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Key points of the presentation by Robert Brands, entrepreneur and innovation coach, from the foam business success story and derived “Robert’s Rules of Innovation ™ ” presented at the 2009 Open Innovation Summit in Orlando last week.
1. Greater returns result when innovation addresses multiple dimensions rather than focusing on one area such as product innovation. Innovation must be applied on a broad spectrum encompassing process, finance, delivery, etc.. According to the Doblin March 2005 research project, financial innovation has the highest returns while product innovation provided the lowest. It should not come as a surprise that the successful Apple’s IPod hits 8 of these innovation dimensions, from business model to customer experience.
2. Success in innovation comes as a result of taking a “Total Innovation” approach, requiring that all imperatives of Robert’s Rules of Innovation be put in place, reinforced and repeated in order to create and sustain “new” in business. These imperatives include Inspire and Initiate, No risk, no reward; New Product Development; Ownership; Value creation; Accountability; Training & coaching; Idea management; Observe & measure; Net results & reward.
3. Use tools available to assess your efforts and apply continuous improvement in the weaker areas. Apply imperative tips, best practices and strive for “Next Practices”. (see Tips on http://www.robertsrulesofinnovation.com/inspire-and-initiate)
Imperatives to Create & Sustain “NEW” in Business: www.robertsrulesofinnovation.com
Innovation Assessment tools: www.www.innovationcoach.com/solutions/
Other lessons learned: http://stefanlindegaard.com/2009/12/08/orlando/
See Twitter : #OIS09