Four models and four habits that drive innovation

4 models & 4 habits that drive innovation

@LSUsocial

About LSU

Matt Boffey Managing Director

What we do

Strategy

Innovation

Technology

Innovation means

Revenue streams created through new products & services; and the

application of new business models.

Innovation defined

Who we do it for

Questions we’ve helped our clients to solve

adidas: What products should we develop to meet the needs of players today?

NHS: How do we use tech to deliver more effective healthcare, more efficiently?

Unilever: How do we further unlock the value in Magnum’s equity?

FutureLearn: What does the best online learning experience look like?

4 models that drive innovation

4 models

1. Internal competition 2. Individual catalyst

3. The ‘Lab’ 4. Outside-in

1. Internal competition Incentivising great ideas from all over the business

Innovation is an attitude, not a department.

But when it’s everybody’s responsibility, it’s nobody’s problem.

2. Individual catalyst Giving people direction, resource and accountability

Individuals can focus on, and are accountable for, delivering a

single big hit.

But rockstars can quickly become divas.

3. The ‘Lab’ Experimenting to deliver proof of concept

Harnesses disruption on

behalf the organisation.

But it can also mean a trip to ‘Fantasy Island’.

4. Outside-in Knowledge from and collaboration with external talent

Neutralise your future enemies by

making them your friends.

What if?

didn’t turn down the chance to partner with Netflix in 2000?

Yahoo didn’t turn down the chance to partner with Google in

1998?

But if you find your company

frustrating, imagine what outsiders

will think.

‘Outside-in’

With consumers With start-ups & other businesses

Live in the now

Bet on the future

Struggle to imagine the next

big thing

Work in new and different

ways

Risk vs. RewardBreakthrough

Incremental

Low-cost High-cost

Lab

Individual catalyst

Internal competition

Outside-in

4 habits that drive innovation

1 Work in two pizza teams

2 Launch early, launch often

‘We prefer to have something working by the end of the day, something to refine and improve on the next day...the beauty of experimenting in this way is you never get too far away from what the market wants.’

Marissa Mayer, Yahoo

Navigate by users3

‘Usage is like oxygen for ideas. You can never fully anticipate how an audience is going to react to something you’ve created until it’s out there.’

Matt Mullenweg, Wordpress

Consumer needs above your skills4

‘If we set our strategy by what our skills happen to be rather than by what our customers need, we would never have done it.’

Jeff Bezos, Amazon

Thank you

matt@londonstrategyunit.com 07903991699