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.innovationcoach.com/second-open-innovation-summit-chicago/
For more minute by minute notes see Twitter #OIS10
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