InnoQuest - Innovation Management Program - PowerPoint Presentation

Slide1

InnoQuest - Innovation Management Program

Develop

Connect

Grow

The Entrepreneurs EDGE

is

a non-profit economic development organization which fosters

growth in

mid-market companies and

develops

leadership talent in order to positively impact the Northeast Ohio economy.

InnoQuest – December 3, 2013

8:00

AM

Reflection on Goodyear and InnoQuest Program

Food for Thought

Small Groups

Kichler

Tony Davidson, President and CEO Jack Miller, Director of Product Management

John Andrisin, Director of Engineering

Greg Martin, Director of Design ** Break **

Price for Profit

Chaz Napoli

and Jonathan Konkoly Discussion Groups

11:30 Action Steps / Evaluations / Wrap Up @11:40 Tour of Kichler

Innovation Management – Three Gears

Program Overview

Goals: Share best practices

Foster new connections

“Raise the bar “

 Help companies in managing the innovation process

Feb. 7 Case for Innovation / Drivers of Innovation

Nottingham-Spirk Design, Cleveland

April 23 Leadership and Culture Hyland Software, WestlakeJune

19 Where and How to Innovate GOJO, Akron

Aug. 6 Ideas to Implementation

Parker Hannifin and

ShurTech Brands at Baldwin WallaceOct. 3 Culture and Change Management Goodyear Blimp Hangar, Mogadore

Dec. 3 Mid-Market Innovation / Value Pricing Kichler, Independence

Goodyear Session Take-

aways

10-3-13

“Success” –

Define/determine short & long term organizational capacity for innovation

Innovation is sometimes seen as “nice-to-have” but no urgency Set time lines for innovation - Get value proposition but don’t spend

forever

Get prototypes out quickly; get customer feedbackDevelop a value prop / business model & get rough prototype in front of

customerDiscovering that an idea is not feasible, possible or valuable is success Innovation is driven by identifying customer unmet needs

Need for dedicated resources; field time; get our people out to see our customers.Customer-centered

innovation; don’t just take the tour

Observation 

data collection and assessment Keys to a Successful Innovation Manager / Change AgentToughness; don’t be afraid to be wrong;

risk-taking Concept of the “true truth”; are we doing anything about the “true truths?”Verified/validated truths from multiple perspectives.

 Intentional change is important

Action Steps

Apply

customer-centered innovation

learning

immediately.

Find ways to get people out to the customer.Time to lose my patience (to force change

).

Set definite goals; schedule everything I do.Look into our capacity for innovation.

Need to push for time dedication for innovation.Don’t be afraid to keep challenging the status

quo.Read (i.e. Litchfield Books, etc.)

Meet Erin and James at Goodyear to share practices/knowledge.

Find the resources/people who may help me execute my risks

.Review value proposition and strategic intention.

Identify strategic questions for each of our primary products.

Program Overview

Goals: Share best practices

Foster new connections

“Raise the bar “

 Help companies in managing the innovation process

Feb. 7 Case for Innovation / Drivers of Innovation

Nottingham-Spirk Design, Cleveland

April 23 Leadership and Culture Hyland Software, WestlakeJune

19 Where and How to Innovate GOJO, Akron

Aug. 6 Ideas to Implementation

Parker Hannifin and

ShurTech Brands at Baldwin WallaceOct. 3 Culture and Change Management Goodyear Blimp Hangar, Mogadore

Dec. 3 Mid-Market Innovation + Value Pricing Kichler, Independence

60 Minutes

Amazon and Innovation 12-1-13

Ice Breaker

Today is your lucky day.

You have been granted 3 wishes to accelerate your innovation process.

You cannot wish for more wishes or for unlimited/undesignated $$.

Tony Davidson, Jack Miller, John

Andrisin

,

Greg Martin

Chaz Napoli and Jonathan Konkoly

Best Practices in Innovation Management

Understand

what innovation is, and understand the reasons, motivations, risks and rewards for being innovative.

Innovation – something new that replicates in a market (or in a process). 

Closely

related to entrepreneurship.  Solves a great problem or creates a great opportunity, thereby creating great value. 

Companies that continuously do this outperform companies that don’t, both in long- and shorter-term value metrics (profits, brand equity, employee engagement, etc.).

A

company that is good at innovation has both leaders and problem solvers (or opportunity creators).  To be a good leader of innovation, one must be fluent (and act in) the languages of leadership, business

and

design.  

Foster good leaders and good problem solvers by building a culture of high trust (low fear) and high creativity.  

Best Practices in Innovation Management

Timing

is crucial for successful innovation: the market must be ready, but you must be (near the) first to meet those needs.  

Know

your customers intimately, and let them know you, too.

Pay attention to trends, technological breakthroughs, political and social forces, and availability of resources (natural, human, financial). 

All

of these will help create a strong innovation strategy.

Innovation

needs the proper support of internal resources (time, money, people – including organizational buy-in).

Develop

tools to determine ROI/Time that align with business goals, including all key stakeholders in those calculations.

   Be objective in making a business case (will it be worth it?  Does it make sense?  Do we have the capacity to do this, and if not, should we build capacity?).  Monitor projects frequently.  When factors change, re-calculate and be prepared to change course.

You

can shorten time to ROI (or any transaction) by building trust.  Trust comes from alignment of purpose and transparency. 

Best Practices in Innovation Management

Companies

can find other ways to monetize great ideas or opportunities, that don’t involve bringing those to market.

  This includes selling or licensing Intellectual Property, creating spin-offs, or preventing competitors from seizing the same opportunity

.

There is great value in following fast, modeling solutions from other industries or other markets, or shopping outside your organization for solutions.

Celebrate

your successes, but do not rest on your laurels.  Learn from, but do not dwell on your mistakes. 

InnoQuest - Innovation Management Program

Develop

Connect

Grow

Next Meeting: Thursday, February 20

Mid-Market Innovation

Pressco

Technology, Solon

The Entrepreneurs EDGE