Recently I visited a company that wanted to invest in innovation. They wanted to act, yet they were hesitating. They were thinking of innovation as the creation of totally new, game changing products that radically change the marketplace. They were reluctant to invest all of their innovation budget in such high risk projects. A very reasonable conclusion.
So where should you invest? Continue reading
When I talk about innovation I usually start with an explanation of why innovation is important. To do this I use two reports, one published in 2000 by PWC, the other published in 2010 by DeBooz. Although the surveys were published 10 years apart they provide a remarkably consistent view of why we should innovate.
PWC and DeBooz both analysed over a thousand companies. They calculated how innovative the companies were by measuring things like the number of new product launches in the last five years, whether the products were genuinely new to market (not line extensions or adaptive innovations) and whether consumers considered the company to be innovative. PWC and DeBooz also analysed the financial performance of the companies: revenue, profits, shareholder value etc.
The findings, in 2000 and 2010, were remarkably similar. I call them the 20:20:20 rule. Continue reading
I recently organised a workshop with Sara Jones of City University, London. Sara wanted to use the Digital Shoreditch Festival as an opportunity to generate new and useful ideas on ‘How to foster a culture of collaboration between universities and industry’.
The festival brings together diverse participants from start-ups, SMEs, large companies and academia for a series of talks and panel discussions. The diversity of the participants provided a great opportunity to get input from a wide range of interesting people.
However, running an idea generation workshop between conference presentations and panel discussions presented us with some challenges. Continue reading
Posted in Collaboration, Creativity, Innovation
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