Back End of Innovation - Why Purpose Matters
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The document discusses the importance of purpose in driving innovation and organizational success, highlighting challenges faced in the innovation process due to misalignment and unclear roles. It emphasizes that a clear sense of purpose can lead to improved employee satisfaction, business transformation, and long-term performance. The document outlines strategies for defining and applying purpose at individual, team, and corporate levels to foster engagement and productivity.
![Innovation
[ in-uh-vey-shuh n ]
noun
• something new or different introduced
• the act of innovating; introduction of new things or methods.](https://image.slidesharecdn.com/slucaswhypurposematters-200303222525/85/Back-End-of-Innovation-Why-Purpose-Matters-5-320.jpg)
![Purpose
[ pur-puhs ]
noun
• the reason for which something exists or is done, made, used, etc.
• an intended or desired result; end; aim; goal.
• determination; resoluteness.](https://image.slidesharecdn.com/slucaswhypurposematters-200303222525/85/Back-End-of-Innovation-Why-Purpose-Matters-17-320.jpg)
Back End of Innovation - Why Purpose Matters
- 1. Innovation is Hard… Why Purpose Matters Shannon Lucas
- 2. Think of a time when you were crystal clear on what you wanted to accomplish, something that you believed in deeply, and were in flow towards achieving that goal.
- 5. Innovation [ in-uh-vey-shuh n ] noun • something new or different introduced • the act of innovating; introduction of new things or methods.
- 7. Corporate Team Individual Challenges of Backend of Innovation • Organizational structure (in or out) • New Business model difficulties • Fear of customer retaliation • Resource alignment • Incentives • Culture change
- 8. Results in: Lack of belief in top level commitment leading to limited bottom-line impact and potential brand damage
- 9. Challenges of Backend of Innovation • Lack of clarity of success metrics • Misalignment of right skill sets on team • Challenge of engaging other stakeholders and buy-in • Resistance to new ways of working • Different risk appetites • Limited resources Team
- 10. Results in: High activity, confusing, high stress environment… resulting in limited success, wasted resources and high turnover
- 11. Challenges of Backend of Innovation • Lack of clarity of role • Lack of support and proper skill set development • Emotional rollercoaster • Fear of unclear job progression • Long hours and high stress Individual
- 12. Results in: Burnout and high turnover
- 13. That’s a dark picture…. Why do we do it?
- 14. Not your parent’s “disruption” We have to…
- 16. Purpose is the answer
- 17. Purpose [ pur-puhs ] noun • the reason for which something exists or is done, made, used, etc. • an intended or desired result; end; aim; goal. • determination; resoluteness.
- 19. Business Roundtable “Since 1978, Business Roundtable has periodically issued Principles of Corporate Governance. Each version of the document issued since 1997 has endorsed principles of shareholder primacy – that corporations exist principally to serve shareholders. With today’s announcement, the new Statement supersedes previous statements and outlines a modern standard for corporate responsibility. ” Signed by 181 Corporate CEOs August 2019
- 20. Business Roundtable…what it means: • Delivering value to our customers • Investing in our employees (including D&I) • Dealing fairly and ethically with our suppliers • Supporting the communities in which we work • Generating long-term value for shareholders
- 21. The value of Purpose
- 23. Purpose Pays $12,000,000,000,000 Business and Sustainable Development Commission
- 24. The Power of Purpose
- 25. Image the worst human conditions possible…
- 26. Viktor Frankl Man’s Search for Meaning 1946
- 27. “Those who have a ‘why’ to live, can bear almost any ‘how.’” Friedrich Nietzsche
- 28. Power of Purpose • Happiness Trifecta • Longer Life • Clarity & Alignment • Improved Performance
- 29. Happiness Trifecta Dopamine, serotonin, and oxytocin
- 30. Longer Life People without a strong life purpose are more than twice as likely to die compared with those who have one. Those who expressed a greater sense of purpose were 2.4 times less likely to develop Alzheimer’s.
