Matt Ryberg & Amy Seto

Innovation: Past and Present In the 1990s, innovation was about technology and control of quality and cost. Today, innovations involves taking corporate organizations built for efficiency and rewiring them for creativity and growth Innovation is about reinventing business processes and building entirely new markets that meet untapped customer needs.

1. Open Innovation 2. Innovators-in-chief 3. Measure what Matters 4. Coordinate and Collaborate 5. Customer Insight Building Innovative Culture

The Four Major obstacles to Innovation Slow Development Time Lack of coordination Risk – Averse Culture Limited Customer Insight Obstacles to the Road of Innovation

Apple iPod  Networking  Business Model  Branding  Simplicity of ITunes

Toyota  Obsessive focus on manufacturing processes  Hot selling Prius earning Toyota more respect as a product innovator  Launched value innovation strategy

3M  "Genesis Grants"  60 or so researchers a year submit formal applications to a panel of 20 senior scientists  Twelve to 20 grants, ranging from $50,000 and $100,000 apiece, are awarded each year.

Closing Thoughts  As the world becomes more technologically advance, companies must rely on their innovations to help stay ahead of their competitors  The concept of innovation is always evolving so whoever stays ahead on the learning curve will come out on top in the future

Sources Globe picture: Article: McGregor, J. (2006). The world’s most innovative companies. Annual Edition: Marketing 13 th ed. McGraw Hill p htm Videos: