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Building, Building, Lea Leading ding & Sustaining & Sustaining Inno Innova vativ tive e Or Organ ganiz izations tions Phil McKinney phil@philmckinney.com Lessons Learned Value From Innovation 14% 38% 61% Creating new

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Building, Building, Lea Leading ding & Sustaining & Sustaining Inno Innova vativ tive e Or Organ ganiz izations tions

Phil McKinney

phil@philmckinney.com

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Lessons Learned

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Value From Innovation

R&D 86% 14% Revenue 62% 38% Margin 39% 61%

Incremental Innovations to existing offerings Creating new

fferings/markets/

industries

Source: Harvard Business Review, October 2004

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CEO Survey on Innovation

Innovation has increased in importance over the last 10 years Innovation plays an important role in assessment of company value Confident in ability to manage and measure innovation impact 35% 73% 92%

Source: Arthur D. Little Research

0% 20% 40% 60% 80% 100%

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The 7 Immutable Laws Of

INNOVATION

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The Law of Leadership

Leaders prioritize innovation and show it through their actions

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Follow ME

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The Law of Culture

Culture eats strategy for lunch

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Innovation = Change

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The Law of Resources

Innovation requires committed and consistent resources

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1) % of Revenue Spent on innovation 2) Innovation Impact = Gross Margin / Innovation Spend 3) % of Revenue From Innovations In The Last X Years 4) Patent/Trade Secret Quality 5) % of Time Executives Spend on Innovation 6) Innovation Spend - Follow The Money

6 Innovation Metrics

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The Law of Patience

Innovation takes more time than

expected. Get used to it.

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The “Rule of 18” Trap

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The Law of Process

Establish and continuously innovate a robust innovation process.

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FOCUS ● IDEATION ● RANKING ● EXECUTION

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The Law of BHAG

Define a compelling target and clear finish line to catalyze the team.

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Developing your BHAG

What are the basic assumptions under which the industry operates? What are the basic assumptions under which the organization/team operates? What external jolts have the potential to significantly impact my industry?

What if the opposite were true?

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The Law of Execution

Ideas without execution are a hobby.

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Execution

Ideas Without Execution Are A Hobby

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What are the traits of innovation leaders?

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Ignite The Passion

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Celebrate Ideas

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Foster Trust & Autonomy

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Encourage Courage

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Maximize Diversity

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In Conclusion

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Innovation is not the result of chance, it’s the result of action. It’s NOT a thing to wait for. It’s a thing to do.

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For More Information:

Email: phil@philmckinney.com Blog: philmckinney.com Social: philmckinney

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