Could We Be More Innovative About How We Innovate? by Jon Puleston #CASRO #MRX

Live blogging from the #CASRO tech conference in Chicago. Any errors or bad jokes are my own.

Could We Be More Innovative About How We Innovate? by Jon Puleston, VP of Innovation, Lightspeed

  • much advice about innovation is common sense
  • what IS innovation: creation of a new viable offering, doing something different that has impact
  • ten types of innovation from how you price, structure, product offerings, service relationships, network, channel, brand, engagement
  • we focus mostly on product performance and product system, such as what dyson and microsoft do
  • 80% of feedback in grit report is on product innovation
  • we need to combine as many innovative approaches as we can
  • gillette is innovative on its pricing model, UPS is innovative in it’s networking
  • workshops are more than idea generation, they are establishing a culture that acts as arrowheads to drive through innovation; process of disparate groups with different skills helps establish a culture of collective problem solving
  • companies like google, IBM, and GE allocate real time to innovation, not outright production
  •  top down commitment to innovation – board back headline innovations, build it into the financial model, planned to be funded
  • don’t be distracted by low hanging fruit – incremental innovations (Kaisen) represent 85% of innovation but rarely dliver competitive advantage. Big innovation leads to differentiation despite being risky
  • think of something no one else has done and then do it
  • back a mix of ideas, not just the blockbuster big bets but also the promising mid-range ideas
  • use the right framework to evaluation innovation – they can’t compete with established models. don’t think that it will sell itself or that we will have no competitors, review and revise assumptions along the way
  • you CAN disinvest in an idea along the way
  • “The Innovators Dilemma” book highly recommended. Buy it here
  • don’t let the core business compete against innovation because the core business will always win
  • most big innovative ideas come at moments of crisis, when people face deadlines and they have run out of solutions
  • reward process not success, allow people to fail

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