This module in the SVIBI series provides participants a framework and toolkit that help teams with big ideas to create new markets or disrupt existing markets. It first explores a fundamental question that needs to be asked before any innovation is examined: What customer pain will it solve? How can innovation cross the “delight chasm” for your product, taking it from a functional and efficient product, to one that is delightful to use? Specifically, Tom will explain how Silicon Valley companies innovate with customers as opposed to simply for customers.
Next, this session introduces participants to proven methodologies to managing innovation and entrepreneurial ventures in companies. Some key questions participants will learn to address during this session include: What is the outcome you pursue via innovation? What is the nature of the performance indicators or metrics you plan to use? What is the role of executive leadership in guiding this through execution? What are the implications on your human and capital resources? What are action plans required?
Once the set of basic questions are formulated (and answered), the next step is to assess the main risks of implementing the plan and the impacts of these risks. There are six risks that will be discussed during this phase: Technology/Product Risk, Market Risk, Team Risk, Financial Risk, Legal/IP Risk, and Environmental/Government Risk. Participants will examine how these risks can be prevented and develop contingency plans through the creation and understanding of a risk management dashboard.
Another aspect of the session will focus on assessing “the team”, as it relates to innovation execution. As Tom puts it, “Who is on the bus for this journey, and why?” and an evaluation of “What kind of adopter are you (and your firm)?” This assessment is not limited to the internal team, but also dives into an assessment of the roles of partners in the business model and some of the cultural chasms that exist for multi-national corporations as they navigate the innovation adoption lifecycle.
At the conclusion of this session, participants will have a strong understanding of how to “Gear Up” and execute on their firms’ innovation initiatives.