Today I will be a speaker at the UNSW Innovation summit, sharing some of the insights of a 10 year innovation journey.
In today’s market, the need for breakthrough innovation, particularly in business model is acute.
A range of the old truths regarding innovation are no longer truths:
- To get breakthrough innovation you need lots of ideas – in fact focused innovation is the key to creating business model change
- Fail fast, fail quickly – absolutely you have to be prepared for ideas and investments that don’t succeed. But this statement has become an excuse for indiscriminate and unfocused idea generation
- Process kills innovation- regulation can create a lack of agility but the right processes – processes that create a disciplined approach to take ideas to implementation is what is needed to bring innovation to life.
For Australian businesses, Innovation is not an option.
Last year Australian businesses spent $30bn on innovation- sounds a lot but places us 19 on the innovation list (comparative to market size) and we are a poor 76 on innovation efficiency.
In my view business needs to do more.
How we approach innovation, how we lead our organisations to embrace business model change and how we drive to make our businesses ‘future ready’ will determine the long term sustainability of our organisation.