innovating yourlife prof. robert c.wolcott oslo innovation week 2010-10-21

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I ti Y LifInnovating Your LifeApplying the art & science of innovation to living a more inspiring, fulfilling and meaningful life

Prof. Dr. Robert C. Wolcott

All Rights Reserved, Robert C. Wolcott

Prof. Dr. Robert C. WolcottFounder & Executive DirectorKellogg Innovation Network

The Business School of the 21st Century: www.kinglobal.org

Page 2All Rights Reserved, Robert C. Wolcott

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A quick plug for my new book…

(… don’t wait for the i )movie)


Innovation Radar, v2.0

S l ti

PlatformEcosystem

Offering (What)

SolutionChannel

Customers(WHO)

CustomerNeeds(Who)

SupplyChain

(Where)


Value Capture

CustomerExperience

Management

Process(How)

Communication

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Offering

Bridge between Strategy & Innovation

Customer

Solution

PlatformEcosystem

Supply Chain

Management

Offering

Channel

Customer Need


Value Capture

ExperienceManagement

ProcessCommunication

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What did we learn at business school?

Observation:The Fad Cycle


Premise:Apply the insights to living your life.

(Well, some of them.)

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Tension in business and life:the Present & the Future

Acting before the crisis

Fundamental Tension:Fortification vs. Exploration


Acting before the crisis:

The Success Trap


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IBM’s near death experience


1984 1992

Fortification versus ExplorationTension Exists Between Defending the Existing and Dominant Positions……and Creating New Growth Through New Directions

Fortification

• The Near Future of the Current Business

• Extending the Current Set of Products and Technologies

Exploration

• The Future Business

• Technological Innovation and New Services, Beyond Sustaining


Technologies• Designed to Preserve

Market Share and Sustain Profitability

• Designed to Create New Markets and Generate Surprising Growth and Profitability

Sources: James March, 1991; Dr. Michael Clem, J&J, 2005

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So, what should we do?What the field of innovation suggests for living our lives

1. Always keep the mission in mind.

2. Write down your questions… really. (Enhance serendipity.)

3. Speak multiple ‘languages’… live in multiple worlds.

4. Build non-obvious networks… before you need solutions.

5. Create option paths (dealing with uncertainty).


6. Seek the wisdom in mistakes, and the unexpected.

7. Above all… Know Thyself.


1977Challenge: Overwhelming Soviet conventional forces advantage in Europe

Strategy: Leverage technology to offset the Soviet advantage

Three platforms:•Smart weapons•Smart sensors•Stealth


Stealth

Direction: Get it done in four years.

William J. PerrySecretary of Defense, 1994 – 1997Undersecretary of Defense for Research & Engineering, 1977 - 1981

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A lesson from the armed forces

Mission FocusMission ClarityMission Clarity


2. Write down your questions, really.

Alexander Fleming & Penicillin

Chance favors the prepared mind.Louis Pasteur

Mold & Ancient HistoryMold & Ancient History

WWI: Fleming witnesses horrific wars deaths from bacterial infections. He seeks solutions.

1920s: Gratia & Dath publish article regarding Penicillium’s inhibiting properties with regard to


properties with regard to Staphylococcus aureus cultures

Late 1920s: “Discovers” penicillum.

1930s – 1940s: Chain, Florey & Heatley achieve mass production for the War Effort

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What questions are you asking?What questions are you asking?

What questions are the people whom you love asking?


Knowing the questions enhances positive serendipity. Otherwise, it’s all just luck.

Serendipity: An unsought, unintended or unexpected discovery or occurrence, made by accident and sagacity.

3. Live in multiple worlds.

People who live in the intersection of social worlds… are at higher risk of having good ideas.

Ronald Burt, SociologistUniversity of Chicago


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4. Build non-obvious networks… …before you need solutions.

Pleasant Nordic Countries

Nordic Council of Ministers

Build your own…•Objectives


Novosibirsk, Siberia

A bunch of scientists in Siberia… literally!

j•Knowledge domains•Diversity•Absorptive Capacity

If you always look in the same places,you’ll likely find the same answers.

5. Create option paths.An Axiom: No Uncertainty = No Innovation

We diversify our investments. Why not our lives?

Business Risk

Uncertainty SpendRate

Business Risk


Don’t manage the rate of failure,manage the cost of failure.

OptionManagement

CoreBusiness

Launch

Source: Ian McMillan & Rita Gunter McGrath

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6. Seek wisdom in mistakes… and the unexpected.

What is the first thing people typically do when they make a mistake or things don’t go as expected?mistake, or things don t go as expected?

The world’s most famous failed experiment (1887)Seeking the “Luminiferous Ether”.


Albert Michelson & Edward Morley

If things don’t go as expected, perhaps there is a problemwith your view of the universe.

Thoughts from the Patent Office…The experiment didn’t fail. The theory did.

7 Above all Know Thyself7. Above all… Know Thyself

Vision or Realization?

Strategy or Execution?


Tigger or Eyore?

Early Stage or Established Player?

Outcome or Process Motivated?

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The List, redux


2. Write down your questions… really. (Enhance serendipity.)

3. Speak multiple ‘languages’… live in multiple worlds.

4. Build non-obvious networks… before you need solutions.

5. Create option paths (dealing with uncertainty).


6. Seek the wisdom in mistakes, and the unexpected.

7. Above all… Know Thyself.

Prepare your MindPrepare your Mind

Of what are you aware?

What are the problems you are trying to solve?


p y y g(Carry the important ones around with you all the time.)

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Diversify & PrototypeDiversify & Prototype

Change your Context.

Create options in your life.


FORGET about sunk costs.

Ul i lUltimately,

Find True Meaning.


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O C Obj iOur Common Objective

To expand prosperity for the global community while sustaining the planet.


community while sustaining the planet.

(Proving Malthus wrong, again.)

You have a true mission

Malthus & the end of the world…


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My thanks, and a wish.

Many thanks for your time today.Particular thanks to the Oslo Innovation Week Team, Movation

and the Nordic Innovation Centre. I truly value the time I spend with all of you exploring innovation in the Nordic Region.

All blessings for your cumulative quests.

What YOU do will define a large part of our World in


What YOU do will define a large part of our World in the coming Century.

Use your time well.

Many thanks, again.

Robert C. WolcottKellogg School of Management


ellogg Sc ool o Ma age e [email protected]

mobile: 847.910.8934

innovating yourlife prof. robert c.wolcott oslo innovation week 2010-10-21

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