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How to innovate in a regulated industry Wenceslao Casares

How to innovate in a regulated industry Wenceslao Casares. May 2010. Regulated industries startups. Innovation. Formed by people with experience in the sector Generally, large structures are built too fast Initial product without sufficient innovation

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How to innovate in a regulated industry Wenceslao Casares

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  1. How to innovate in a regulated industryWenceslao Casares May 2010

  2. Regulated industries startups Innovation Formed by people with experience in the sector Generally, large structures are built too fast Initial product without sufficient innovation Slow business model and product iteration Formed by people without experience in the sector Tendency to be much more innovative and disruptive Much higher road-kill that average startups Undesired effects

  3. Regulated industries startups Innovation There is value to be created operating between this two opposites Showing minimal but serious infrastructure Keeping dynamism and flexibility to iterate business model and product Undesired effects

  4. Which environments produce innovation? Innovation Let’s start looking the opposite ¿which environments are designed to eliminate innovation?Example: An Army Undesired effects

  5. An Army: The importance of hierarchyand symbols Innovation General Brigadier Colonel Lt. Colonel Major Captain Undesired effects

  6. An Army: The importance of processes Innovation To give some consistency in similar situations To reduce the redundant effort Following process reduces undesired effects Undesired effects

  7. Which environments produce innovation? Innovation ¿which environments foster innovation?Example: IDEO Undesired effects

  8. Which environments produce innovation? Innovation Undesired effects

  9. Which environments produce innovation? Innovation Undesired effects

  10. IDEO: Organization structure

  11. No processes

  12. An environment that produces innovation... • 60% • The rest are undesired consequences: • Disorder • High costs • Inefficiency • … doesn’t produce • innovation • 40% • Is innovation in the best case You can’t get one without the other

  13. Regulated industries require more creativity to innovate That's why they are most likely the Army than IDEO It requiresmuchmore creativityto innovate and at the same time to fulfill the regulations Regulated Industries are regulated for a reason

  14. Regulated industries require more creativity to innovate Examples of different approaches to tackle this dilemma

  15. Example: Microsoft

  16. Cisco: Another way • And many more…

  17. Innovation and regulation: Myths Processes that produce innovation can be established Regulation prevents innovation You can not innovate in a regulated industry • Common mistake in a regulated industry

  18. Innovation and regulation: Realities It is more difficult to innovate in a regulated environment To innovate is not always desirable • More structured environment • Lack of fear to die • The regulations became our own limitations

  19. An attitude that leads to innovation? To understand the client’s needs in the most pure form Example of College Fund Product

  20. Which is the objective of innovation? To give a better service to our clients or to be more profitable?

  21. How to innovate in a regulated industryWenceslao Casares May 2010

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