This post is written by Ray Daddazio. The motivation of the lecture is focused on the fact that corporate entrepreneurship is a very hot topic these days. However despite all the talk, actual innovation performance comes...
December 18, 2017
(This post is written by Ray Daddazio)
The motivation of the lecture is focused on the fact that corporate entrepreneurship is a very hot topic these days. However, despite all the talk, actual innovation performance comes nowhere near to delivering on its promise. We are perhaps five years into the latest flurry of excitement about the prospects for innovation-fueled growth. Companies have traveled to Silicon Valley in droves, sponsored innovation boot camps, trained innovation ninjas, and otherwise promised their stakeholders that innovation is front and center on their agendas.And yet, evidence suggests much of this activity is just ‚ "Innovation Theater." Indeed, how many corporations focus their cultures around an innovation playbook, and train all staff in innovation practices?In a recent McKinsey study, approximately 65% of executives surveyed reported that they were unhappy with their organization's inability to innovate.That said, McKinsey also discovered that,"On the contrary, senior executives almost unanimously--94 percent--say that people and corporate culture are the most important drivers of innovation."
Similar research shows that corporations are spending a lot more of their profits on things like share buybacks and dividends than they are on innovation. So, what's next for corporate innovation? The speakers identified five major categories of executive movement:
Large corporations are world-class executions engines, and they now need to move at the speed of a start-up and don't have the talent to do so. For example, Macy's/Sears versus Amazon.
McKinsey's three horizons of innovation:
Most CEOs come from the first horizon:
Providing an incentive for innovation:
Executives must know the difference between "innovation" and "entrepreneurship":
The information shared in this excellent lecture reaffirms Thornton Tomasetti's approach. These are the driving issues that lead to success or failure of most corporate innovation attempts. Setting up the TTWiiN incubator and hiring The Combine addresses the main issues identified by panel. And, this model offers us the very best chance for success.
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