Financial implications  Market issues
  • 14. d) Service Innovation Majority of individuals in Canada (and US) work in service industry Even where people work in manufacturing, many of these individuals provide support services Service innovation is biggest opportunity to increase competitiveness Improvements in service innovation can be measured in terms of increases productivity and value added
  • 15. Opportunities for Service Innovation Contributes to competitive advantage Requires specific social and technical skills Involves development and new technology application Costly to develop needed specialist and generalist skills Requires integrated thinking and agile environment Can be implemented in all service areas Most significant possibilities in financial and medical services
  • 16. Can you change your product into a service? “An automobile is actually art, entertainment and mobile sculpture, which, coincidently, also happens to provide transportation.” Robert Lutz, Chairman, GM “Product, “Make sure I service or don’t run out experience” of cash” “The customer rarely buys what the company thinks it is selling him” - Peter Drucker
  • 17. e) Business Model Innovation The goal of innovation is to increase competitiveness New ways of doing business can also increase competitiveness and productivity by:  Creating enhanced utility for the customer  Enabling a different pricing strategy  Providing alternate purchasing options Sometimes a technology innovation requires a business model innovation to achieve commercial success
  • 18. Some Innovative Revenue Models Xerox  Developed photocopying technology  Initial capital costs of machines perceived as excessive  Introduced pay per copy business model Google  Automated search-engine technology  Provided free to end users  Revenues generated by advertising
  • 19. 4. Need to identify what innovation success looks like Improve top line, bottom line or market share Strengthen balance sheet Strengthen brand/reputation Increase workforce retention (incent stakeholders) Enhance community engagement Improve environmental performance Attract investors/acquirers
  • 20. Establish specific innovation goals  Improve quality of  Reduce use of raw processes, products and materials services  Reduce environmental  Create of new markets damage  Extend product range  Reduce energy  Reduce labour costs consumption  Improve production  Conform to regulations processes If you don’t have specific goals, your chance of reaching them are small
  • 21. 5. Need to find a way to create and capture innovation opportunities Communicate vision and innovation imperative Stimulate creativity and idea generation Develop innovation decision-making process that: Captures ideas Makes decisions Activate resources Implements projects and encourages accountability
  • 22. Yes ……I know we are meant to be more innovative … can you give me some guidelines
  • 23. Identify sources of innovation Internal drivers Internal sources 1. Unexpected event 1. Research 2. Contradiction 2. Shop floor 3. Change of work process 3. Sales/service 4. Change in industry structure 4. Customer service External Drivers External Sources 5. Socio-economic changes 5. Customers 6. Political changes 6. Suppliers 7. Technology changes 7. Competitors Drucker‘s Innovation Framework
  • 24. 6. Recognize that innovation is a process Innovation is a management process the requires specific tools, techniques and discipline Innovation involves the development of organizational processes and procedures for generating, considering and acting on innovative ideas Innovation research focussed on technology; but real challenge is to understand innovation process and the cognitions and behaviours of people in that process Innovation failures due to lack of understanding people
  • 25. “Stage Gate” Innovation Process Stage-Gate Institute (Bob Cooper)
  • 26. Implementing The Innovation Process  Identify innovation imperative and establish objectives  Create innovation framework  Assess current resources (Business Analysis)  Analyze current environment and external trends  Source and capture innovative ideas  Create an innovation decision system  Compare each opportunity to agreed criteria  Implement pilot project  Measure performance  Scale up or cancel
  • 27. 7. Establish innovation resources Time People Money Processes
  • 28. 8. Understand innovation constraints Successful innovation usually involves: Changing current processes and procedures Modifying management style and communications Developing new organizational structures Abandoning existing customers and finding new ones Modifying incentives, compensation and recruitment Change company culture and attitude to risk Important to raise questions and ask how far you will go
  • 29. Is your organization innovative? Embraces and learns Focuses on financials & from failure timelines Fosters high energy Has strict guidelines & control activities Had a hierarchical structure Create a “Can do” Has multiple bosses & “dotted environment lines” Develop support & trust Fosters attitude of “Everyone Is a fun place to work is for himself”
  • 30. Change management approach can help an organization become innovative 1. Change through Leadership 2. Create a Shared Need 3. Shape a Vision 4. Mobilize Commitment 5. Make Change Last 6. Monitor Progress 7. Change Systems and Structures 8. Change Culture from Control to Trust 9. Communicate 10.Incentivize
  • 31. Focus on the people issues What works: Mentoring and coaching Skills & experience development Free information exchange (networking) Resource availability What doesn’t: Strict personal objectives Individual performance over team performance The “right” way of doing things
  • 32. Architect an innovative environment • Company leaders • Collaborative & open and organization culture. aligned to achieve a • Incentives that vision reward challenging Leadership Culture the status quo and and Organization Values • Disciplined approach to People Process building and • Process & tools that and innovation Skills support idea Tools generation & • Desire to do experimentation things better
