Innovation in the Social Economy
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Transcript of Innovation in the Social Economy
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INNOVATING IN THE SOCIAL ECONOMY
How social tools are transforming business &
Prof. Nick Wreden, MA, MS
education
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Because its purpose is to create a customer, any business has two – and only these two – basic functions: marketing & innovation.
The Practice of ManagementPeter Drucker
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• Innovation is vital for Malaysia to compete globally & achieve Vision 2020 goals• Malaysia is lagging behind• Analysis paralysis• “Too many cooks in the kitchen”• Lack of measurement, follow-through &
accountability019-243-5856
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96%
96%!
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TODAY
2020…& BEYOND!
HOW?019-243-5856
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• What is the Social Economy?• Innovation models & tools • How to innovate• Education in the Social Economy 019-243-5856
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CONSUMER CHANGES
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Something you buy
Something you trust
Something you want
Something you prefer
Something you love
Something you experience
BRANDING CHANGES
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TECHNOLOGY CHANGES
CLOU
D
MOBILE
SOCIAL
BIG DATA
APPS
KNOWLEDGE-SHARING COLLABORATION
ENGAGEMENT
GEOLOCATION
METRICS
GAMIFICATION
PAYMENTS
COMMUNITY MANAGEMEN
T
S-COMMERCE
PERSON-ALIZATION
REAL-TIME ACCESS
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SOCIAL CHANGES
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STATS & FACTS• 845 million active users
57% female; 43% male80% outside US/Canada
• Avg. user visits 40x/month• 1 out of every 5 page views• 20-23 minutes spent per visit• 1 in 7 minutes spent online are on
Facebook• 425 million mobile users• 2.7 billion “likes” daily• Avrge: 130 friends; likes 80 pages
REGIONPOPULATION
%AGEN. America
50.3
Australia 37.7Europe 27.5L. America 25.5Middle East
8.4
Africa 3.6
February 2012 019-243-5856
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Burson-Marsteller Asia Pacific, 8/2011
SOCIAL MEDIA FOR BUSINESS SEMINAR AVAILABLE!!
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MASS ECONOMY
CUSTOMER ECONOMY
SOCIAL ECONOMY
BUSINESS CHANGES
SOCIETY
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WHAT IS THE SOCIAL ECONOMY?“Incorporating consumer, business & technological changes, the Social Economy represents globally inter-connected individuals & businesses leveraging social communications & networking tools to achieve mutually beneficial goals in a real-time environment.”
$
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INNOVATION MODELS & TOOLS
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INNOVATION MODELS
PROFIT
NETWORK
SUPPLY CHAIN
PROCESS
PERFORMANCE
PERSONALIZATION
SERVICE
CHANNELBRAND
CUSTOMER ENGAGEMENT
BUSINESS PRODUCT CUSTOMER
EFFICIENCY/$ DIFFERENTIATION EXPERIENCE019-243-5856
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PROFIT NETWORK SUPPLY CHAIN PROCESS
PERFORMANCE PERSONALIZATION
SERVICE CHANNEL
BRANDCUSTOMER ENGAGEMENT
APPS (Freemium)
APPLE STORE
WAL-MART/TOYOTA
ZARA
FISKARS TESCO/AMAZON
ZAPPOS GROUPON LV COCA-COLA 019-243-5856
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CUSTOMER
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HOW TO SEE AROUND CORNERS(HOW TO INNOVATE)
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HOW TO INNOVATE
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BUILDING 20 -MIT
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BELL LABSHolmdel, NJ
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PIXAR HQDesigned by Steve Jobs “for random encounters”
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“Steve put the mailboxes, the meetings rooms, the cafeteria, &, most insidiously and brilliantly, the bathrooms in the center—which initially drove us crazy—so that you run into everybody during the course of a day. [Jobs] realized that when people run into each other, when they make eye contact, things happen. So he made it impossible for you not to run into the rest of the company.”
- Brad BirdPixar designer, Academy Awarding winning director of The Incredibles & Ratatouille
“There’s a temptation in our networked age to think that ideas can be developed by email & iChat. That’s crazy. Creativity comes from spontaneous meetings, from random discussions. You run into someone, you ask what they’re doing, you say ‘Wow,” & soon you’re cooking up all sorts of ideas.” - Steve Jobs
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DON’T GET STUCK IN THE KNOWN
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“It’s not what we don’t know that hurts, it’s what we know that ain’t so.”
