A SAMPLE FROM. The Executive MindXchange Chronicles: Innovation in New Product Development and Marketing

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1 A SAMPLE FROM The Executive MindXchange Chronicles: Innovation in New Product Development and Marketing "Great event. Useful and relevant topics and the quality and level of networking is very high." PPG INDUSTRIES, INC., Global Product Manager "Perfect event for those looking to gain insights/benchmark feedback on your development and innovationefforts" efforts." BRINKS, BRINKS, INC., INC., Senior Senior Vice Vice President, Product Innovation "Very valuable." AO SMITH WATER PRODUCTS, Vice President, Marketing & Strategy "Hands on, value add, great networking." Mann+ Hummel GmbH, Vice President, Innovation & Corporate Strategy "Great interaction and group involvement." Freedom Innovations, Executive Vice President, Research & Development "A great opportunity to learn from colleagues across industries." industries" 8th Annual Innovation in New Product Development and Marketing: A F R O S T & S U L L I VA N E X E C U T I V E M I N D X C H A N G E January 12-14, 2014 Loews New Orleans New Orleans, LA #FrostInnovate Ascom Network Testing, Vice President, Marketing "Encourages professional interaction on relevant topics." topics" DIEBOLD INC., Director, Advanced Development & Technology, "The The MindXchange Executive helped MindXchange me helped connect me connect with like-minded innovators interested to to collaborate." collaborate. DAYMON WORLDWIDE,, Vice President of Innovation

2 Dear Colleague, For the 8th Annual Innovation in New Product Development and Marketing: A Frost & Sullivan Executive MindXchange, we assembled the top innovation pioneers and product development experts to share their insights on how companies can put together top-notch creative teams and create strategies for successful and sustainable innovation. In the following pages, we present the Frost & Sullivan Executive MindXchange Chronicles, a collection of all the valuable take-aways and best practices offered by those thought leaders. The recaps include summaries of keynote presentations from Dell s James Stikeleather and United Health Group s Brandon Rowberry, as well as sessions and panel discussions led by experts from Johnson & Johnson, GE Digital Energy, Brown University, Clorox, and others. With these summaries, you ll learn the valuable insight presented by the expert innovators and executives at Innovation in New Product Development and Marketing: A Frost & Sullivan Executive MindXchange, and discover the key action items to implement in your own organization. Thank you for your participation in Frost & Sullivan s events. I look forward to our continued partnership and welcome any feedback you might have on the Executive MindXchange Chronicles. Sincerely, Brian Fitzpatrick Partner Frost & Sullivan To Reach Any of These Presenters Please Contact Matthew McSweegan at Matthew.McSweegan@frost.com

3 8 th Annual Innovation in New Product Development and Marketing: January 12-14, 2014 Loews New Orleans, New Orleans, LA Table of Contents MONDAY, JANUARY 13 KEYNOTE The People Who Innovate: Hiring, Managing, and Empowering Innovation Teams 6 VISIONARY INSIGHT How to Change the Future 10 BEST PRACTICE GUIDEBOOK Innovation Metrics Selection and Implementation Process 13 EXECUTIVE INSIGHTS PANEL DISCUSSION Intellectual Property and Innovation: IP Landscapes and Strategic Portfolio Management 15 INTERACTIVE THINKTANKS TT1. White Space and Adjacent Markets: Who is Your Next Customer? Where is Your Next Opportunity? 19 TT2. Product Portfolio Strategy Execution for Global Markets 24 TT3. Innovate Across Organizational Barriers and Boundaries 27 BEST PRACTICES BP1. Fill the Ideation Pipeline 30 BP2. Innovate with Design Thinking 33 BP3. Mapping the Innovation Maturity Curve 35 3

4 8 th Annual Innovation in New Product Development and Marketing: January 12-14, 2014 Loews New Orleans, New Orleans, LA EXECUTIVE INSIGHT Searching, Scouting, and Creating the Balanced New Product Development Portfolio of Both Incremental and Breakthrough Innovation 38 INNOVATION STORY Focusing Open Innovation Efforts to Drive Superior Business Results and Competitive Advantage 40 TUESDAY, JANUARY 14 INNOVATION SUCCESS STORY No Fear of Failure 43 EXECUTIVE BULLETIN TechVision 2020: Welcome to the Power-Packed World of Top 50 Technologies 46 INTERACTIVE TechVision 2020: Exploring The Vortex of Innovation Driving New Concepts, Products, and Services 49 INTERACTIVE MINDSHARES MS1. Technology Roadmaps: A Path to Radical Innovation 51 MS2. Integrate VOC, Consumer Insights, and Competitive Intelligence 54 MS3. Balance, Invest in, and Govern Breakthrough and Incremental Innovation 57 SUCCESS STORY Key Insights to Successful Innovation with Universities 61 4

