Innovation and Entrepreneurship

Joe Drumgoolehttp://twitter.com/jdrumgoole

Overview

• Innovation–The outcome• Entrepreneurship–The process

Innovation

• Doing something different rather something better

• Innovation is about society and economics• Innovation is a diagnostic discipline• Organisations: Resources, Processes, Culture• Increase the yield of resources• A culture of innovation• A process that supports innovation

Entrepreneurship

The purposeful and organised search for changes and the systematic analysis of the opportunities such changes might offer for economic or social innovation

Sources Of Innovation – Internal

• The Unexpected• The Incongruity• A Process Need• Changes in Industry

Structure/Market Need

Sources of Innovation - External

• Demographics• Changes in Perception• New Knowledge

Sources of Innovation – High Risk

The Bright Idea

Entrepreneurship

Entrepreneurship is a behaviour rather than a personality trait

Do

• Be systematic• Inquire, listen, perceive• Keep it simple, retrospectively obvious• Start Small• Aim for Leadership

Don‘t

• Be too clever• Diversify• Innovate for the future

Entrepreneurship in a Large Organisation

• Employees– Hit your 5’s– Organisations : Abilities and Disabilities– Think about the opportunities at a micro-economic

level– Make your boss successful– Fail Fast– Ignore everything that’s said, watch everything that’s

done– Accept a certain amount of idiocy

Entrepreneurship in a Large Organisation

• Management– Innovation requires work– Abandon the old, reprioritise– Be greedy for new things– 6 Thinking Hats : Green and Yellow– Innovative efforts have a high probability of failure– Focus on opportunity not BAU– Listening rather than talking– No about risk, about risk elimination– Separate the new from the old– Be accountable

To Succeed• Technical Excellence

– Demonstrable track record– Exemplar– External approval

• Business Excellence– Understand the stuff your not expected too– Know your audience– Selling– Listen

• Execution Excellence– Gets things done– Tenacity– Understand the organisation

Conclusions

• Its an economic discipline• Need to be explicit about innovation• It takes time• Easier and harder in large organisations• Successful Innovation = Longevity– Microsoft, IBM, Procter & Gamble, 3M

• Unsuccessful Innovation = Death– British Leyland, Data General, Digital, Compaq