LSU Founder Matt Boffey kicked off his presentation by arguing that the automotive industry has a long way to go to become truly innovative, then gave us his top tips to do innovation successfully.

1. 5waystocreatean
innovativeculture
(unlikethecarindustry)
March 2017
@LSUsocial

2. Wehelpcompaniesseizethebiggest
opportunitiesintheirmarket-and
becomebigger,betterandbraver
businessesasaresult.

3. Whoweworkwith

4. Culturedrivesinnovation.
Cultureeatsstrategyforbreakfast.
Cultureisjusthabitsaddedtogether.

5. 1. Set a bold vision
2. Obsess over consumer behaviour
3. Relish competition
4. Promote diversity
5. Think long-term
5habitsthat
createa
cultureof
innovation:

6. 1.Setaboldvision

7. Visionmeans
Aninspiringreasontoexistover
andabovemakingmoney.

8. WithoutVision
Companies get stuck on what they can do -
not what they should do.
For the automotive industry, this has meant
building products with 4 wheels and an engine
- not bringing people the benefit of mobility.

9. Visionmattersbecause
It transcends today’s products - inspiring companies
to find new ways to deliver on their vision - and
attracts top talent.

10. 2.Obsessover
consumerbehaviour

11. Consumerobsessionmeans
Puttingconsumerneedsattheheartofthe
business-encouragingeveryindividualtoremain
closeto,empathisewithandcareforconsumers.

12. Withoutaconsumer-
obsessedculture
Companies can become disconnected from the people
they serve and unknowingly make bad products.

13. Anobsessionwith
consumers
mattersbecause
It helps keeps companies relevant by
making sure that they prioritise consumer
needs over their own products.

14. 3.Relish
competition

15. Competitionmeans
Exposuretomarketforces,notprotection
byagovernment.

16. Withoutacompetitive
culture
Companies become bureaucratic, not brave - draining
economies, rather than benefitting communities.

17. Beingopentocompetition
mattersbecause
Competition drives ‘creative destruction’ - constantly clearing
ground for the creation of new value.
Competition creates an urgency to disrupt your own business
before your rivals do.

18. 4.Promotediversity

19. Diversitymeans
Beingopentopeoplewithdifferent
skills,ideasandbackgrounds.

20. Withoutadiverseculture
Companies become victims of groupthink -
unable to see different perspective and valuable
market opportunities.

21. Promotingdiversity
mattersbecause
It attracts the ‘crazies’ you need to generate
new ideas and ensures companies represent
all the people they could potentially serve.
@bchesky: “55% of our hosts are women. They have earned $10B to date.”

22. 5.Thinklong-term

23. Thinkinglong-termmeans
Creatingvaluethatoutlastsanyoneindividual,not
justdeliveringthisquarter’starget.

24. Withoutalong-termist
culture
A short-term profit motive encourages under-investment
- storing up problems for someone else to solve in the
future, not addressing them here and now.

25. Long-termfocus
mattersbecause
It justifies investment in R&D and a commitment to the
future - forcing people to think about the world they
want to create, not the trend they want to follow.

26. 5 habits that create a culture of
innovation:
1. Set a bold vision
2. Obsess over consumer behaviour
3. Relish competition
4. Promote diversity
5. Think long-term
InSummary

27. Thanks!
@LSUsocial