5 8 th Annual Innovation in New Product Development and Marketing: January 12-14, 2014 Loews New Orleans, New Orleans, LA EXECUTIVE INSIGHT Innovate Your Business Processes to Align with Innovation 63 INTERACTIVE PEER COUNCILS PC1. Innovate Your Business Model for Competitive Advantage 66 PC2. Creating a Scalable and Sustainable Employee-Driven Innovation Program 69 INTERACTIVE Inspiration to Implementation: Developing Your Day to Day Business Action Plan 71 5

6 KEYNOTE The People Who Innovate: Hiring, Managing, and Empowering Innovation Teams PRESENTER James Stikeleather, Executive Strategist, Dell TIME Monday, January 13, 2014 at 8:45am SESSION ABSTRACT We live in unprecedented times. Over the past twenty years, nothing has transformed business as thoroughly, or as frequently as the need to innovate our products and services, our operating models, our business models, and now our management models. Though innovation can happen by chance, that shouldn't leave your company crossing its fingers and hoping for the next big idea to come along. How can we prepare ourselves, our teams, and our organizations to be continuously and sustainably innovating? In this keynote presentation James Stikeleather, Executive Strategist at Dell, offered some insight. TAKE-AWAY Most people think that innovation is defined by a new product or a new service. However, the newest technology does not drive change, Stikeleather said, but rather just accelerates the change that is already occurring. The real key to sustainable innovation is having the right people, the right leadership, and the right culture in place. BEST PRACTICES Innovation requires three different types of people, Stikeleather said: The innovators who create new ideas People who can manifest those ideas and make them feasible, and Those who can function as a market driver to communicate the innovation to people so they buy it or invest in it. 6

7 Those people don t need to come from outside the organization, Stikeleather said. Dell believes companies can train employees they already have to innovate, and to do that they must create an environment that allows people innovate. That requires developing a common way of talking about innovation that s consistent with the organization s culture, as well as offering the right rewards and incentives for new innovations. One key that Stikeleather stressed is that this cultural change must come from the top. When innovation is the goal, the leader s role changes compared to other management situations, Stikeleather said. Leaders must be actively engaged as participants and function more as mentors, rather than managers. It s important for executives to listen to ideas without judgment, and to break the rules in order to stimulate innovation. ACTION ITEM(S) TO IMPLEMENT When it comes to innovation, businesses often struggle with knowing where to begin. To get started, Stikeleather said, organizations should: 1. Create an innovation group to function as mentors, facilitators, and accelerators of cultural change. 2. Change management styles to encourage cultural change from the top down. 3. Develop the necessary structure for innovation, including the processes, frameworks, and systems for generating, refining, and implementing new ideas. 4. Establish an innovation portfolio, and evaluate the group based on how many of those innovations the group can kill off, either through successful implementation or by trying new ideas and failing. This innovation group should be a temporary arrangement, Stikeleather said. Once everything is working, the company should dismantle the group and make innovation the responsibility of everyone in the organization. TAKE-AWAY Most companies can do anything once, Stikeleather said, but the real key when it comes to innovation is whether they can do it sustainably. Doing that requires an adjustment in how the entire organization thinks and functions. BEST PRACTICES How can a company become more innovative? One key is to move from convergent to 7

8 divergent thinking. Convergent thinking is objective, rational, and analytic, and it revolves around specific details, Stikeleather said. Divergent thinking, on the other hand, is more creative, holistic, and qualitative. ACTION ITEM(S) TO IMPLEMENT For organizations moving to a more innovative culture, Stikeleather offered three dimensions of success: 1. Attitude Leaders must move to a more visionary role in order to drive innovation, but at the same time they have to be pragmatic and practical. 2. Focus Innovation can only do so much at one time, so it s important to focus efforts on key areas. Leaders should ask: What creates the most value for our customers? What can we do better than anybody else? What are we required to do for legal and regulatory reasons? 3. Technology and business models For innovation to be sustainable and repeatable, organizations must standardize what they re doing and make sure the right processes and systems are in place. TAKE-AWAY When people think about innovation, they most often think of it in terms of creating new products and services. However, organizations typically get more value out of innovating with business models and business processes, Stikeleather said. In fact, research has shown that the return on investment is 30 times greater for business model and business process innovation than with products and services innovation. BEST PRACTICES To help drive that process innovation, organizations must ask themselves: What are you going to do differently than you do today? A key area to look at should be how the organization can be simplified, Stikeleather said. The hardest thing will be figuring out what parts to give up, but it s important to understand that letting someone else handle those processes can help the company focus on what it does best. 8

