Innovation is a subject that is top of mind for most executives competing in today’s markets.
A Boston consulting group 2006 senior executive survey ranked innovation as one of the three strategic agendas. Business Week’s 75th Anniversary issue (Oct 2004) cover proclaimed the arrival of the Innovation Economy. Even the staid British publication The Economist recently heralded that “innovation is now recognized as the single most recognized important ingredient in any modern economy."
At the same time, surveys indicate executives are disappointed with the return on their investments in innovation.
LISTEN: SEGMENT ONE
Mark the founder of Super!ab, a new venture assessment and design shop is introduced. Super!ab has a proprietary process of assessing new concepts, especially for startup companies. Mark distinguishes innovation as making profitable inventions. He addresses the question of how companies that have a history can create innovations to breakaway from the competitive field? What mindset do entrepreneurs and executives have to have to really do innovative work?
LISTEN: SEGMENT TWO
Can scientific principles be applied to the concept design stage? Can the fuzziness of the concept design stage be clarified? At Super!ab they address six distinct steps of the concept design stage and how to improve the hit rate of new product development. The first three steps focuses on creating inspiration, insight and then clarifying the intentions of the company.
LISTEN: SEGMENT THREE
In this segment, Mark discusses step four with is the information step of the six stage process. Mark discusses a set of new lenses to evaluate products. Mark advocates moving from a product characteristic approach to a customer’s circumstances approach. These lenses identify the “Job Needing Done.” This way companies can properly position their products and services. TIVO is used as an example for how a product characteristic approach led TIVO astray.
LISTEN: SEGMENT FOUR
What is the importance of the assessment process and the remaining steps? If companies get that wrong they can sow the seeds of failure at the initial concept development stage. Mark discusses in more detail the power of Super!ab scientifically developed assessment system. What are the problems of selling a scientific approach to investors? Mark discusses how European investors seem to be more open to the scientific approach then American investors.