  • 33. Creating an Innovation Capability The High morale and organization’s retention of reputation for creative people innovation Motivates people Attraction of within the organization creative people and reduces frustration Organizational A willingness within encouragement of the organization to creativity & accept new ideas innovation Development of innovative products
  • 34. Develop an Innovation Culture  Create an innovation-friendly organization, that embraces a culture of “risk” and “rewards failure” (and success) Develop a “ project and portfolio management” approach to innovation around decision-making and implementation Develop a cross functional “matrix organization” to embrace innovation across organization Focus on “communications” and “engagement” Design “incentives” to support innovation
  • 35. Common Causes of Innovation Failure Organizational Causes Process Causes 1. Poor leadership 1. Poor goal definition 2. Poor organization 2. Poor alignments of goals 3. Poor communication and actions 4. Lack of empowerment of 3. Poor team effort stakeholders 4. Poor monitoring of results 5. Poor knowledge 5. Poor communication and management access to information 6. Resource limitations 6. Inappropriate decision making
  • 36. Meeting Topic Meeting Topic 1 Introduction and Innovation Management: Basic Concepts 7 The Innovative Organization: Structures and Systems · What is innovation? · What Makes an Organization Innovative · Balanced Scorecard · Innovation Myths and Mantras · People Leadership · Innovation Vocabulary · Team dynamics / structures · Models of Innovation · Communication strategies · Centers of innovation (Ex: Universities) Intellectual Property Management 8 Leadership in Innovation 2 The Social and Economic Dimensions of Innovation · Common Myths About Leadership · International Innovation Indices · Characteristics of a Leader · Innovation, Productivity and Economic Competitiveness · Motivation, Performance, Reward Systems · Productivity vs. Competitiveness · Voice of the Customer 3 Innovation in Business Models 9 Managing Change · “Traditional” vs. Emerging Business Models · Innovation and Change · Examples for Innovative Business Models · Why Change? What is Change Management? · Implementing Business Models · Factors in Change – CAP Model 4 The Essentials of Product Innovation · Creating the Need for Change · Implementing Change · Scale of Product Innovation 10 Service Innovation · Product vs. Process Innovation · What is Service Innovation · Examples of Disruptive Innovations · Examples of Service Innovations · New Product Development Framework · Closed vs. Open Innovation 5 The Essentials of Process Innovation Product or Service? · The Drivers of Process Innovation 11 Innovation in Product Development · Business Process Management · 50,000 ft view of innovation in product development (Courses 2 and 3) · Business Process Mapping · Stages of Product Development · 3P – People, Product, Process · Management of Change · Examples 6 Mid-Term Presentation/Exam 12 · Team Presentation and Final Exam
  • 37. Assignments 1. If you haven’t done register for course learn.utoronto.ca/bps/innt.htm www.slideshare.net/andrewmaxwell/innovate-or- die-9190354 2. Find someone else you think might be interested and tell them to watch the video http://vimeo.com/29112717 3 Identify a key innovation challenge you are willing to share
  • 38. Thank you “I don’t mind failure. I’ve always thought that schoolchildren should be marked by the number of failures they’ve had.” – James Dyson
  • 39. Thank you “Innovation comes from saying no to 1,000 things to make sure we don’t get on the wrong track or try to do too much.” – Steve Jobs
  • 40. Thank you “If the people running Amazon.com don’t make some significant mistakes, then we won’t be doing a good job for our shareholders because we won’t be swinging for the fences.”- Jeff Bezos
  • 41. Thank you “You have three choices…. Innovate, find a partner who you can innovate with… or wait to be innovated by someone else….” – Andrew Maxwell.

Notes de l'éditeur

  1. Identification and targeting of key processes that have considerable impact on the organization’s ability to: Achieve its short, medium and long term Strategic Goals and ObjectivesIf improved, enable the organization to realize a high Return on the Investment (ROI) Identification of target processes for which complaints have been received from customers, trading partners or internal staff and which can result in productivity improvement Achieving initial success with BPM projects in one area of the organization, will create enthusiasm and buy-in from other groups.
  2. Improving Performance: The ultimate reason for a firm to innovate is to improve its performance, for example by increasing demand or reducing costs. Market Advantage: A new product or process can be a source of market advantage for the firm. Productivity Enhancement: The firm gains a cost advantage over its competitors, allowing a higher mark-up at the prevailing market price or, depending on the elasticity of demand, the use of a combination of lower price and higher mark-up than its competitors to gain market share and increase profits. Product Innovation: the firm can gain a competitive advantage by introducing a new product, which allows it to increase demand and mark-ups.Product Differentiation: Firms can also increase demand through product differentiation, by targeting new markets and by influencing demand for existing products.Changes in Organizational Methods: Firms can improve the efficiency and quality of their operations, thereby increasing demand or reducing costs.Improving Production Processes: Innovation can also improve performance by increasing the firm’s ability to innovate. Improving the capabilities of production processes can make it possible to develop a new range of products, and new organisational practices can improve the firm’s ability to gain and create new knowledge that can be used to develop other innovations.
  3. Recreated from Peter Skarzynski and Rowan Gibson,Building A Systemic Innovation Capability , Harvard Business Review, 2008. Fig 11.1
  4. Ref. PaulTrott p. 97.