Innovation and Corporate Entrepreneurship Chapter 12 Built by Stambaugh/2008 Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison Jeff Stambaugh

Today’s Objectives Built by Stambaugh/2008 ■ Know the issues of the innovator’s dilemma ■ Understand the importance and types of innovation ■ A few thoughts on personal entrepreneurship ■ Understand the challenges associated with innovation ■ Corporate entrepreneurship: Understand the aims and approaches Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison

Opening Thoughts Built by Stambaugh/2008 ■ Entrepreneurship: A process of “creative destruction” through which existing products, methods of production, or ways of administering or managing the firm are destroyed and replaced with new ones ■ Mindset: If it ain’t broke, break it before one of your competitors does! Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison

Creative Destruction Built by Stambaugh/2008 Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison

Creative Destruction Built by Stambaugh/2008 Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison

Not Proactive Built by Stambaugh/2008 Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison

Innovator’s Dilemma Built by Stambaugh/2008 ■ Listening too much to current customers may cause you to miss next big thing (current needs vs. future needs) ■ On the other hand, can you protect your innovation from fast-followers? Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison

Ways to Look at Innovation Built by Stambaugh/2008 ■ Process vs. Product ■ Incremental vs. Radical Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison

Challenges of Innovation Built by Stambaugh/2008 ■ Seeds vs. Weeds (or wheat from chaff) ■ Experience vs. Initiative ■ Teams; value innovation exposure ■ Internal vs. External Staffing ■ Building vs. Collaborating (or buying) ■ M&As … wise selection of alliance partners & know thyself ■ Incremental vs. Preemptive ■ Event-pacing ■ Focused vs. Dispersed Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison

Corporate Entrepreneurship Built by Stambaugh/2008 ■ Pursuit of new venture opportunities and strategic renewal ■ Blue Ocean strategy: ■ Create uncontested space ■ Make the competition irrelevant ■ Create / capture new demand ■ Break the value / cost trade-off ■ Pursue differentiation and low-cost simultaneously Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison

Failure: The Current Buzz Word Built by Stambaugh/2008 ■ People vs. Process ■ Celebrate ■ Did we learn (and how do we learn?) ■ Did this strengthen internal competences or external products / services Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison

Approaches to CE Built by Stambaugh/2008 ■ Focused ■ New Venture Groups ■ Business Incubators ■ Dispersed ■ Entrepreneurial cultures (flat, teams, failure, lots) ■ Product Champions ■ Exit Champions ■ Firms as VCs ■ Risks? Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison

Marissa Mayer’s Top 9 Link Link ■ Ideas can come from everywhere ■ Share everything you can ■ You’re brilliant, we’re hiring ■ A license to pursue dreams ■ Innovation, not instant perfection ■ Data is apolitical ■ Creativity loves constraint ■ Users, not money ■ Don’t kill projects, morph them Built by Stambaugh/2008 Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison

Summary Built by Stambaugh/2008 ■ Innovation is essential to firm survival ■ Innovation is harder than it looks! ■ Corporate entrepreneurship: focused or dispersed Just because something doesn't do what you planned it to do doesn't mean it's useless … Edison