-- Will RogersUS humorist
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If it’s not important to your customers, it’s not important to you!
“Decades of research have consistently shown that brainstorming groups think of far fewer ideas than the same number of people who work alone & later pool their ideas.” --Imagine: How Creativity Works019-243-5856
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Young executive: “I suppose after that set of mistakes you will want to fire me.”Tom Watson, Sr.: “Not at all, young man, we have just spent a couple of million dollars educating you.”
“Failure, and how companies deal with failure, is a very big part of innovation. Failures caused by sloppiness or laziness are bad. But if employees try something that was worth trying & fail, & if they are open about it, & if they learn from that failure, that is a good thing.” - Judy Estrin
Author, “Closing the Innovation Gap” & founder of 7 tech firms
"The most successful people tend to be those with the most failures.” - Dr. Dean Keith Simonton,
Author of 500+ studies & 12 books on creativity & innovation
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• Reward “heroic failures”• Include innovation
in performance reviews• Give people time
(& even budget) to think & experiment• Make environment
conducive to innovation
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EDUCATION019-243-5856
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STUDENTS TODAY• Media-savvy• Easily distracted• Bored with TV• Mobile = life• Visual > print• Impatient• Look to peers, not
elders
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MASS ECONOMY SOCIAL ECONOMY
Learning Teacher-driven transaction
Self-directed process
KnowledgeStable structures that can be treated independently
Shifting. interdependent & interrelated disciplines
Intelligence Individual Group
Students Passive recipients of knowledge
Active developers of knowledge
TeachersSelect, deliver & test information
Guide insight & knowledge development
Schools Manage education Incubate learners
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• Increases role of social networks in learning• Facilitates peer-
to-peer learning• Facilitates rise of
amateur experts• Enables access to
IQ of all types, anywhere• Elevates
importance of DIY learning
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“If you want to teach people a new way of thinking, don't bother trying to teach them. Instead, give them a tool, the use of which will lead to new ways of thinking.- R. Buckminster Fuller
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FLIPPED CLASSROOMTRADITIONAL FLIPPED
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“FLIPPED” ADVANTAGES
• Students take responsibility for own learning• Students can go thru curriculum at their own
pace & review as needed• Turns classroom from “stand-and-deliver” to a
learning community• From passive listening to engagement
• Students work with supervision in classroom, not alone by themselves at home• Parents can see & get involved in learning• Analytics
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•Udemy: Allows anyone to build an online course. Goal is to enable anyone to teach & learn online•Minerva (starting 2014): Focused on skills, not knowledge.
Skills include: critical thinking, use of data, understanding complex systems & leading through effective communication. Will use a flipped classroom•MIT: Seeks to make all course materials used in classes
freely available on Web.• Stanford School of Engineering: Offering some of its most
popular engineering classes free on Web.
•Khan Academy: Mission: Provide a free “world-class education to anyone anywhere.” • Course Hero: Videos & articles,
quizzes, tests, final exam
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4RULES FOR
INNOVATIONDOMINATION
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KNOW WHY IS BETTER THAN KNOW WHATKnowledge ≠ Power
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BE FIERCE
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NEW.
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SHAMELESS SELF-PROMOTION
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Social Media Marketing
BUSINESS TODAY
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Social Business
Innovation
Leadership
Internal collaboration
Marketing
HR
SalesCustomer service
R&D
Supply chain
Production
Strategic planning
BUSINESS TOMORROW
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SOCIAL BUSINESS RISESIBM: Strategic initiativeMIT & Deloitte: SB “Innovation Hub”McKinsey & Co.: “Big Idea”Forrester: 61% annual growth rate to $6.4 billion market by 2016California Institute of Social Business @ Calif. State UniversityFast Company: “Move Over Social Media; Here Comes Social Business”
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WEB: socialbusinessasia.comTWITTER: @socialbizasia
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THANK YOU!Email: [email protected]
Presentation copy: [email protected]
PERSONAL USE ONLY! PLEASE DO NOT POST ON SOCIAL NETWORKS OR SLIDE-SHARING SITES.
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EVALUATION1. If I had given this talk, I would have …….
2. If I had given this talk, I would NOT have ……
3. (OPTIONAL) To be innovative, Malaysia must….