Without investing in innovation, you will always be susceptible to competition, but the right strategy requires time, funding and a process to create the innovation required for future growth, says PIERRE AUREL, Strategic Project Manager, e4.
That innovation is important and necessary for survival goes without saying. While there is no universal solution for organisations looking to improve their ability to generate, develop, and disseminate new ideas, some strategies are superior to others.
“The process of innovation should continuously introduce new value or benefits to your customer. If you’re not doing that, you can expect to be disrupted,” says Pierre Aurel, Strategic Project Manager, e4. “Without investing in innovation, you will always be susceptible to competition. The right strategy requires time, funding and a process to create the innovation required for future growth.”
Securing a competitive edge is one goal of innovation; the other is finding new markets as well, allowing a business to move both vertically and laterally across markets. Aurel notes that in order to future-proof themselves, organisations need to objectively evaluate their strengths and weaknesses before embarking on a strategy of innovation. “So instead of the tired old SWOT analysis, an evaluation of how well the business performs in three stages of innovation: Ideation, Creation and Diffusion. A business needs to understand its own internal dynamics first and ultimately where it wants to go.”
An innovation value chain offers a comprehensive framework for doing just that. By breaking innovation down into the three phases of idea generation, conversion, and diffusion, the strategy encourages organisations to look at ways to improve their weaker areas first, either through collaboration, outsourcing or acquisition. Aurel points at Google’s approach to managing the innovation process and budget allocation operating on the 70/20/10 model. “70 percent of projects are dedicated to core business, 20 percent of projects are related to core business, and 10 percent of projects are unrelated to core business. This staggered approach ensures they are able to keep the lights on while searching for the next breakthrough.”
Crucially, businesses should look at innovation as a long-term process rather than a knee-jerk reaction to a changing environment. A helpful starting point is listening to customers and beginning the innovation process from there. “Customer centricity is key, so talk to your customers, listen to their needs and views. Don’t create an exclusive innovation team that operates in isolation. If they are not collaborating with the rest of your organisation, it’s a major problem,” Aurel explains adding that innovation shouldn’t be the exclusive function of one team or executive, rather it should be inclusive, transparent and allow ideas to come from anyone. “Don’t shoot down ideas without using some metric or model to validate the potential of the idea,” he says.
To be sure, finding the right balance for innovation to succeed is a challenging prospect for organisations. Aurel suggests looking for external help while ensuring the innovation process is funded and staffed appropriately. “I think every organisation has the ability to be innovative. Partner with a company in a different industry and create an innovation exchange programme. Swap employees for a couple of days, let them become immersed in different world – their new perspectives and opinions may surprise you.”
Welcome to world of 2099
The world of 2099 will be unrecognisable from the world of today, but it can be predicted, says one visionary. ARTHUR GOLDSTUCK met him in Singapore.
Futuristic structures tower over the landscape. Giant, alien-looking trees light up with dazzling colours amid the hundreds of plant species that grow up their trunks. Cosmetic stores sell their wares via public touch-screens, with products delivered instantly in drawers below the screens.
This is not a vision of the future. It is a sample of Singapore today. But it is also an inkling of the world we may all experience in the future.
Singapore was the venue, last week, of the World Cities Summit, where engineers, politicians, investors and visionaries rubbed shoulders as they talked about the strategies and policies that would enhance urban living in the future.
As part of the Summit, global payment technologies leader Mastercard hosted a small media briefing by one of Singapore’s leading thinkers about the future, Dr Damian Tan, managing director of Vickers Venture Partners. The company’s slogan “We invest in the extraordinary,” offers a small clue to Tan’s perspective.
“We look as far forward as 2099 because, as a venture capital firm, we invest in the long term,” he tells a group of journalists from Africa and the Middle East. “Companies explode in growth because there is value in the future. If there is no growth, they won’t explode.”
The big question that the Smart Cities Summit and Mastercard are trying to help answer is, what will cities look like in the year 2099? Tan can’t give an exact answer, but he offers a framework that helps one approach the question.
“If you want to look at 81 years into the future, and understand the change that will come, you need to double that amount and look into the past. That takes us to 1856. The difference between then and now is the difference you can expect between now and 2099.”
Click here or on the page link below to read on: Page 2: Soldiers and Health in 2099.
- Arthur Goldstuck is founder of World Wide Worx and editor-in-chief of Gadget.co.za. Follow him on Twitter on @art2gee and on YouTube
Street art goes electric
Kaspersky Lab and British street artist D*Face have unveiled the first-ever “art helmet” design at the Formula E finale for electric cars in New York.
The ‘Save The World’ helmets will be raced by DS Virgin Racing’s drivers, Sam Bird and Alex Lynn, as they traverse the New York street circuit during the final races of the Formula E season.
The announcement signals the first art helmet by a Formula E team, continuing the heritage of art in motorsport and the cybersecurity brand’s commitment to contemporary art, creativity and innovation. D*Face took inspiration from Kaspersky Lab’s tagline, “A Company To Save The World”, and hopes that his colourful work will inspire people to take positive action.
D*Face will announce his first-ever art car design with a custom-made livery for the DS Virgin Racing Team. Its design will be released at the “Art Goes Green” event after Saturday’s race. The helmets and art car are the latest installations in the “Save the World” collection, following a major permanent public mural that was installed in Brooklyn, New York, in May.
D*Face, whose real name is Dean Stockton, said: “It is exciting to work with Kaspersky Lab on this project and create art with a real message of hope for a better future. After all, this is our world and we need to look after it. It will take every one of us to make a real lasting, impactful change. I love the mentality of the DS Virgin Racing Team and that of Formula E by showcasing sport in a way that doesn’t harm the environment, but is still just as exhilarating and fun.
“It is time for us all to stand together and make a change… be that stopping data steals, climate change, plastic waste or using damaging fuels. I want everyone to make a pledge to do one thing that will help make a change.”
As a sponsor of DS Virgin Racing Team, Kaspersky Lab is responsible for protecting the team’s devices against cyber threats. The company sees the technical environment in the global sport of Formula E as the next frontier in furthering its research and development of new technologies to keep vehicles secure in the digital world.
Sylvain Filippi, Managing Director at DS Virgin Racing, said: “The whole team fully supports this great initiative and our thanks got to Kaspersky and D*Face for their collaboration. It’s an honour to have such an innovative artist bring his talents to bear in our team ahead of the season-finale; the car, drivers’ crash helmets and mural all look amazing.”
Aldo Fucelli Pessot del Bo, Head of Global Partnerships and Sponsorships at Kaspersky Lab added: “There is a need for innovation on a global scale, both in contemporary art and in the fast-growing sport of Formula E. Now, for the first time ever, Kaspersky Lab is proudly bringing together the two sectors in an effort to Save the World and unleash creativity, encourage freedom of expression and further innovation.”