- 31. Clarity & Alignment Purpose provides clarity for how to organize one’s day, what to say yes to and what to say no to. Leading to…
- 33. EY: The Business case for Purpose
- 34. EY: The Business case for Purpose
- 35. EY: The Business case for Purpose Have made a change in last 3 years: • Strategy Development • Business Model • Operating Model • Product/Service Development • New Business Development/Market Exploration
- 36. What is Purpose?
- 38. Different Types of Purpose • Survival • Familial/Communal • Adopting a Pre-Existing Framework of Purpose and Meaning • Personal Accumulative • Altruistic/Idealistic • Personal and Spiritual Development
- 39. Start with Why
- 40. Start with Why Why. Purpose - Why we are here, what we are here TO BE • Purpose creates a collective identity and makes people willing to throw themselves in
- 41. Purpose is the Why Why. Purpose - Why we are here, what we are here TO BE • Purpose creates a collective identity and makes people willing to throw themselves in What. Vision - What WE SEE as possible for ourselves, for others, for community and for the world • Vision is about what you see as possible.
- 42. Purpose is the Why Why. Purpose - Why we are here, what we are here TO BE • Purpose creates a collective identity and makes people willing to throw themselves in What. Vision - What WE SEE as possible for ourselves, for others, for community and for the world • Vision is about what you see as possible. How. Mission - What we are here TO DO • Mission is the specific actions, tasks or goals to realize our vision and purpose; our strategy and path to our vision and purpose
- 43. Purpose and Innovation Purpose plays an important role in innovation. Innovators can evaluate not just technological insight, customer need, and competition but also identify whole new feels of opportunity.
- 44. Purpose Applied
- 45. Corporate Purpose and the Backend of Innovation • Organizational alignment • Openness to new business models • Stronger internal collaboration • Alignment with customers • Openness to new ways of working • New metrics for success • New potential incentives • Culture change
- 46. EY: The Business case for Purpose Purpose drives: • Employee satisfaction • Business transformation success x2 • Higher quality products and services
- 47. EY: The Business case for Purpose • Strategic transformation • Guide for innovation • Must focus on innovation and continuous transformation
- 48. EY: The Business case for Purpose 53% of Prioritizers said their business is successful with innovation and transformation.
- 50. Purpose and the Backend of Innovation • Clear connection with work and impact • Stronger sense of community • Cross-organizational buy-in and support from key stakeholders • Dedicated resources • Openness to new ways of working and risk models Team
- 51. PWC: Putting Purpose to Work: A Study of Purpose in the Workforce
- 52. Leads to: Engaged, motivated, resilient, successful teams
- 53. Purpose and the Backend of Innovation • Personal and professional alignment • More flow state (better problem solving) • Clarity of role and impact to organization • Increased job satisfaction • Better health, happiness, and resiliency Individual
- 54. LRN: The How Report Inspired employees outperform purely engaged employees
- 55. Leads to: Healthy, satisfied, inspired, successful individuals
- 57. Pitfalls of Purpose • Personal purpose isn’t aligned with team or corporate • Purpose creates drive to overcome organizational challenges leading to burnout & health problems
- 58. How to “get” purpose
- 59. Defining Purpose Holistic Approach • Understand your history, DNA, and stakeholder needs • Systems approach • Consider SDGs • Risk to opportunity mindset shift • Crowd source employee input • Apply new purpose to ways of working, metrics/KPIs, incentives Corporate
- 60. Team Defining Purpose • Understand the corporate purpose • Co-create your team’s purpose • Invite other stakeholders for input • Create team metrics and rewards aligned with purpose
- 61. Individual Defining Purpose • Think about what brings joy in your life. • When are you most in a state of flow? • What do you want to be known or remembered for? • What gets you out of bed on even the hardest days?
- 62. My Purpose To make the world’s largest organizations more sustainable in every sense of the word; for people, planet, and profit.
- 63. How to bring it into the world? Make a plan. • What does it look like when it’s fully realized? • What does it look like 2 years from now? • 1 year? • 6 months? • Next month? • Tomorrow?
- 65. Support your Purpose • Plan time each week, month, or each year to reflect on your why • Share your why with your employees, teammates, family • Connect with your end users or customers and understand how your purpose supports theirs • Find a peer group, support group, or community that holds a similar purpose