Day II Open Innovation Summit Highlight Recap

Day II

Attended OIS 2010 organized by World Research Group at Millennium Hotel Chicago, key innovators like Cisco, P&G, J&J, HP, Clorox, BCBS, etc. were present.

Key learnings:

PepsiCo
–    Colliding market forces and trends create unique market dynamics
–    World was: 1.0, Mobil, web, social , shopping , World is 2.0 social networks, shopping ratings, reviews, Mobile 2.0
–    Will be? 3.0 …all about digital savvy and empowered consumer:
Less impulse buys, better  informed decisions
–    Shift from in store decision to outside of the store
–    Trusted information sources are evolving, 90% trust friend opinions vs 25% advtg
–    Increased pre-shop diligence
–    “Digitally-empowered purchasing path” (pinball machine/any factors)
–    Lasting & Engaging Connection through differentiated experiences
–    Understand consumer experience context …pyramid
–    Observe, ideation, prototype the experience, build/launch
–    Continuous value creation
–    Key points: Use direct connections with digital tools
–    Storytelling resonates: Transmedia
–    Great context needed to support great product

Maddock Douglas (www.maddockdouglas.com )
–    Who are you missing, you have a Paul Potts ? Unrecognized
–    Big ideas failed because of innovation misalignment
–    I…because…but…
–    Portfolio Innovation Framework (see MD or BW)
–    All about mining, open crowd sourcing mining success story
–    You cannot read the label when sitting inside the jar…
–    OI is about Wisdom
–    Benefit search…
–    MD; Global Expert Network, get more out of the jar
–    Light at the end of the tunnel has been turned off

  • You are in the Jar
  • Create culture of learning not knowing
  • Evolutionary innovation
  • Don’t stop looking for treasures…

ThinkThank feedback
–    Top characteristics- Open Innovation

  • Risk
  • Proactivity, seeking others virtually
  • Opposite of “not invented here”
  • Leverage (external) others
  • Adaptability/courage
  • Collaborate to compete
  • Customer focused approach
  • Persistence
  • Communication
  • Vision

Key 3:
–    Adaptability
Experiment, manage risk, adjust
–     Communication
Holistic: External & Internal
Consistent, deliberate strategy
–    Vision
Clear sense of why
Set Context
Create sense of urgency
Examples: Apple, Boeing, Cisco, Disney, GE, Gen Mills, HO, Intuit, Kraft, Nasa, P&G

Perception Partners: (www.perceptionpartners.com )
–    IP Analytics & Partner development
–    Who is your partner?
–    Scouting, Contests, Data mining, Grants, Social communities, Licensors
–    Various Sources reveal Internal & External Networks & Players
–    10 Insights/challenges (see Twitter #OIS10 )

  • #1 surrender to uncertainty…

Thomson Reuters (www.thomsonreuters.com )
–    Creatively Found Elsewhere
–    Citation research key source
–    Tree flow of IP links
–    Theme scape mapping

Grundfos: Open Innovation as a strategic agenda
–    Pump leader
–    CEO driven Innovation Initiative
–    Many changes effecting business
–    Matrix org, Breakthrough organization
–    CEO training and coaching was essential
–    Road ahead more Open Innovation feed the pipeline

Evolution of a great idea
–    Growing Social media/Communities
–    Manor Tx Innovation efforts…citizen engagement www.manorlabs.org
–    Cisco I-Price, annual Innovation contest and price

–    People find each other and collaborate
–    Continued draw to stay engaged is key to successful OI

  • Thank Big: Bold Vision
  • Disrupt: Try something new
  • Start small: solve simple pain points well
  • Evolve Quickly: 5 phase plan
  • Start: lead & Others will follow
  • Communicate: Often & Simple
  • Believe: with Passion

J&J Creating the Innovation Sandbox
–    Leveraging the power of entrepreneurial employees in OI
–    All about enabling and not just one way to do things
–    510K shorter path to market (FDA)
–    Give ideas a chance…often reason for failing
–    Aiming for protectable patient benefit
–    IO helps taking early risk out of projects
–    A dedicated OI team can provide protection early on
–    Link- Leverage Internal Knowledge (Tacit software)- Tech Transfer
–    Tools: Sanctuary, Air Cover, Validation, Broker, Aggregator and Funder
Cosat : Accessible Innovation EcoSystem

Protecting& Sharing IP to reduce Risk/Optimize results (Manitowoc Food service)
–    Investment Decisions
–    OI+IP=Value to Customers and Shareholder
–    Technology driven by Market Trends

  • Simplification, Quality, Speed, CO2 reduction

–    Foreground IP, ownership …
–    Inventors long list of need and wants
–    Rights Management in Agreements Key to success
–    #1 Innovation value increases with IP protection and delivered comp advantage
–    #2 Inventor and Adopter risk perception and risk tolerances vary
–    #3 IP Control mitigates Risk

For notes on AT&T and Whirlpool presentation see Twitter string at #OIS10

Notes on Day One See:  http://www.www.innovationcoach.com/second-open-innovation-summit-chicago/

For more minute by minute notes see Twitter  #OIS10