ideas to action: 4 keys to employee-driven innovation
TRANSCRIPT
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Copyright © 2015 48Innovate
K. Melissa Kennedy | Chief Innovation Officer
Ideas to Action:4 Keys to Igniting
Employee-driven Innovation
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Copyright © 2015 48Innovate
K. Melissa Kennedy *Intrapreneur turned Entrepreneur
“Life begins on the edge of your comfort zone”
*Global Innovation Facilitator2 Large Institutions
4 startups - 2 ThrivingInnovator, Pioneer, Doer
@kmelissakennedy
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Agenda
▪ Why Innovate?
▪ Trends Driving Innovation
▪ 3 Types of Innovation
▪ Sources of Innovation
▪ Barriers to Innovation
▪ 4 Keys to Employee Driven Innovation
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Copyright © 2015 48Innovate
Innovation = Growth & Profits
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Trends Driving Innovation: Disruption
- Consumer “experience” expectations
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Trends Driving Innovation: Disruption
- Globalization
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Trends Driving Innovation: Disruption
- Accessibility to information & people
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Trends Driving Innovation: Disruption
- Complex competitive landscape – Entrance of “Frenemy”
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Trends Driving Innovation: Disruption
- Pace of change- Technology
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Copyright © 2015 48Innovate
Trends Driving Innovation: Disruption
- Startup Revolution – New business models and low cost of entry
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3 Types of Innovation
▪ Incremental innovations ▪ Breakthrough innovations ▪ Radical innovations
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Sources of Innovation: Buy vs Build
▪ Consultants/Agencies
▪ Startups or smaller companies
▪ Partners
▪ R&D
▪ Internal accelerators or incubators
▪ Employees
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Why Employees are Key to Innovation?
▪ Interact with customers every day
▪ Fend off competitors every day
▪ Immersed in your culture
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Copyright © 2015 48Innovate
Top Barriers to Employee-driven Innovation – Disengagement Dilemma
87% of employees are disengaged or indifferent at work according to Gallup.
Active disengagement costs $450-$550B every year in the US alone.
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Top Barriers to Employee-driven Innovation
70-90% projects fail due to lack of action after brainstorming session
Legacy Inertia - What we are already doing is still working
No process to nurture innovation -- access to internal decision makers, resources, focus
Sources: Harvard Business Review & Forbes:
https://hbr.org/2012/11/acceleratehttp://www.forbes.com/sites/georgedeeb/2014/01/08/the-five-reasons-big-companies-struggle-with-innovation/2/https://hbr.org/2012/07/ten-ways-to-inhibit-innovation/https://hbr.org/2013/07/six-ways-to-sink-a-growth-initiative/ar/1
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Igniting Employee-Driven Innovation
4 Keys to Success
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#4 KeyIgniting Employee-driven Innovation
Ditch the consultant
Hiring consultants destroys employee confidence
Impedes universal buy-in Potential culture clash Co-creation accelerates
adoption
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Copyright © 2015 48Innovate
#3 KeyIgniting Employee-driven Innovation
Create Space
Designate time beyond the “Day Job”
Focus on the pursuit of innovation
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Copyright © 2015 48Innovate
#2 KeyIgniting Employee-driven Innovation
Institute a Consistent Process
How to present an innovative idea?
To who? What is the success criteria? Timeline for review and decision Follow up and execution Create a consistent schedule of
accepting these ideas or projects
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#1 KeyIgniting Employee-driven Innovation
Execute and Promote Success
Execute vetted ideas and projects
Calculate ROI Promote the Outcome
& Impact Reward Employees Repeat
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Copyright © 2015 48Innovate
Innovation = Growth & Profits
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Copyright © 2015 48Innovate
How 48 InnovateIgnites Employee Driven Innovation
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Copyright © 2015 48Innovate
▪ 20-40 Flash ideas*▪ 5-7 Business case solutions with
data, budget and action plan*▪ Solution summary and mini project
plan▪ 30, 60, 90-day, 1 hour follow-up to
ensure success and hold the team accountable to action
▪ Exclusive access to “The Weekly Zing” --daily innovation exercises throughout the 90-day follow-up period for all participants
Process Outcomes & Follow Up
*Actual number of ideas and presentations depends on number of participants in the event. Typically there are 30-50 participants per event.
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Copyright © 2015 48Innovate
Ideas to Action:4 Keys to Igniting
Employee-driven Innovation
#4: Ditch the Consultant
#3: Create Space
#2: Institute a Consistent Process
#1: Execute & Promote
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Copyright © 2015 48Innovate Copyright © 2014 48Innovate
Thank YouK. Melissa Kennedy
[email protected] |@kmelissakennedy