innovation challenges & opportunities - monash business school
DESCRIPTION
Why innovate at all? And what are some of the challenges you will need to address in order to make innovation happen? Ideation is a tiny fraction of the journey; actually doing it is the main task that you face.TRANSCRIPT
1
Adopting Innovation –
Opportunities & Challenges
Chris Grannell – Monash Business School MBA lecture
October 2014
2
Opportunities:
Why Innovate?
The search for new economic conditions…
3
Typical mature market issues
• Market saturation
> Minimum efficient size
> Diminishing scope for new clients
• Competition
> Natural forces in the market ecology
• Downwards price pressure
> Typical in any market
• Market evolution
> New requirements
> New policies, procedures
> Changing balance of power
> New players
> New strategies
> New technologies available
Brandenburger & NalebuffCoopetition
4
Disruptive?
Or
Discontinuous?
5
Challenges:
New or Different
Concepts
6
Leadership
(Collins, Christensen)
Customer Development
(Blank)
“Pivots”
Small vs Big
(Christensen, Blank)
Focus
(Porter)
Game Theory
(Brandenburger & Nalebuff)
Focus
7
Core/Actual/Augmented ProductVarious authors
Different skills
Different people
Different perspectives
But what’s not changing?
Will we permit cannibalisation?
Solvup was built according to Customer Development principles
8
Steve BlankFour Steps to the Epiphany
Having a good idea isn’t enough!
9
Not everyone knowswhat’s good for them!
Brandenburger & NalebuffCoopetition
People don’t like change
People arethreatened (unnecessarily)
Invest time in all of the key players in your value net
10
Some enduring
strategies for
innovation
Innovation in the 18th Century
• Threatened to “buy up global supply of cotton”
• Installed security and changed factory design
• Built factories to showcase technology; made
more money from licensing than
manufacturing
• Chose not to enter the weaving market, thus
aligning weavers against spinners
• Became the defacto industry standard for
spinning equipment
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• Richard Arkwright – mechanised cotton spinning
• Replaced cottage industry with first mechanised
factory system in 1771
• First factory trashed by spinners
• Spinners argued for government protection
