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CULTURE OF INNOVATION

The Case of Best Buy Co. Inc.: An Innovator’s Journey. CULTURE OF INNOVATION. The shared values, beliefs and norms of behavior that exist within an organization. These are defined by the history, performance, leadership and industry of the organization .

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CULTURE OF INNOVATION

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  1. The Case of Best Buy Co. Inc.: An Innovator’s Journey CULTURE OF INNOVATION

  2. The shared values, beliefs and norms of behavior that exist within an organization. • These are defined by the history, performance, leadership and industry of the organization. • There are subcultures within the dominant culture. What is corporate culture?

  3. Innovation as a systemic capability Barriers to innovation Planting the innovation gene Ordinary to extraordinary Playing the whole keyboard Managing resource tensions Managing, measuring, leading innovation MANAGEMENT CHALLENGES From Gary Hamel, Introduction to Innovation to the Core by Peter Skarzynski and Rowan Gibson, 2008.

  4. What is innovation according to Price? • Four characteristics of a highly innovative entity: • Awareness • Intense Motivation • Skills and Competence • Supportive Infrastructure Infusing innovation into corporate culture, R.M.Price (2007)

  5. Time frame Leaders Size Customer Product Best buy co. inc.: the context

  6. Customer oriented • Have fun, learn • Tolerance for failure • Innovation is important, especially innovative processes. For example, • Demand forecasting systems • Supply chain management • Advertising effectiveness systems • Knowledge management systems • Structural capital Culture of best buy

  7. What mindset does Gary Hamel, CEO of Strategos, bring to Best Buy? “Help companies develop and embed strategy and innovation into the core of an organization” 10 Principles of Innovation Very expensive Co-designed the process, guided the participants throughout, coaches more than consultants strategos

  8. Timeline Participants Phases I-Journey: “catch some fish and also teach people how to fish”

  9. INNOVATION PROCESS & IDEATION (Davila et al, 2006: p.125) Selection Execution Creation Of Value Realization 6 projects Discovery Bootcamp: developing mindset Synthesis Innovation Lab 1000 ideas into 5 domains Radical Innovation Generation of Ideas Generation of Ideas Product, Service and/or Process Innovation Incremental Innovation Generation of Ideas

  10. Three tasks of innovative work behavior: Scott, S.U. & R.A. Bruce. 1994. Determinants of Innovative Behavior: A Path Model of Individual Innovation in the Workplace. Academy of Management Journal, 37: 580-607. • Idea generation: formulation of new ideas of any sort, which are benefical to organizational conduct (Woodman, Sawyer and Griffin, 1993) • Idea promotion: capitalizing on ideas generated by finding sponsors and allies with the necessary influence and authority (Kanter, 1983, 1988) • Idea realization: the production of a prototype or model of innovation…that can be touched or experienced, that can now be diffused, mass-produced, turned to productive use, or institutionalized (Kanter, 1988, p.191)

  11. HOW DID THIS WORK AT BEST BUY?

  12. Brad Anderson, CEO Face-to-face interaction Team interactions Cultural experiences Video Testing Assumptions Discovery (idea generation) V1

  13. Designing the intersection of learning • Internalizing insights • Experience • Step back • Generate conclusions • Connect with intuition and decision making • Record Keeping Synthesis (conversion) V2

  14. Venture Board Decision Field Research Field Test Realization (diffusion) V3

  15. Key Success Factors? • Issues? • Recommendations? • What Happened? • Studio D Store: A new technology and electronics boutique that helps shoppers discover the possibilities of digital technology and the many ways it can enhance their lives. • Escape: a high-energy entertainment and retail environment featuring various game stations and products for guys who want the absolute latest in gaming, gadgets and electronics. Transferrable?

  16. How does the I-Journey lead to a permanent pervasive innovation capability throughout the organization? How do you get people throughout the organization to understand the consumer value proposition? What value are/can we providing to the current and potential consumer? How do you balance innovation with delivering business results? Institutionalizing innovation (V)

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