Corporate Innovation

Join, Aaron Schaap, in this session as he walks through how to best setup an innovation framework for your organization.

You’ll learn
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- What an Innovation Strategy is and who's responsible for it — How to manage ideas through an innovation funnel

- Explore how to measure your innovation efforts

- Understanding the practices of Innovation

- How to get started

Transcript

1. Corporate Innovation Join, Aaron Schaap, in this session as he walks through how to best setup an innovation framework for your organization. You’ll learn — What an Innovation Strategy is and who's responsible for it — How to manage ideas through an innovation funnel — Explore how to measure your innovation efforts — Understanding the practices of Innovation — How to get started Webinar
2. What is Innovation? Follow this way or start presentation The creation of new products and services that deliver value to customers, in a manner that is supported by a sustainable and profitable business model.
3. Get a birds eye view of the overall ecosystem Explore it 🙌 Innovation Strategy Innovation Management Innovation Practices Thesis Portfolio Framework Accounting Design Thinking Lean Agile Ecosystem We believe that great ideas can come from anyone and by helping bring a more integrated approach to innovation, it will allow us to empower employees, enable departments and accelerate innovations as a whole. Overview
4. Thesis Innovation shouldn't be rough experiments that are hidden. It needs to align with the strategic goals of the organization as they'll someday transition into the core portfolio of offerings. A company’s view of the future and the strategic guard rails in which it makes decisions. Innovation Strategy The Goal 🙌
5. Portfolio Set up a portfolio of products and services. Your portfolio should contain products that cover the whole spectrum of innovation; i.e. core, adjacent and transformational. Innovation Strategy The Goal 🙌 A balanced portfolio managing various business models that are at different stages of their life. 70% 20% 10% Core business Adjacent Transformational
6. Framework Having an innovation framework provides a unifying language for the business. Everybody knows what phase each product or business model is in. Innovation Management The Goal 🙌 Provides a framework for managing the journey from searching to execution Get Test Pilot Scale Renew Market Industry PIVOT SPIN OUT
7. Accounting Traditional accounting methods are great for managing core products. However, when managing innovation, a different set of tools are needed. Innovation Management The Goal 🙌 Make sure you are using the right investment practices and metrics to measure success Reporting Designed to track the activity and work being done on new ventures as they move from idea through to scale (e.g. validation velocity) Governance Helps paint a better picture for the company as to whether or not to continue investing in particular ideas Global Examine the overall performance of innovation within context of the larger business (e.g. percent of revenue in the last 3 years).
8. Practices Where rubber meets the road and the company begins interacting with customers and validating new business models, products, services and overall experiences. Innovation Practices The Goal 🙌 Introducing more customer centricity and business agility into your every day work
9. Combining it all These elements are interconnected; each piece is responding to data from the other pieces. Summary Strategy Thesis Portfolio Management Framework Accounting Practices Design Thinking Lean Agile
10. Enjoy! Worked Well Unanswered questions Needs to change New ideas to try I hope this was a helpful overview of what innovation could look like within your organization. If you'd like to talk more: schaapy@gmail.com 616-566-1423