Innovation Challenges & Opportunities - Monash Business School
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Transcript of Innovation Challenges & Opportunities - Monash Business School
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Adopting Innovation –
Opportunities & Challenges
Chris Grannell – Monash Business School MBA lecture
October 2014
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Opportunities:
Why Innovate?
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The search for new economic conditions…
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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
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Disruptive?
Or
Discontinuous?
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Challenges:
New or Different
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Concepts
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Leadership
(Collins, Christensen)
Customer Development
(Blank)
“Pivots”
Small vs Big
(Christensen, Blank)
Focus
(Porter)
Game Theory
(Brandenburger & Nalebuff)
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Focus
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Core/Actual/Augmented ProductVarious authors
Different skills
Different people
Different perspectives
But what’s not changing?
Will we permit cannibalisation?
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Solvup was built according to Customer Development principles
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Steve BlankFour Steps to the Epiphany
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Having a good idea isn’t enough!
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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
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Some enduring
strategies for
innovation
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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