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Www.simfonec.co.uk Innovation and Idea Generation Innovation and Creativity Innovation bringing ideas to life Creativity coming up with ideas Innovation.

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Presentation on theme: "Www.simfonec.co.uk Innovation and Idea Generation Innovation and Creativity Innovation bringing ideas to life Creativity coming up with ideas Innovation."— Presentation transcript:

1 Innovation and Idea Generation Innovation and Creativity Innovation bringing ideas to life Creativity coming up with ideas Innovation = creative idea + implementation

2 Innovation ‘……..is the process of harnessing creative activity to create new value in new ways through new products, new services, and new businesses. This value creation activity…also applies to business strategy and processes.’ – Arthur D Little (Technology and Management Consultancy)

3 The Innovation Process Generate Ideas Assess & Validate PrototypeTest Trial & Compare Roll Out time, cost, people, skills, structure

4 Drivers of Innovation Competition Direct Indirect New entrants Regulatory, legal and patents Litigation Policies Regulatory requirements Technology advances New techniques Smaller, faster, cheaper, remote Data processing capacity People and society Quality of life Lifestyle drugs Expectations Social structures Disruptive events Climate Change SARS Bioterrorism BSE

5 Incremental and Disruptive Innovation Incremental (or sustaining) innovation focuses on improving existing methods and techniques –Extend application areas –Improve efficacy, reduce side effects –Reduce human error –Redesign or refine for comfort, ease of use (eg. devices or surgical tools) Disruptive (or radical) innovation results in new drugs, devices. Or techniques that redefine gold standards –Introduce a new technology, eg. medical imaging, internet, wireless –Sudden changes in available resources (time, space, money, raw materials) –Redefinition of existing protocols or policy

6 Innovation Equals Benefits Reduce effort Convenience Environmental benefit Simplify task Reduce uncertainty Enjoyment

7 Why Do Companies Innovate? time sales Product 1 Product 2 Product 3 Image source: Cambridge Consultants Ltd

8 Elements of Innovation in Organisations Employees -knowledge -resource Customers -needs -opinions Leadership -vision -culture Technology -opportunities -driver of change Innovation End-users -needs -opinions

9 Sources of Innovation Universities and research institutions –Novel concepts and techniques –Access technology at very early stage –Limited investment and risk Biotechnology companies –Development stage products –Boost product pipeline –Reduce risk of access to emerging technologies Collaboration and joint ventures –Partner on projects with defined objectives –Bring additional skills from across disciplines –Share risk and reward

10 Why is Innovation Difficult? The way we think, act and behave is influenced by: –Years of academic study and training –Daily habits, routines and patterns –Protocols, methods and approaches to problems –The people and environment around us But... Problems can not be solved by thinking within the framework in which they were created – Albert Einstein (Physicist) New ideas come from differences. They come from having different perspectives and juxtaposing different theories – Nicholas Negroponte (Chairman of MIT Media Laboratory)

11 Thinking Outside the Box Force connections with random object - Break obvious connections - Opens new perspectives Re-express - words, pictures, acting - describe to non-expert Relate to other areas - generic words and phrases - transfer concepts Challenge rules and assumptions - consider ‘impossible’ ideas - turn the problem on its head     wheel round metal move transport exercise

12 How Many Ideas do I Need? ‘… start with around 3,000 bright ideas to end up with four plausible development programmes...the minimum needed to get just one winner’ - (Leaps of Faith, The Economist 18 Feb 1999)

13 What Needs to be Considered? For a technology idea to be successful you need: An application Target customer Route to market Internal factors External factors

14 Start with the Technology How much development work is required? Weeks, months, years, decades! What technical skills and expertise are required? Who needs to be involved to bring this to fruition Are there any ethical, regulatory or legal hurdles? Stem cells, GM foods, IVF treatment... Do competitive barriers to entry exist? Competing organisations, other technologies, intellectual property

15 What is the Context? What are the objectives of your organisation? Research, grow, expand customer base... What are your personal objectives? Make money, get promoted, build a team... Who are the stakeholders? Your boss, employees, colleagues, funders, customers Is the environment right? Consumer opinion, economic climate, political policy

16 What About the Market? What is your market? Is there unmet demand or trying to create demand Is there a need? Do existing products already address the market Who are the customers? Where, who, how many, will they pay, how much What is the competitive landscape? Direct, indirect, fragmented, concentrated, monopoly, threats

17 Now Apply Assessment Criteria Select 4 criteria you would use to assess your ideas, start with ‘quick wins’ and ‘investigate’ boxes For each criteria mark out of 5 how well an idea meets the criteria Assess as many ideas as possible Are you able to eliminate ideas easily? Is there a clear winner?

18 Validate Using Assessment Criteria

19 Due Diligence The process of investigation, performed by investors or their representatives, into the details of a company and its activities, such as an examination of operations and management and the verification of market size and other material facts If you don’t validate your idea someone else will Good validation of ideas requires objectivity Investors don’t get it right all of the time

20 Innovation Takes Persistence and Patience! Ecstasy Despair Enthusiasm Ups & Downs Source: The Economist, 18 Feb 1999

21 Further Reading Articles –The Theory Behind HBDI; –Open Your Company to New Ideas; M.Skapinker; Financial Times; 16 Jan 2001 –Creativity: Gale Encyclopaedia of Psychology –‘The Innovation Premium: Capturing the value of creativity’; R.S. Jonash and T. Sommerlatte; Prism Q Books –Crash Course in Creativity, B. Clegg and P.Birch –Leading the Revolution, G. Hamel –Innovator’s Dilemma, C.M. Christensen –Nevens et al (1999) Commercialising Technology: what the best companies do in Harvard Business Review on Entrepreneurship, (Harvard Business School Press) Web Links –www.livinginnovation.org –www.innovation.gov.uk –www.creativethinking.net

22 "The real magic of discovery lies not in seeking new landscapes, but in having new eyes" - Marcel Proust


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