Four models and four habits that drive innovation
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4 models & 4 habits that drive innovation @LSUsocial
Transcript of Four models and four habits that drive innovation
4 models & 4 habits that drive innovation
@LSUsocial
About LSU
Matt Boffey Managing Director
What we do
Strategy
Innovation
Technology
Innovation means
Revenue streams created through new products & services; and the
application of new business models.
Innovation defined
Who we do it for
Questions we’ve helped our clients to solve
adidas: What products should we develop to meet the needs of players today?
NHS: How do we use tech to deliver more effective healthcare, more efficiently?
Unilever: How do we further unlock the value in Magnum’s equity?
FutureLearn: What does the best online learning experience look like?
4 models that drive innovation
4 models
1. Internal competition 2. Individual catalyst
3. The ‘Lab’ 4. Outside-in
1. Internal competition Incentivising great ideas from all over the business
Innovation is an attitude, not a department.
But when it’s everybody’s responsibility, it’s nobody’s problem.
2. Individual catalyst Giving people direction, resource and accountability
Individuals can focus on, and are accountable for, delivering a
single big hit.
But rockstars can quickly become divas.
3. The ‘Lab’ Experimenting to deliver proof of concept
Harnesses disruption on
behalf the organisation.
But it can also mean a trip to ‘Fantasy Island’.
4. Outside-in Knowledge from and collaboration with external talent
Neutralise your future enemies by
making them your friends.
What if?
didn’t turn down the chance to partner with Netflix in 2000?
Yahoo didn’t turn down the chance to partner with Google in
1998?
But if you find your company
frustrating, imagine what outsiders
will think.
‘Outside-in’
With consumers With start-ups & other businesses
Live in the now
Bet on the future
Struggle to imagine the next
big thing
Work in new and different
ways
Risk vs. RewardBreakthrough
Incremental
Low-cost High-cost
Lab
Individual catalyst
Internal competition
Outside-in
4 habits that drive innovation
1 Work in two pizza teams
2 Launch early, launch often
‘We prefer to have something working by the end of the day, something to refine and improve on the next day...the beauty of experimenting in this way is you never get too far away from what the market wants.’
Marissa Mayer, Yahoo
Navigate by users3
‘Usage is like oxygen for ideas. You can never fully anticipate how an audience is going to react to something you’ve created until it’s out there.’
Matt Mullenweg, Wordpress
Consumer needs above your skills4
‘If we set our strategy by what our skills happen to be rather than by what our customers need, we would never have done it.’
Jeff Bezos, Amazon
