How to Innovate for Profit - insideinnovation.co
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Innovating for Profit • Why Bother with Innovation? • Why We Care. • Failure is Rapid Learning. • Simple Steps to Get Results. • 3 Surprising Examples. • What You Can Start Today.
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Transcript of How to Innovate for Profit - insideinnovation.co
Innovating for Profit
• Why Bother with Innovation?• Why We Care.• Failure is Rapid Learning.• Simple Steps to Get Results.• 3 Surprising Examples.• What You Can Start Today.
Innovation distinguishes between a leader and a
follower – Steve Jobs
2
• Unlock new growth from new customers in new ways.
• Apply new technology or services to improve products and services for existing customers.
Innovation
Beating the competition!
Innovation is not just about new products.• Powerful marketing tools• Create new Services• Create new Business Models• Attack New Markets
Aggressive Innovation + Giant Companies= Double-digit $B growth
Attack our own products
Create new Products
Source: http://www.pretotyping.org/
Do we want to Catch-up or WIN?• We’re a long-press, wiggle and click on the X to
obscurity.• We have to delight customers every day as we
compete against all other apps and entertainment on the mobile screen.
• To win, you need feature Parity AND New Growth
Why we care
Why we care
Innovation has moved from a Buzzword …
To a Buzzsawas it rips through industries!
Source: http://www.pretotyping.org/
You have to accept failure so you can innovate and win.
Failure is an option here. If things are not failing, you re
not innovating enough – Elon Musk
Failure IS an option
here. If things are not
failing, you are not
innovating enough.
- Elon Musk
Epic Fails from weak companies?
The Google Graveyard and Microsoft Morgue have spent millions of dollars on failed projects. Why?
It even happened to
Source: http://www.pretotyping.org/
Failure is rapid learning
$609B
$531B
$440B
$12B
$33B
Source: http://www.pretotyping.org/
•Aggressively Innovating
•Taking Risk
•Failing often and fast
•Testing in market with real customers
What are they doing?
Remove friction for customers using your service.
Closing the Loop
Gather Ideas
• Customers• Customer-facing Staff• Startups• Hack Days• Meetups• Research
Kill the Bad ideas
• Effort vs Value• Not Ready• Already Exists
Test, Measure, Learn, Fail, Repeat
Ask yourself:“How can I test if the customer cares about my new product or service for as close to zero dollars as possible within 24 hours?”
Compulsion to
keep goingat all costs
minutes hours days weeks
Time Invested
months years
Fail Fast and Cheap
Source: http://www.pretotyping.org/
The Dominos Pizza Delivery robot is being tested right
now in Brisbane. The purpose is to learn
Dominos
YOU HAVE SCALEAND CUSTOMERS
They have agility and speed
Work with Anyone
Double Down on the winners
Back the Winner
• Get Comfortable with Failure• It’s ONLY about the Customer.• Focus 100% on reducing Friction for
the Customer.• Fail Fast and Cheap to Learn.• Understand What’s New.• Double Down on the Winners
What you can do Today
Reading:
https://insideinnovatio
n.co/tagged/books
The innovators
solution, Zero to One,
The lean startup, lean
enterprise, Design
thinking research,
Pretotype It, Running
Lean.
Reading
• https://startupaus.org/
• https://startupvictoria.com.au/
• A16z.com
• https://www.launchticker.com/
•@LeslieCBarry
I blog at
Connect
