The Disruptive Innovation Festival (DIF) is an online, open access event that invites thought-leaders, entrepreneurs, innovators, businesses, designers and learners to explore the question “The economy is changing – what do I need to know, experience and do?”.
I’ve been following @thinkdif_ thinkdif.co for 3 years and was impressed by the sharing of ideas and knowledge by some top thought-leaders, including Sir Ken Robinson (who is also speaking this year).
So when the Ellen MacArthur Foundation contacted me and asked if I’d like to do a session, I said, well, yes!
I’ve been working on how organizations improve their innovation performance for several years. I was tired of seeing good ideas and people talent go to waste in the corporate setting. I mean, surely, there’s another way…
I’m a co-founder at innovation.support with Frank Mattes and we’ve been diving deep to take all the evidence and work out what is wrong with innovation in companies (And what to do about it).
We surfaced with something we call The Corporate Innovation Problem.
Webcast: Live, Free and Online – 10:00GMT, 22 November 2016
To sign up to the Webcast click HERE
About the Webcast
For most of the companies, Innovation has a top spot on the Management Agenda. However, despite large and growing investments into innovation, results remain disappointing. We call this the Corporate Innovation Problem™.
For excellence in innovation, companies have to master a chain of activities that comprises discovering insight into valuable and unmet customer needs, generating ideas to capitalize on these insights, selecting the best ideas and developing strong innovation concepts, realizing these concepts and successfully placing them into the market place.
In theory, this sounds easy. In practice, it is hard. Three out of four companies struggle in one or more of these steps:
- Roughly half of the companies do not have enough good ideas and concepts and they also struggle in executing
- Approximately one out of five companies come up with many ideas and strong concepts, but then fail to execute
- Approximately one out of ten companies struggle with creating enough high-quality ideas and concepts, but then execute well.
Against this background, firms are investing heavily. In the first link of this chain a large amount of money and resources went into Open Innovation initiatives, Innovation Centres, Corporate Ventures and IT portals for example. But still, as we will demonstrate with a few statistics, the ‘Return On Innovation’ is far too low.
But where does the the Corporate Innovation Problem come from, and more to the point, what should companies do to improve?
We’ve spent some time on this. We looked at the relevant studies and found that the “Corporate Innovation Problem” has three root causes:
- The “complexity problem” – Managing a global innovation infrastructure in the light of exponential technological change
- The “integration problem” – Managing the transition between the early phase of innovation and the execution phase of innovation respectively scaling up ideas and concepts generated in innovation centers
- The “system problem” – Managing the complex fabric of leadership, KPIs, governance, processes and work styles, local agents of innovation, cultural elements, skills and supporting infrastructure of innovation.
In this presentation we focus on the third root cause, the “system problem”. This is highly relevant because (a) as Walter Deming once said, ‘94% of the problem is the system. 6% the individual’ and (b) selective pivot points can have a major leverage.
Combining our analysis of countless case studies on how the world’s best innovating companies innovate with decades of experience we feel a solution to the “Corporate Innovation Problem” results from working on the innovation system and to ENGAGE the people in the organization.
We dive into the 6 cornerstones and offer suggestions about how companies can make a tangible improvement.
Ensure sustained Top Management support and align the management system
Network of innovation catalysts / coaches
Get people into the field
Advance the culture
Grow the innovation skill set base
Enterprise-grade, modern platforms connecting ideas and experts
What you get from the Webcast
- An understanding of where corporate innovation can fall down, and advice of how to improve that situation.
- The impact of better innovation outcomes, are more impactful innovation, less wasteful activities and processes and more creative human solutions and or course, better profitability.
- An easily understandable and actionable model of how to get there.