Taking Risks. IFC 2012
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The document discusses the importance of having a budget for research and development (R&D) and emphasizes that taking risks is essential for innovation. It debates the concept of risk, quoting various figures like Denis Waitley and Albert Einstein to highlight the necessity of proactive approaches over inaction. Additionally, it outlines a structured process for managing risks, focusing on understanding the audience and refining ideas through experimentation.
Taking Risks. IFC 2012
- 1. Taking risks where's your R&D Budget? Lucy Gower
- 2. Do you have a R&D budget?
- 4. What is risk? Risk is the potential that an action (including the choice of inaction) will lead to a loss (an undesirable outcome).
- 6. Life is inherently risky. There is only one big risk you should avoid at all costs, and that is the risk of doing nothing. Denis Waitley
- 8. "If you always do what you've always done, you'll always get what you've always got." Henry Ford ©lucyinnovation
- 16. It’s more risky to be like everyone else
- 17. Corporates and R&D Apple = 2% of total revenue Hewlett-Packard = 2.6% of total revenue
- 19. P&G – Connect and Develop
- 21. Your typical Angel investor
- 22. The F Word “I have not failed. I've just found 10,000 ways that won't work.” Thomas Edison “To develop working ideas efficiently - I try to fail as quickly as I can.” Richard Feynman 1965 Nobel prize winner ©lucyinnovation
- 24. ©lucyinnovation
- 25. Have a process to manage risk What are you setting out to achieve? FOCUS Seek to understand your audience INSIGHTS Only then generate ideas based IDEAS around your strategic objective and understanding of your audiences
- 26. Have a process to manage risk Make it real, draw it, role play it, PROTOTYPE say it Small scale – one geography one PILOT audience type LAUNCH Refine make changes and launch
- 27. Making your case
- 28. What good influencers do 1. Focus on what you want 2. Get closer 3. Seek first to understand
- 29. Getting and keeping my risk budget 1. What does success look like? 2. Why is this a must? 3. What are all the things I could do
- 30. “Insanity; doing the same things over and over again and expecting different results” Albert Einstein
- 31. Reading list www.sofii.org Uncharitable Dan Pallotta Switch Chip and Dan Heath Made to Stick Chip and Dan Health The Art of Woo G. Richard Shell and Mario Moussa Purple Cow Seth Godin Linchpin Seth Godin Seven Habits Stephen R Covey Speed of Trust Stephen Covey
- 32. Questions lucy@lucyinnovation.co.uk @lucyinnovation