7 Critical Factors For Achieving Growth Through Innovation
Why are some organizations better than others meeting or exceeding their innovation goals?
Executives, leaders and investors know that managing innovation is a messy process and often an organization’s survivability depends on its ability to innovate.
Getting the right results consistently from innovation efforts is a daunting challenge for most organizations. Multiple studies have found somewhere between 65-90% of new products fail for a variety of reasons. These failures are avoidable when the people making critical decisions analyze why they fail and what to do to achieve success. Experts have found that companies that have the best track records for improving their performance through innovation do things differently. They achieve growth through innovation.
You’ll learn
* Why your organization needs an innovation strategy
* How to manage innovation initiatives to get the right results
* Essentials of an innovation process
* Simple tools to manage your organization’s innovation efforts• * Tips to foster innovation within your organization
This session helps you understand how to improve your organization’s performance through innovation in products, processes, and business models to achieve business growth.
Connect with Hector and inquire how he can help you become a more successful innovation leader.
Connect: linkd.in/hdelcastillo Follow: @hmdelcastillo Visit: www.hmdelcastillo.com
11. Value of Innovation
The “best” (top 25%) companies with an innovation
process compared to the “worse” (bottom 25%)
companies
Source: Edgett, 2011
Metric Best Worse
% revenue from new products 36.3 10
% of profits from new products 30.5 10
% of commercial successes 70 35
% of project on time 70 20
% of projects on budget 81 40
% meeting profit, sales, and market-share objectives 70 approx 30 approx
30. “We cannot solve our
problems with the same
thinking we used when we
created them.”
-Albert Einstein
31.
32.
33. 4. Test your business model
Source: Alexander Osterwalder & Yves Pigneur, “Business Model Generation” 2009.
34.
35. Define your unique value proposition
Customers
Your BusinessCollaborators
Unique Value
Proposition
Source: Alexander Chernev, Strategic Marketing Management, 2012, 6th Edition
36.
37. 5. Focus on customer management
Source: “Why The Lean Startup Changes Everything,” Steve Blank, HBR, May 2013
55. Key Takeaways
• Implement an innovation process1
• Build and nurture a great team2
• Solve the right market problem3
• Test your business model4
• Focus on customer management5
• Develop quickly and responsibly6
• Benchmark your performance7
56. For Further Reading
• “You Need An Innovation Strategy,” Harvard Business Review, June 2015
• “Reinventing Your Business Model,“ by Mark W. Johnson, et. al., Harvard
Business Review, Dec 2008
• “Why The Lean Startup Changes Everything,” by Steve Blank, Harvard
Business Review, May 2013
• “Why Great Products Fail,” Hector Del Castillo, Linkedln Pulse, March
2016
• “Why Great New Products Fail,” MITSloan Review, March 2016
57. Currently fundraising for the 2017 Project
Management Day of Service (PMDoS)
See the PM4C Table to make a
$17 Credit Card donation via the
PM4C DipJar
DONATE ONLINE !
https://web.charityengine.net/default.aspx?tsid=3920
ASQ Baltimore Section 502
Peer-to-Peer Fundraising Page
Coming soon!
58. Upcoming Courses
Course & Location Dates Time
Certified Product Manager® Prep Course
Launch Workplaces, Tysons, VA Dec 5-6, 2016 8:30 am – 5 pm
Certified Product Marketing Manager®
Prep Course
Launch Workplaces, Tysons, VA
Dec 7-8, 2016 8:30 am – 5 pm
Contact Cynthia Petti at cynthia@280group.com for more information.
59. Upcoming Courses
Please your questions and comments to Hector at hector@boldpm.com.
From Project Manager to Project Leader
Learn advanced technical skills plus soft skills, corporate culture and
attitude check as applied to leadership, increasing production,
recruitment and retention.
$50 discount
code for PMI =
PMIhmd8
Building Your Team Making Up Lost Production
Dealing With Conflict The Right Tools for the Job
Guarding Against Scope Creep Cost/Schedule Integration
Project Management Business Administration
Understanding the bigger picture adds value when you make project-
level decisions. Covers risk avoidance, the cost of money, project vs
company budgets and long-range corporate goals.
December
9
Pre-bid and Close Out Strategies Business Development
Strategic Planning Hidden Corporate Costs
Claims Mitigation Human Resource Issues
September
29
Gaithersburg, 09/29/16. 8 PDU (leadership)
http://bit.ly/pm2pl0916
Gaithersburg, 12/09/16. 8 PDU (strategy)
http://bit.ly/pmba1216
60. Hector Del Castillo, CPM, CPMM
Managing Director, BoldPM
hector@boldpm.com
linkd.in/hdelcastillo
@hmdelcastillo
For More …
61. Upcoming Webcasts
Webcasts that inspire executives, entrepreneurs and
leaders to grow their businesses.
9 Things Exceptional Project Leaders Do Differently
Thu, Sep 22nd, 2016, 1:00 - 2:00 p.m. EDT
Speaker: Hector Del Castillo, BoldPM
bit.ly/boldpmwebcasts