Welcome! Kirk Froggatt Sr. Fellow and Gemini Chair in Technology Management

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1 Welcome! Kirk Froggatt Sr. Fellow and Gemini Chair in Technology Management

2 2 Gemini Project: Building better engineers and scientists Innovation leaders translate ideas or IP into customer solutions that generate economic value. Innovation Leadership! Innovation & Business Model! Fundamentals! Interpersonal, Leadership &! Team Effectiveness Skills! Business Acumen Fundamentals! Mindset Tool set Skill set Network Technical Expertise and Skills! (Absolutely necessary but not sufficient)! Technical Expertise! Critical Knowledge and Skills for Graduating Scientists & Engineers

3 3 From Bench to Business: How Great Innovators Cross the Chasm from Technical Idea to Commercial Success The Valley of Death

4 4 Does the best science or technology always win? Not necessarily. There s (much) more to the story of bench to business success. The Valley of Death We ll explore the mindset, tool set and skill set you need to navigate the external context, build the internal organizational capability, and collaborate in cross functional teams in order to cross the chasm and commercialize the technology.

5 5 The innovation imperative Innovation leaders (versus inventors) translate science and technology into customer solutions that generate economic value and improve the quality of life. Win-Win Success Metrics Sustainability & well being. Profitable growth. Productive collaboration.. Societal Contribution Organization Effectiveness Team Effectiveness Success Factors Right mindset Right tool set Right skill set Personal growth... Individual Effectiveness Right network

6 6 Mindset: Optimize the innovation ecosystem External Environment Organizational Capability Team Collaboration Individual Effectiveness Success requires optimizing the innovation ecosystem across four levels of analysis: individual, team, organization and environment.

7 7 Case study: Process and product development at Boston Scientific Luke Christenson VP, Process Development Tony Suardini Project Manager, Process Development Tell us briefly about your role and your educational background. Tell us briefly about Boston Scientific s products and the role you play in translating technology into customer solutions that create economic and social value.

8 8 Navigating the external context External Environment Organizational Capability Team Collaboration Individual Effectiveness Don t fight a battle if you don t gain anything by winning. Field Marshal Erwin Rommel

9 9 What environmental forces can make or break success? Key Trends Industry Forces We Are Here Market Forces Macroeconomic Forces

10 10 External context: The environmental force field Technology trends Regulatory trends Societal & cultural trends Socioeconomic trends Industry Forces Suppliers Other value chain players Stakeholders Competitors (Incumbents) New entrants (Insurgents) Substitute options Key Trends We Are Here Macroeconomic Forces Global market conditions Capital markets Commodities & resources Economic infrastructure Market Forces Market segments Needs and demands Market issues Switching costs Revenue attractiveness (Source: Business Model Generation by Osterwalder & Pigneur)

11 External context: The environmental force field 11

12 12 Case study: Navigating the environment What are 2-3 external forces or trends you have to manage because of their pivotal impact on success? Key Trends Industry Forces We Are Here Market Forces Macroeconomic Forces What strategies have made a significant difference in your success? What new strategies are your considering as you adapt to a dynamic world?

13 13 Building organizational capability External Environment Organizational Capability Team Collaboration Individual Effectiveness It s not the technology that creates disruptive impact, it s the right strategy and business model. Dr. Clayton Christensen

14 14 What s a business model? A business model is the way a company organizes and manages itself to deliver useful products and/or services for customers and generate economic value for itself. Technical Inputs Business Model Economic Outputs In The Innovator's Solution, Christensen replaced the term disruptive technology with the term disruptive innovation because he recognized that few technologies are intrinsically disruptive or sustaining in character.!! It is the strategy or business model that creates the disruptive impact.!

15 15 Organizational capability: The business model Infrastructure: What core competencies must you develop yourself to deliver your differentiation? What partners will you need to deliver the rest? Offer: What differentiated solution will address customer pains and gains? Customers: Who are your target customer segments? What are pains and desired gains for each segment? How will you get, serve, keep and grow customers? Product-Market Fit Financials: What revenue model and pricing structure will be attractive to customers? What cost structure will be competitive and sustainable? (Source: Business Model Generation by Osterwalder & Pigneur)

16 16 Case study: Business model challenges What are the top 2-3 business model challenges you typically face and need to manage carefully to win? How can scientists and engineers step up as innovation leaders and help build strong business models?

17 17 Collaborating and leading progress External Environment Organizational Capability Team Collaboration Technical Expertise + Individual Effectiveness Leadership Capability Talent wins games, but teamwork and intelligence win championships. Michael Jordan

18 18 What role does collaboration play in innovation success? Better Faster Cheaper Research >> Development >> NPI >> Customer Support >> CPI >> Obsolescence

19 What leadership skills distinguish the best from the rest? Relating 2 Sensemaking Visioning Inventing + Change Signature not position Four Capabilities Leadership Framework from Deborah Ancona, MIT Leadership Center: Leadership in an Age of Uncertainty

20 20 Collaboration: Keys to success Goals Deliver Results Roles Processes Clarify Accountability Build Commitment Manage Conflict Inclusion Sustain Trust Source: Patrick M. Lencioni

21 21 GRPI: Architecting team / alliance success Goals Roles Processes Inclusion Why is the team being formed? What is the charter and scope for this team? What are the specific project or process improvement goals for this team? What metrics and performance targets will we use to measure success? To whom are we accountable for our results? Does this sponsor support our metrics and targets? What are our key implementation milestones (deliverables with timeframes)? Who is needed on the team or in the alliance? What skills or expertise and individual needs does each team member bring? What skills or expertise are we missing? How will we compensate for missing expertise? Who is the team leader? What do we need from him/her? What specific roles do other team members need to fulfill? Do we need to assign a process facilitator? How often do we need to meet, and how will we structure our meeting time to minimize inconvenience for all? How will we monitor our progress and manage accountability for results? How will we make decisions? How will we surface and resolve conflicting points of view? How will we keep each other informed between meetings? What ground rules do we want to live by in order to optimize our effectiveness, respect each others contributions, and maintain trust? How will we request and give feedback to each other and celebrate successes?

22 22 Case study: Leadership and collaboration in action Who are 2-3 critical internal or external stakeholders with whom R&D has to collaborate to ensure commercial success? What are 2-3 key challenges you often face in these collaborations? Relating Sensemaking Visioning Inventing Change Signature How have you been able to overcome these challenges? What words of wisdom do you have for us based on your experience?

23 23 Summing up: The innovation imperative External Environment Organizational Capability Team Collaboration Individual Effectiveness Success requires optimizing the innovation ecosystem across four levels of analysis: individual, team, organization and environment.

24 Open forum 24

25 25 3 minute huddle u What are 2 insights you will take away from today s discussion? u What will you do to translate these insights into effective action?

26 Working at Boston Scientific 3 Minute Sneak Preview Company Logo Here u What makes Boston Scientific a uniquely great place for technical professionals to start / grow their careers? u What are 2-3 differentiators you look for when hiring college grads?

27 Thanks for coming!

28 Coming Attractions gemini.tli.umn.edu/workshops u Thurs., February 27 (Hosted by Ecolab) Business Process Innovation: Leveraging Lean Six Sigma to Improve Business Results u Thurs., March 27 Entrepreneurship or Intrapreneurship: Which is a better fit for me? u Weds., April 23 (Hosted by Medtronic) The Innovation Equation: Building High Performance Innovation Teams