Managing the innovation process
17 important questions on Managing the innovation process
What are the ABCs (critical success factors) for innovation, according to Cooper (1996)?
What does a minimum viable innovation system refer to (MVIS), according to Anthony et al. (2014)?
Day 1 - 30, defining your business model (MVIS) how do you do it, according to Anthony et al. (2014)?
All innovations fall into one of two buckets.
we’ll call the first one “core innovations” and the second “new-growth innovations.”
Innovation projects meant to strengthen the core
should be tied to the current strategy and managed mostly within the main business’s organizational structure.
New-growth initiatives push the frontier of your strategy by offering new or complementary products to existing customers, moving into adjacent product or geographic markets, or developing something utterly original, perhaps delivered in a completely novel way. The
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Day 45 - 90, Create a Mechanism to Shepherd Projects (MVIS) how do you do it, according to Anthony et al. (2014)?
Begin by forming a group of senior leaders who, from then on, will have the autonomy to make decisions about starting, stopping, or redirecting new- growth innovation projects.
Manila Water, for instance, picked four members of its top management team to serve on what it called the New Services Review Committee, which met every few weeks to help teams working on new-growth ideas
How should you scale up after 90 days of creating an MVIS, according to Anthony et al. (2014)?
Second, consider creating specialized functions to carry out parts of the innovation process. A small organization might, for example, assign a single person to act as a “scout,” keeping abreast of market changes.
Finally, work on the MVIS should highlight some of the larger barriers to innovation inside an organization. These often reside within corporate bud- geting, incentive, and strategic-planning systems, which, after all, are designed to further today’s busi- ness, not create tomorrow’s.
What is glocalization and reverse innovation, according to Immelt et al. (2009)
What is the main advise that Immert et al. (2009) give General Electric?
> To tap opportunities in emerging markets and pioneer value segments in wealthy countries, companies must learn reverse innovation: developing products in countries like China and India and then distributing them globally.
> While multinationals need both approaches, there are deep conflicts between the two. But those conflicts can be overcome.
> If GE doesn't master reverse innovation, the emerging giants could destroy the company.
What are the five critical principles of the local growth team (LGT) model, according to Immert et al. (2009) to 'shift the center of gravity' for companies and create a reverse innovation strategy?
2. Build new offerings from the ground up.
3. Build LGTs from the ground up, like new companies
4. Customize objectives, targets, and metrics
5. Have the LGT report to someone high in the organization
What are the advantages of the multiple convergent process model (powerpoint)?
It easily accommodates third parties
It provides mechanisms for real integration among different functions throughout the process in the convergent points
What three critical mistakes doe marketers usually make (powerpoint)?
1.They collect a lot of factual information (customers prefer X) instead of explanations why customers behave the way they do
2.They think that they understand customers because they have collected a huge amount of customer data
3.They focus on only a limited part of the customer experience (functional features instead of emotions)
Time-to-market is an important factor when launching a new product, what are some methods to shorten it (powerpoint)?
1.Streamline individual stages
–conduct each stage as efficient as possible
–sometimes spend more time on one stage to shorten overall development time
2.Conduct activities in parallel
–crossfunctional teams
–especially with teams (team members) in different countries
3.Separate launch of basic product and options
–essential features in basic product (Minimum Viable Product)
–rest in options launched later
What are some advantages and disadvantages of launching a product fast?
–technological leadership
–increased sales
–fast market penetration
–lock-in of customers
–use of more advanced technology
– Disadvantages
–high market development costs
–high technological and market uncertainties
–incumbent inertia
What do innovative firms look like?
2. Experiment with new ideas, explore new directions
3. Target new audiences (and perhaps loose your old one)
4. Build on your traditional strengths
5. Develop new capabilities
Innovativefirms are often led byaninnovativeindividual, which has four key skills , which one (powerpoint)?
–questioning
–observing
–networking
–experimenting
What ist the tradition perspective vs the new perspective, regarding reverse innovation (powerpoint)?
•firm develops an innovation
•develops a cheaper version
•sells cheaper version to developing countries
in many cases this is not successful
New perspective:
•firm develops ultra-cheap innovation in developing country
•which is later also sold to rich countries
Reverse innovation requires a different mindset, how can companies change their mindset (powerpoint)?
Level 2: We can sell our products to poor countries when they get richer
Level 3: Emerging markets have different needs, so we need to customize our products
Level 4: Emerging markets have very different needs, so we need to design new products from scratch
Level 5: Reverse innovation is critical to maintain our advantage, both in emerging markets and at home
Why do poor countries need to develop different products (powerpoint)?
–customers in developing world don’t need an 80% product at an 80% price, but a 50% product at a 15% price
Different infrastructure
–absent or unreliable infrastructure requires innovation
Different sustainability issues
–different environmental situations require innovation
Different regulations
–less strict regulation stimulates innovation
Different preferences
–different preferences results in different products
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