What is Innovation? Presented by Henra Mayer Innocentrix: CEO
Presentation Structure What is innovation? Why innovation? What organisations experience when addressing innovation How to address innovation imperatives Q&A
Defining Innovation Google Search on Innovation definition: • About 2,520,000 results (0.19 seconds) (2008) • About 26,400,000 results (0.26 seconds) (2010) • About 66,000,000 results (0.10 seconds) (2011) Web definitions for innovation (http://www.merriam-webster.com/dictionary/innovation) • the introduction of something new • a new idea, method, or device :novelty • — in·no·va·tion·aladjective • Synonyms:brainchild, coinage, concoction, contrivance, creation, invention, wrinkle !!!! 3
Types and forms of innovation Types of innovation: Radical innovation Incremental innovation Forms of innovation: Product Service Process Organisational Management innovation What about social?
The Why of Innovation Innovation distinguishes between a leader and a follower – Steve Jobs. Innovation is the central issue in economic prosperity – Michael Porter. Learning and innovation go hand in hand. The arrogance of success is to think that what you did yesterday will be sufficient for tomorrow – William Pollard.
Organisational Innovation • Some innovation issues highlighted by organisations: • Effectively managing ideas – (process) • Allocating responsibility and resources (crowdsourcing) • Successfully impacting on a culture for innovation (engagement, reward) • Getting ideas to implementation (project management) • Demonstrating business value (measurement/reports)
So what to do....... Address innovation by thinking about: How to improve the quality of ideas How to sort ideas and find the valuable ones How to create system adoption – by configuring the platform How to motivate staff – game mechanics, reward, recognition and Collaboration
An article on Mckinsey Quarterly (2010) outlines the top 10 innovation trends in business that are being enabled by new technologies — and shows how these trends are re-shaping the challenges and opportunities for companies. 5 Industry Trends on Innovation Trend 1: Distributed co-creationmoves into the mainstream. Trend 2:Making the network the organization. Trend 3: Collaborationat scale. Trend 4: The age of the multisided business model. Trend 5: Innovating from the bottom of the pyramid.
Thoughts to Ponder... Customer advantage vs. Competitor Advantage? Daily behaviours vs. Differentiation The focus is not on the product or service, it is on finding ways of creating a transformational change in consumers’ everyday life. Erich Joachimsthaler, founder and CEO of Vivaldi Partners, a strategy, innovation and marketing consulting company, in his newly published book - Hidden In Plain Sight : How to find and execute your company's next big growth strategy
Thank you! Henra Mayer CEO: Innocentrix Cell: 082 323 7447 firstname.lastname@example.org www.innocentrix.co.za