Download - Brainmates - Innovation - Briefly Explained
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Innovation Explained
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CEO’s want it
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Strategist write about it
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Marketers talk about it
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Product Managers
strive to deliver it
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What is IT?
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‘IT’ is
Innovation
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But….
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Only 9 – 10 % of public and private companies in America engaged in product or service innovation in 2010.
9 Creative Intelligence: Harnessing the Power to Create, Connect and Inspire,
Bruce Nussbaum , 2013
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What is innovation?
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Innovation is about …
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Solving existing problems
in a new way…
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…that is significantly better / faster / cheaper than the previous solutions.
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Innovation creates new
customer value.
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Innovation delivers
business value.
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Innovation is great
product management.
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There are many definitions of innovation
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According to Scott Anthony ...
“Innovation is something
different that has impact.”
The Little Black Book of Innovation: How it Works, How to Do It.
Scott Anthony, 2012
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According to Terwiesch & Ulrich ...
“Innovation is a new match
between a need and a
solution.”
Innovation Tournaments: Creating and Selecting Exceptional Opportunities
TERWIESCH, C., & ULRICH, K. T, 2009
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According to Jamie Notter ...
“Innovation is change that
unlocks value.”
What is Innovation? http://jamienotter.com/2012/09/what-is-innovation/
Jamie Notter, 2012
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According to Larry Keeley ...
“Innovation is the creation
of a viable new offering.”
Ten Types of Innovation
Larry Keeley et al, 2012
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According to Jim Andrew ...
“Innovation is about
making money.”
Payback, Reaping the Rewards of Innovation
Jim Andrew, Harvard Organisation Review 2007
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At its core
The aim of innovation is to
create significantly more
value.
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Types of innovation
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Greg Satell talks of… 4 types of
innovation
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Breakthrough
Innovation
Sustaining
Innovation
Research and
Development
Disruptive
Innovation
4 Types of Innovation, Digital Tonto
Greg Satell, 2012
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Breakthrough innovation
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Breakthrough
Innovation: The problem is well defined
but the domain experts are
unclear how to proceed
Sustaining Innovation
Research and Development
Disruptive Innovation
4 Types of Innovation, Digital Tonto
Greg Satell, 2012
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Not Well Defined Well Defined
Solution Definition
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Sustaining innovation
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Breakthrough Innovation
Sustaining
Innovation: The problem is well defined
and the domain experts
know how to proceed.
Research and Development
Disruptive Innovation
4 Types of Innovation, Digital Tonto
Greg Satell, 2012
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Pro
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Not Well Defined Well Defined
Solution Definition
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Disruptive innovation
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Breakthrough Innovation Sustaining Innovation
Research and Development
Disruptive
Innovation: The problem is unclear but
the domain experts have the
knowledge and skills to
proceed.
4 Types of Innovation, Digital Tonto
Greg Satell, 2012
We
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No
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Pro
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ion
Not Well Defined Well Defined
Solution Definition
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Research and development
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Breakthrough Innovation Sustaining Innovation
Research and
Development: Both the problem and the
solution are unclear.
Disruptive Innovation
4 Types of Innovation, Digital Tonto
Greg Satell, 2012
We
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efin
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No
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De
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Pro
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Not Well Defined Well Defined
Solution Definition
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So who’s doing what?
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Breakthrough
Innovation
Samsung 5G
Network
Sustaining Innovation
Apple iPhone 5
Research and
Development
3M
Disruptive Innovation
Moven Bank
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Why innovate?
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To grow with purpose
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To extend the product lifecycle
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To stay relevant in competitive markets
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Where can we innovate?
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1. The product
Create outstanding
features for existing
products or develop
brand new products.
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But don’t just stop at the product!
As products mature it
becomes increasingly
difficult to continue to
innovate the product.
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2. Revenue model
Find new ways to price
the product and to
extract value form the
customer.
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3. Service delivery
Find new ways to
support the customer
before, during and or
after the sales process.
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4. Customer engagement
Find new ways to
delight the customer
during every interaction
with the company.
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5. Business process
Find new ways to
significantly improve the
way the people in the
company go about
doing their work.
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6. Supplier relationships
Find new ways to
engage with suppliers or
to engage with different
types of suppliers
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7. Channel to market
Find new ways to
send the
company’s offering
to market
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There are many other
areas to innovate.
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Importantly, the more areas the
company innovates, the more
money it stands to make.
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What can product managers do to
innovate?
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1. Determine if Product Managers
should be delivering innovation
• Have a conversation with your Product Management teams about delivering
customer value.
• As a Product Management team, are you sustaining your products on a day
to day basis?
• Or, do you want to significantly increase value to existing and or new
markets?
• You can’t innovate if the Product Management do not agree that delivering
significant increases in customer value is part of their role.
• If the answer is a resounding yes, then get cracking.
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2. Review current Product Management
practices
• Understand if the current Product Management practices delivers significantly
more customer value over time.
• If not, determine why not?
• Are there other teams tasked with delivering customer value?
• Where can Product Management practices change or improve to
increase customer value?
• If yes, what are the results?
• Are the results satisfactory to achieve business growth?
• Are the practices repeatable?
• Do your current Product Management practices need innovating?
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3. Set the innovation agenda
• Discuss the type of innovation the Product Management team shall undertake.
• Understanding the type of innovation you want to undertake is important
because each type of innovation requires a different approach.
• For example there are some types of innovation such as R&D that the
Product Management team is not set up to deliver.
• Determine the area of focus: product, service, customer engagement or other.
• Determine if the right skill sets, resources are available in the Product
Management team to innovate.
• Set some measureable goals.
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4. Get support
• Once the Product Management team has an innovation agenda, spread the word
and communicate the agenda.
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5. Be disciplined
• Keep at it.
• Innovation is like staying fit. It requires regular effort and attention. Nobody
gets fit after just one gym session.
• Work with your team to schedule the time to make innovation a priority.
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Brainmates applies a repeatable Product Delivery Framework that embraces innovation.
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Connect with Brainmates
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Brainmates Group @Brainmates
#prodmgmt
Facebook.com/Brainmates
www.brainmates.com.au [email protected] + 61 2 9923 8147