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Innovation: The Path to Heaven … or … Hell? Po Chi Wu, Ph.D. Adjunct Professor School of Bus. & Mgt. School of Engineering HKUST.

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Presentation on theme: "Innovation: The Path to Heaven … or … Hell? Po Chi Wu, Ph.D. Adjunct Professor School of Bus. & Mgt. School of Engineering HKUST."— Presentation transcript:

1 Innovation: The Path to Heaven … or … Hell? Po Chi Wu, Ph.D. Adjunct Professor School of Bus. & Mgt. School of Engineering HKUST

2 Agenda Context & Perspective PCW background and experience What is innovation? Innovation approaches: past, present, future Knowledge Economy – 21 st Century

3 Context & Perspective The Entrepreneurial Mindset Seeking opportunities Taking initiative Being accountable Delivering practical outcomes Courage to iterate

4 PCW background Cross-disciplinary experience Bridge Asia-Pacific-Europe Greater China (Taiwan, Hong Kong) Silicon Valley

5 Why innovate/change? Natural response to challenges Innovation => Resistance to change When not to innovate?

6 Investor perspective Long-term return on investment Risk-averse (conditional) Market-driven Innovation-driven Not futurists Insights from society/ecosystem Need stable financial industry infrastructure

7 Who are innovators? Change agents What do they need? Infrastructure Ecosystem Talent Guidance/nurturing

8 Space for innovation Why do most innovations fail? What are the conditions for innovation to succeed? External (ecosystem) – Internal Drive for creativity

9 Innovation approaches TRIZ/ATRIZ – Theory of inventive problem-solving Design-thinking – practical consumer-oriented Agile Innovation – organizational change In practice – try everything Challenge: Find what works for your organization

10 TRIZ/ATRIZ Early 20 th Century Russian solution for mechanical objects Theoretical study of repeated patterns in patents A study of change, theory of “contradictions” Repeatability, predictability, and reliability to problem- solving process with a structured, algorithmic approach Best for physical/engineering problems

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12 TRIZ/ATRIZ Practical – training broader base of innovators Useful for eliminating “weak solutions” Mindset/philosophy – approach to work Management tool more than a creative tool Key question: What have we missed?

13 Challenges Starts from internal conceptual design Can be “mechanistic” Where is proprietary, competitive edge?

14 Samsung consumer electronics Super AMOLED displays Image-processing chips in digital TVs Frequency-filtering technology to reduce smartphone noise Economic value created: €1.5 Billion

15 Made with TRIZ – P&G Proctor & Gamble’s most successful product

16 Design-thinking Objectives Empathy RationalityCreativity

17 Principles Origins in architecture & design Focus on human concerns Learn from people’s behavior Find patterns Design principles Make tangible Iterate relentlessly

18 Design-thinking Knowledge-driven (people) New use of old tools: ethnography, intuition, STORY New technologies Problem definition – by customers, ecosystem Objective: unique, proprietary solutions Creation of new, fundamental IP

19 Design-thinking Combines empathy for the context of a problem, creativity in the generation of insights and solutions, and rationality in analyzing and fitting various solutions to the problem context.empathycreativityrationality Goal: “Matching people’s needs with what is technologically feasible and viable as a business strategy” - Tim Brown, CEO and president of IDEO Ref: Tom Kelley and Dave Kelley, Creative Confidence, Crown Business, 2013, ISBN , pages Design Thinking - Thoughts by Tim Brown,

20 Apple

21 Mobile APPs Newest, most intimate interface Simple, appealing design Designed for customer usability Flexible back-end Leverage – extends reach of knowledge

22 Intuit SnapTax – prepare tax return using smartphone In 2006 – 6 designers at executive level. In release-details/2015/Building-a-Design-Driven- Company/default.aspx

23 Agile Innovation Organizational change Unique, people-based growth process Facilitated, not “managed” Focus on “resistance” to change Holistic = systematic, disciplined, inspirational Experimentation

24 Agile Leadership What kind of culture fosters true innovation? What is required of leadership? How is this culture implemented? How is this culture maintained?

25 Challenges in ecosystem High degree of uncertainty Accelerating change Fierce, global competition Technologies/products more complicated IP an increasingly important strategic asset Knowledge workers are young Senior management challenged to learn

26 What is disruptive innovation? Technology-driven Redefines industry sectors Shifts power

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28 We seek to be Earth’s most customer-centric company for four primary customer sets: consumers, sellers, enterprises, and content creators.

29 How is leadership adapting? The Entrepreneurial Mindset Next-generation leaders (knowledge workers) Communications challenges

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31 Industrial Economy Early 20 th Century manufacturing model Based on extraction of resources Production of tangible, physical products Value of human labor – to serve machines Temptation – keep doing the same thing Why innovate (change)?

32 Knowledge Economy Based on intangible assets Knowledge, IP Value of knowledge Value of knowledge workers

33 SMEs Challenges of entrepreneurship Entrepreneurs are passionate learners Learn from experience Learn to innovate, beyond surviving New tools/resources China environment unique

34 Silicon Valley model May be wrong for China Spirit of innovation rooted in local culture Different resource base Different opportunities Different definitions of success Different paths to success Money is not best metric of successful role model

35 New business models New measures of value in ecosystem Based on “sharing” Platforms of knowledge, communications (ICT) Value of shared knowledge increases Value of unused IP decreases Direction of increasing value is irreversible

36 Summary Change is inevitable => innovation is essential To survive, we must adapt. Learn from others what might work for us. Accept that we don’t know enough, so experiment wisely.

37 Conclusion If you do not change direction, you may end up where you are heading Lao Tzu


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