Edward Scott - Millennium Plastics Limited : Strategic Innovation Management Edward Scott Krakow, 5 September 2013

Edward Scott - Millennium Plastics Limited : Intellectual Property Management = Asset Management Innovation Management = Managing the process

Edward Scott - Millennium Plastics Limited :

The valley of Death

Edward Scott - Millennium Plastics Limited : The valley of Death  Lack of a strategy  Underestimating the costs & time  Failure to understand the market

Edward Scott - Millennium Plastics Limited : Innovate or die - Death Valley Listen Feel Inspired Want to take action Look for answers Lost Afraid

The missing piece Edward Scott - Millennium Plastics Limited : Clear set of principals Viable action plan Great innovationGreat design

Defining Innovation “Innovation is creations of the mind” Edward Scott - Millennium Plastics Limited : “Its 1% inspiration and 99% perspiration”

Defining Innovation “If I had 20 days to solve a problem, I would spend 19 days defining it’ Edward Scott - Millennium Plastics Limited :

Defining Innovation Edward Scott - Millennium Plastics Limited : Innovation is diverse Freely created No monopoly on creative thought Doing things better

Edward Scott - Millennium Plastics Limited : Coherent & substantiated Strategy Formulating a Plan Innovation We never know what we want Discovery

Edward Scott - Millennium Plastics Limited : Messy Confused

The 3 Pillars of innovation Competency - Strategy - Management - 70% - Improve existing products 20% - Identify competing products 10% - Explore completely new markets Choose a team with the “right stuff” Understand your capabilities Know your limitations The problem Who can solve it Edward Scott - Millennium Plastics Limited :

The problem - “1000 songs in my pocket” Who can solve it - “a manufacture who can build it” Edward Scott - Millennium Plastics Limited :

Innovation Strategy + Understand your environment Have a clear objective Access to great innovation/IP

Strategic Innovation “Is all about creating creating order from chaos” Edward Scott - Millennium Plastics Limited :

Innovation strategy Considerations  How should it be protected - Patents or trade secrets  Proactively strategies patent portfolio  The structure of patents  The filing process of patents  How to enhance the likelihood success  Innovation in a protective sense  How should the it be commercialised Edward Scott - Millennium Plastics Limited :

 Patent = Protection  Patent = FTO  More is not necessarily best  Can be expensive - 1 in 500 make money Edward Scott - Millennium Plastics Limited : Protection / /

Edward Scott - Millennium Plastics Limited :  Be aware of competitors  Adequate finance  Align company and business strategy with Patent strategy  Know and understand your competitors  Develop an appropriate innovation strategy to attract investors Developing an innovation strategy

Edward Scott - Millennium Plastics Limited :

The Matrix  Different innovation address different problems  Well defined vs nebulous  Timing  Who can solve the problem/create the innovation  Internal resource or outsource

Disruptive Innovation Sustaining Innovation. Breakthrough Innovation Not Well Defined Well Defined Problem Definition Not Well Defined Well Defined Domain Definition Open innovation R & D Labs - Outsourcing Research GrantsVC Model Basic Research Research Grants Edward Scott - Millennium Plastics Limited :

The Problem Who can solve it

Edward Scott - Millennium Plastics Limited : Disruptive Innovation Sustaining Innovation. Breakthrough Innovation Basic Research

Edward Scott - Millennium Plastics Limited : The Innovation Decision Toughest decision is what to do about it Organizational structure Pricing Developing new products & services Partnering Strategies Outsource Consultant

Edward Scott - Millennium Plastics Limited : Define an innovation strategy

Edward Scott - Millennium Plastics Limited : Open Innovation

Edward Scott - Millennium Plastics Limited : The open innovation strategy Reduced time to market Speed up development Success Reduced costs “Great leaders don't create followers, they create more leaders” Tom Peters

“Success is the result of unrelenting Persistence and unbounded optimism” Thank You! Edward Scott Edward Scott - Millennium Plastics Limited : References:- innovation Management | A.T. Kearney