How can organizations nurture innovation and creativity? How can they best support execution of innovative ideas ranging from launching “familiar” new products/services all the way to launching strategic innovations—fundamental departures from existing business models? In this roundtable participants discussed how companies can maximize the chance that their new product and business launches succeed. Specifically, participants focused on such questions as:
- How do you set up an environment that encourages innovation where it matters most? As Geoffrey Moore might ask, how do you ensure that the “differentiation-creating innovation” of the new venture and the “productivity-creating deconstruction”, which may dominate your existing businesses, not only co-exist but are mutually beneficial?
- How do you nurture innovation? Can you give various parts of the business visibility to new ideas, allowing untapped/unknown expertise to chime in? How do you “bubble-up” the best ideas for new products/services or new businesses to leadership for review and decision?
- What role do your customers and partners play in your innovation cycle?
- What is the emerging role of “reverse innovation” (developing products in emerging economies) and how important is it to the long-term health of global corporations?
- What is the role of information technology in enabling innovation? Is this role changing, with many products/services having embedded technology? How can the CIO best support an internal venture or a new product or service, appropriately leveraging the existing assets and knowledge base without burdening the new effort with inappropriate processes or systems just because they are readily available?
- How do you determine when an innovative idea is different or strategic enough that it should be its own business? If an idea is determined not to require its own separate business structure, to what extent is it necessary to reexamine a company’s approach to structure, staffing, systems and culture to allow successful execution/delivery of the product or service?
- If an idea merits a new business, what aspects of your organizational DNA must you be willing to fundamentally reexamine in order to launch and support such a new venture?
- In the language of Govindarajan & Trimble how do you determine in which areas of managing the business a new venture needs to forget what the parent has traditionally done and in which areas it must borrow from the parent company to be successful?
- What are likely to be the areas of greatest tension between your established businesses and a new venture? What can existing business units do to support a new venture?
- As a new venture is launched, should the emphasis be on meeting metrics/milestones or on learning and adapting? Is forecasting and planning even valuable in what is likely a fairly new environment for the company? If so, for what purposes?
John R. Parker Jr., SVP, General Counsel & Strategic Initiatives, Coca-Cola Enterprises (left) Randy Krotowski, CIO, Chevron Global Upstream (right)
(left to right) John R. Parker Jr., SVP, General Counsel & Strategic Initiatives, Coca-Cola Enterprises; Randy Krotowski, CIO, Chevron Global Upstream; Roland Paanakker, CIO & VP, Lean Business Solutions, Nike Inc.; Geir Ramleth, CIO, Bechtel; Françoise LeGoues, VP Innovation Initiatives, Office of the CIO, IBM
Jeffrey Hirsch, Regional President, Residential Services, Time Warner Cable
Prof Eric Johnson, CDS Director, Benjamin Ames Kimball Professor of the Science of Administration, Tuck School of Business, Dartmouth College
Roland Paanakker, CIO & VP, Lean Business Solutions, Nike Inc. (left) Geir Ramleth, CIO, Bechtel (center) Françoise LeGoues, VP Innovation Initiatives, Office of the CIO, IBM (right)
Frank Boncimino, SVP & CIO, Time Warner Cable (left) Carlos Pappier, CIO, Tenaris (center) Esat Sezer, SVP & CIO, Coca-Cola Enterprises (right)
- Roundtable on Digital Strategies
Nurturing and Executing Innovation
- Seminars and Conferences
The Contingent Effect of Absorptive Capacity on Open Innovation Performance