Innovation is a numbers game
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This document discusses four key parts of innovation: 1) Choosing methods like crowdsourcing or internal innovation time to generate new ideas. 2) Evaluating ideas using matrices to assess their potential and edit out weak concepts. 3) Minimizing risk of promising but uncertain ideas through staged testing and small pilots. 4) Creating sustainable innovation by measuring idea generation and ensuring a constant pipeline of concepts to explore and bring to market over time. Regular measurement helps drive continuous innovation.
Innovation is a numbers game
- 1. Innovation as a numbers game
- 2. Because the purpose of business is to create a customer, the business enterprise has two--and only two--basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Peter Drucker
- 4. In business and economics, innovation is the catalyst to growth. - Wikipedia
- 5. Innovation Is Important for Sustained Growth Re-Invent & Explore Business Optimization Market Development Concept Development Growth Concept Creation Harvest & Exploit Time
- 6. Ideas Innovation Innovation is the process of translating an idea or invention into a good or service that creates value or for which customers will pay. Businessdictionary.com
- 7. Ideas are the heart of innovation
- 8. Without ideas innovation, and eventually business, dies
- 9. Problem: Many companies don’t produce enough good ideas
- 10. Solution: The way to get good ideas is to get lots of ideas, and throw the bad ones away. Linus Pauling
- 11. Good Ideas:
- 12. Confront the Brutal Facts: Create a culture wherein the truth can be heard
- 13. Instead of forcing employees to speak anonymously, why not encourage them to speak openly? Marty Neumeier
- 14. Our best ideas come from clerks and stockboys. - Sam Walton, Founder of Walmart
- 15. 4 Parts Of Innovation
- 16. Choose a method to source ideas Part 1
- 17. Two methods for idea generation
- 18. 1. External Sources: Quirky’s Idea Generation Methodology 1 Create a community with an obstacle for entry ie. Entry fee or form 2 Any member (aka inventor) can submit ideas for public review 3 All other members can vote on ideas and offer suggestions to improve the original idea 4 Most popular ideas move to design phase 5 Both the inventor and the organization submit design prototypes 6 Most popular design wins based on community voting 7 More voting for taglines, positioning, branding 8 Reward all who contributed to the winning idea 9 Set up countdown clock for product launch 10 Make product
- 19. 2. Internal Sources: Diarize Internal Innovation Time Allocate a portion of your employee’s time to dabbling, experimenting, creating and developing ideas for the organization. Here are some examples. • Google - 20% time • 3M – 15% time • Apple – Blue Sky Project • LinkedIn - InCubator • Gore-Tex – Dabble Time • Atlassian – Ship It Day • Facebook – Hackathon • Lockheed Martin – Skunkworks • Mattel – Platapus project
- 20. Do you know of any other ways to source ideas? Please add comments below
- 21. Q. How do you edit for good ideas? Part 2
- 22. Two Methods for Evaluating and Editing Ideas
- 23. Method 1: Good/Different Matrix Good and Good and Different Not Different (money maker) (me too project) Not Good and Not Good and Not Different Different (avoid all together) (unlikely to succeed)
- 24. Method 2: Product/Market Matrix Old product New product and And new market new market (adapt - evolutionary) (create - revolutionary) Old Product and New product and Old market Old market (manage - incremental) (extend - evolutionary)
- 25. Can you suggest other ways to edit ideas? Please add comments below
- 26. Good ideas are different. Naturally, they have a quality of uncertainty about them which can make them scary. These are the ideas to pay attention to.
- 27. Q. How do you minimize risk with good but scary new ideas? Part 3
- 28. Stage tests.
- 29. Stage-Gate Innovation Seed Money Small Bet Medium Bet Large Bet Develop Develop Prototype & Launch best concept strategy test idea projects to How many projects are in your idea Do the projects align Ask your target market with your brand? market pipeline? The market dictates How long is the time your success How many active to market? internal contributors do you have? Can you hear the appetite in the marketplace? = an idea
- 30. Q. How do you create sustainable innovation? Part 4
- 31. Be like Starbucks and count your ideas.
- 33. What gets measured gets done. Peter Drucker
- 34. How else could you measure innovation?
- 35. Marc Binkley Brand Consultant & Marketing Analyst @marcbinkley or on LinkedIn
Editor's Notes
- #27: Common response for many in social media