Innovation that Matters: Tomorrow’s Winning Cities

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Innovation that Matters examines and ranks 25 cities’ readiness to capitalize on the inevitable shift to a digital economy. It carves out critical trends every U.S. city leader can learn from and offers recommendations local leaders can adopt to strengthen their region’s digital competitiveness.

We are at the dawn of an extraordinary technological revolution, and it is transforming every part of the U.S. economy. Beyond social media and e-commerce, advances are coming to every industry and leaving a wake that could be either disastrous or transformative to every city in the country. In the same way a handful of cities became major commerce centers in the industrial era, new cities will emerge as leaders in the digital economy. Yesterday’s expertise will not guarantee tomorrow’s economic wins. Without leaders who understand this and act to help their communities transition, cities will fall behind.

While the San Francisco Bay Area is the clear leader in total startup activity, its lack of a cohesive community and declining quality of life for residents helped move Boston to the top spot.

Of the 25 cities examined, five rose to the top:

  1. Boston
  2. San Francisco Bay Area
  3. Denver
  4. Raleigh-Durham
  5. San Diego

Read the full Article about Innovation that Matters: Tomorrow’s Winning Cities visit Innovation Management.

 

Misconceptions About Culture

Dharmesh Shah, co-founder and CTO at HubSpot, lists some of the most common excuses early-stage companies give when asked why conscious effort isn’t put into developing culture. Entrepreneurs often point to office parties and perks, or the supposed importance of their mission as their startup’s culture. They also claim culture grows organically, or that they just don’t have time, Shah says.

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Also read our latest articles on Various topics based on Innovation along with our Online Learning Innovation Programs.

 

The Best Tools to Derisk Innovation

At the start of the twenty first century the innovation buzz has become deafening. It commands the attention of everything – from the popular media to scientific journals. Innovation is claimed to be the driver of economies and the competitive edge of companies. With innovation being the core of many new management styles, one question still remains for the enthusiastic manager; what are the concrete tools for my employees to build our revolutionary innovations?

At the core of any innovation management technique is a risk management philosophy to lower risks along the development and implementation chain. Whether it is focused on minimizing waste via Lean Thinking, correctly addressing consumer needs via Design Led-Thinking or hedging bets via Equity Style Management, the focus is always on how do we reduce the risk inherent in being innovative? Risk and innovation are inseparable. You cannot have one without the other.

 

“4% of innovation initiatives achieve their internally defined success criteria.”

 

The tools to achieve these goals nowadays are focused around a few enabling principles. They are mostly about connecting the right people to the right problems. And doing this in the simplest and most frictionless way possible. We are seeing this with Crowdsourcing, Crowdfunding, Open Innovation (both ingoing and outgoing), Open Access, Open Source, and many more.

 

For more about The Best Tools to Derisk Innovation visit Innovation Management.

 

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A Compelling Value Proposition: The Missing Tool in Your Lean Startup Kit

Eric Reis first introduced the concept of Lean Startup in 2008. Today Lean Startup is deployed far beyond entrepreneurial circles and is taking root in large, complex organizations looking to improve their new product success rates – and in the process build lean cultures. This is very good news. Too often the processes corporations use in pursuit of innovation can actually erode their capability to innovate. Still, when applying the principles of “Build – Measure – Learn” to initiating Lean practices in corporations, there is room for improvement…and possibly even for a pivot.

 

CVP before MVP

Corporations do not operate with the freedom of a startup, and navigating the internal learning and approval cycles can be even more challenging than effectively engaging customers. Before an intrapreneur starts coding, fabricating, etc. to test his/her new concept as a Minimum Viable Product (MVP) in the market, approvals and sponsorship from management is required. So rather than building an MVP, I recommend that these intrapreneurs start with a CVP (Compelling Value Proposition). Innovators need a way to not only get smart fast about what their target customers want, but also about what management wants and will support. An effective bridge for crossing the internal chasm between a potentially brilliant idea and the approval to build a minimum viable product is essential.