9 ACTION ITEM(S) TO IMPLEMENT When encouraging business model and business process innovation, leaders must let people sound off their ideas and help them determine if they are valuable and viable. In addition, as with any other business initiative, measuring success is critical. Organizations need to develop and track appropriate metrics, Stikeleather said. Unless companies can measure success, they won t know if the efforts to improve innovation are working. FINAL THOUGHT To create an innovative culture, leaders must limit regulations and laws in the organization, Stikeleather said. Companies shouldn t make people do things just for the sake of having a rule in place. Rules are often the biggest barrier to innovation, and breaking the rules is critical for creativity. 9

10 Get Your Hands on The Executive MindXchange Chronicles: A Real Golden Nugget that Continues to Add Value Post-Event Now you can have your very own detailed summary of the event presentations, general sessions and interactive sessions, to bring back to your organization and team. WHAT DO YOU GET? You will benefit from a thorough and focused chronicle of the Frost & Sullivan Executive MindXchange, including key take-aways and action items to implement in your own organization. These collections, prepared mostly by your peers, ensure you don't miss out on any of the sessions that run concurrently with those that you chose to attend. Simply stated, we pull out the golden nuggets of the event for you. THE BENEFITS ARE NUMEROUS: n n n n n n Access to all notes; let us do all of the note taking for you Take the event home to your teammates that were unable to attend Ensure you benefit from all the sessions, even the ones you missed Never forget what you learned and who spoke at the event Huge savings for these esteemed chronicles for event participants Plus much, much more! PRICING: The all new The Executive MindXchange Chronicles* are now available for purchase. Event participants will receive savings of over 50%. Additional savings apply when purchased prior to the event. Participant Pricing: Non-Participant Pricing: Pre-event: $395 $995 Post-event: $495 INTERESTED, AND WANT TO LEARN MORE? Visit or Contact Matthew or matthew.mcsweegan@frost.com and keep the benefits coming even after the event. * Frost & Sullivan makes every effort to collect and ensure the quality of individual session chronicles; however, the summaries presented in the articles are the expert opinion of the writers and inclusion/exclusion of specific material is at the discretion of each speaker. While every effort is made, there is no guarantee that notes for each and every session will be submitted as requested. PREVIOUS & UPCOMING EVENTS AVAILABLE FOR PURCHASE ConNEXTions: Medical Technologies: Customer Contact, East: Strategic and Competitive Intelligence Professionals International Conference & Exhibition MARKETING WORLD: GIL The Global Community of Growth, Innovation and Leadership Customer Contact West: Innovation in New Product Development and Marketing:

11 CALENDAR of Events ConNEXTions: MARKETING WORLD: Medical Technologies: GIL: The Global Community of Growth, Innovation and Leadership Customer Contact, East: Strategic and Competitive Intelligence Professionals Asia Pacific Summit Strategic and Competitive Intelligence Professionals International Conference & Exhibition Customer Contact, West: Manufacturing Leadership Summit: A Manufacturing Leadership Council Event Strategic and Competitive Intelligence Professionals European Summit Customer Contact, Europe: Innovation in New Product Development and Marketing: Register Now events.us@frost.com tel: GO FROST ( ) fax:

12 ABOUT FROST & SULLIVAN Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company s Growth Partnership Service provides the CEO and the CEO s Growth Team with disciplined research and best practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 40 offices on six continents. To join our Growth Partnership, please visit DISCLAIMER The Executive MindXchange Chronicles: Innovation in New Product Development and Marketing discusses key insights and take-aways from Innovation in New Product Development and Marketing:, held January 12 14, 2014, at the Loews New Orleans Hotel, New Orleans, Louisiana. Frost & Sullivan makes every effort to ensure the quality of individual session Chronicles; however, the summaries presented in the articles are the expert opinion of the writers, and inclusion/exclusion of specific material is at the discretion of each speaker. For more details, visit Frost & Sullivan is not responsible for the loss of original context or the accuracy of the information presented by the participating companies.