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Innovation Strategies A workshop for the MEET U.S. Program

Innovation Strategies A workshop for the MEET U.S. Program. Facilitator: Alex F. DeNoble , Ph.D. San Diego State University. A Mandate for Corporate Innovation and New Business Creation!.

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Innovation Strategies A workshop for the MEET U.S. Program

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  1. Innovation StrategiesA workshop for the MEET U.S. Program Facilitator:Alex F. DeNoble, Ph.D. San Diego State University

  2. A Mandate for Corporate Innovation and New Business Creation! New business creation must be considered the most important task of the senior executive in the existing enterprise, especially the larger one. Without it the enterprise is unlikely to survive. Let alone do well in a period of rapid transition such as the one we live in and are likely to live in for the foreseeable future… Peter Drucker MEET U.S.

  3. Overview of the Workshop • The workshop is organized into four parts: • Part I - Exploring the concept of Corporate Entrepreneurship • Part II - Introducing the concept of Entrepreneurial Intensity • Part III - Developing skills in creativity • Part IV -Strategies for entrepreneurship, innovation and creativity MEET U.S.

  4. Corporate Entrepreneurship PARTI MEET U.S.

  5. What is Corporate Entrepreneurship? • A term used to describe entrepreneurial behavior inside established organizations which leads to the creation of new business initiatives through: • product and service innovation • process innovation and • market development MEET U.S.

  6. Use of Corporate name Use of board of directors Importance of strategic fit Use of marketing clout Use of internal financing Use of technology Use of corporate assets Use of production and manufacturing Use of top management as mentors Use of corporate network Use of corporate infrastructure Use of staff support Product/Service to market quickly Win/win for corporation and employee Why Should Companies Invest in Innovative Activities? MEET U.S.

  7. Corporate Culture Hierarchical structure Bureaucratic management style Difficulty in managing mavericks Punish risk-taking Lack of motivation Inappropriate reward systems Turf wars Challenges to Innovation Inside the Company MEET U.S.

  8. Exposure to possible new markets Add new products to existing markets Develop antennae for new technologies To generate capital gains Efficiently utilize plant space, time and people Integrate activities of multiple departments A platform for management development Ownership position in new companies Gains from Innovative Investments MEET U.S.

  9. Exercise I Identifying and Evaluating Innovative Companies MEET U.S.

  10. Entrepreneurial Intensity PART II MEET U.S.

  11. Entrepreneurial Intensity • Entrepreneurship is not an “either-or” proposition! • There is some level of entrepreneurship in every organization! • In determining how entrepreneurial and organization is we look to “Entrepreneurial Intensity” MEET U.S.

  12. Entrepreneurial Intensity Entrepreneurial Intensity captures the Frequency and Degree of Entrepreneurial Initiative MEET U.S.

  13. Degree of Entrepreneurship Innovativeness Risk-taking Proactiveness To be Entrepreneurial… MEET U.S.

  14. A Few Words About Innovation There's a way to do it better...find it - Thomas Edison MEET U.S.

  15. Product/Service Innovation • New-to-the-world products/services • New-to-the-market products/services • New product/service lines in a company • Additions to product/service lines • Product improvements/revisions • New applications for existing products/services • Repositioning of existing products/services • Cost reduction for existing products/services High Degree of innovation Low MEET U.S.

  16. MARKETS Existing New Existing Existing Product/ Market Space Diversified Market Space PRODUCTS Diversified Product Space Diversified Product/ Market Space New Directions for Innovation MEET U.S.

  17. Process Innovation • Major new process • Minor new process • Significant revision of existing process • Modest improvement of existing process High Degree of innovation Low MEET U.S.

  18. Process Innovation Where can innovation happen? • Administrative systems • Service delivery systems • Production methods • Financing methods • Marketing or sales approaches • Procurement techniques • Compensation methods • Supply chain management • And more …. The bottom line is that Innovation can happen anywhere!! MEET U.S.

  19. Risk-Taking • A decision-making under conditions of uncertainty with the possibility of incurring significant losses • Two perspectives on risk: • Sinking the boat risk • Missing the boat risk MEET U.S.

  20. Sinking the Boat Risks • What happens if the company pursues a concept and it does not work out? • Could result from: • Poor thought-out concept • Bad timing • Insufficient market research • Inadequate marketing mix (4P’s) • Undercapitalization MEET U.S.

  21. Missing the Boat Risks • What is the impact of not pursuing an opportunity that would have become profitable? • Could result from: • Delays in acting on a concept • Preempted by competitors • Changing customer needs • Overemphasis on market research, financial data or input from consultants… MEET U.S.

  22. Always remember There's as much risk in doing nothing as in doing something. - Trammell Crow MEET U.S.

  23. Proactiveness • Involves • Action • Perseverance • Adaptability • Willingness to assume responsibility for failure MEET U.S.

  24. Entrepreneurial Intensity If you always do what you have always done, you will always get what you have always gotten…. Tom Peters MEET U.S.

  25. Exercise II How effective is your company’s Innovative Practices? MEET U.S.

  26. Developing Skills in Creativity PART III MEET U.S.

  27. Creativity • Applying a person’s mental ability and curiosity to discover something new • Relating previously unrelated things • Connecting things together in new and different ways "Being creative is seeing the same thing as everybody else but thinking of something different" MEET U.S.

  28. Exercise III What’s wrong with today’s Laptop Computers MEET U.S.

  29. Exercise IV Let’s reinvent the Laptop Computer! MEET U.S.

  30. Strategies for Entrepreneurship, Innovation and Creativity PART IV MEET U.S.

  31. Setting the Environment…. It's the job of a manager not to light the fire of motivation, but to create an environment to let each person's personal spark of motivation blaze. - Frederick Herzberg MEET U.S.

  32. Setting an Innovative Environment entails…. • Envision the future • Create a sense of urgency • Expect calculated risk-taking • Encourage experimentation • Develop incentives • Focus on customer needs • Seek feedback from stakeholders MEET U.S.

  33. But Beware of the Pitfalls… • Barriers to an innovative culture include: • Too much focus on the present • Not understanding innovation processes • Fear of and resistance to change • Punishing failure • Top-down management MEET U.S.

  34. And finally….. The person who says it cannot be done should not interrupt the person doing it. - Chinese Proverb MEET U.S.

  35. Thank You! MEET U.S.

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