Getting smart fast

 

  • Start the process by sharing your initial thoughts with a few trusted colleagues.
  • Once you’ve considered the comments of these initial exchanges carefully, and you find the idea still has significant value, widen your circle of support by talking to experts and key stakeholders. Build a mock-up.

 

Here is not the end.. To view full article about A Compelling Value Proposition: The Missing Tool in Your Lean Startup Kit visit Innovation Management.

Also visit our various programs of Online Learning Innovation Programs and also get updated with our latest Articles.

 

Innovation Through Clean Sheet Redesign

Clean sheet redesign is the method of rethinking existing businesses from the ground up. For established companies, this is a way to innovate processes by asking the right questions about current practices. For start-ups working on a clean sheet, they can apply similar techniques to disrupt existing models, while taking inspiration from existing success stories from other industries.

The advantages of a clean sheet

Things change, both gradually and inexorably. When you want to change the world, you will have to take advantage of entrenched infrastructures and institutions.

 

The new breed of low-cost airlines work with a different business model: using one type of airplane and second-tier airports, flying only to profitable segments, and offering slashed prices and no-frills service.

How does clean sheet redesign work in practice?

The team found that they could replace large movers with smaller, niftier ones. Large movers were believed to move more at a time in a batch system.

Examine assumptions: keep asking “why?”

What does clean sheet redesign mean for innovation and innovative start-ups, and how can it play a role in their plans?

 

Innovation is often best done with pen and paper, by making a tree diagram of the reasons why things are as they are.

 

To view the full blog about Innovation Through Clean Sheet Redesign visit Innovation Management.

 

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The New Form of Startup Scaling

For generation Y and Z, many believe that scaling is a 21st century problem. To receive VC funding or earlier stage investments, one always needs to be able to demonstrate the ability to ramp up sales quickly.

For generation Y and Z, many believe that scaling is a 21st century problem. To receive VC funding or earlier stage investments, one always needs to be able to demonstrate the ability to ramp up sales quickly.

Thousands of years ago, when the Christian church was just a small group of insurgents fighting for their spiritual goals, they formed some of the longest enduring corporations. In fact, according to the famous historian Bruce Brown, “[t]he oldest surviving corporation of any sort is the Benedictine Order of the Catholic Church, which was founded around 529 A.D.”

When it comes to profit-driven businesses, one of the oldest is probably StoraEnso. It was founded in 1288 in northern Sweden and back then was called Stora Kopperberg, named after the large copper mine the company dug its riches from (Brown 2015).

One of the oldest surviving companies in the world is StoraEnso founded in 1288.

Here is not the end…..

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Risks in Innovation Leadership Talent

You don’t need to look far to see risk in innovation leadership. Yet many entrepreneurs lack a sufficient understanding of how to judge and deal with risks. In this article we introduce a model for classifying risks in innovation leadership. In turn, we discuss how some of these risks can be reduced or averted, and in some cases even embraced and reframed to mean something positive.

According to some statisticians, more than half of all startups fail within their first five years of existence; figures on innovative startups are even bleaker. A first round of investment is no guarantee for success, either-  the generally accepted figure is that roughly three-quarters of venture-backed firms won’t ever return their money.

One of the inherent virtues of innovation leadership is that the excitement of the opportunity outweighs the perceived risks of loss and failure.

Low probability – low impact risks: to be ignored

Risks that have a low likeliness to occur and low potential impact are not worth spending much, if any, time on. 

Low probability – high impact risks: to be insured

Risks that have a high potential impact but a low probability can often be averted through insurance. This is desirable when the benefits of insurance are likely to outweigh the costs.

High probability – low impact risks: to be averted

These risks, due to their low severity, are as inconvenient as they are avertable. Examples of risk in this category are: a key team member becomes ill just before an important deadline; a computer crashes with all the customer data information.

High probability – high impact: to adapt to

The risks in Quadrant 4 are of key concern for innovation leadership (and any existing business), as they are too costly to insure and cannot simply be ignored or averted due to their severity.These risks are the real company killers, often tapping into the core beliefs and (informed or non-informed) assumptions that businesses have built their product or services on. All elements of the enterprise (market, competition, leadership, operations, legal, finance) are exposed to such risks.

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