PRESENTED BY:CAITLIN FLYNN

BRYANT CORNELLGREG LAYBOURN

Worlds Most Innovative Companies

Innovation in the 21st Century

Broad focus Reinventing business processes Building new markets with untapped customer

needs Selecting and executing right ideas/bringing them

to market“In the 1990s, innovation was about

technology and control of quality and cost. Today, its about taking corporate organizations built for efficiency and rewiring them for creativity and growth.”

Business Week Rankings

Business Week joined with The Boston Consulting Group Which companies innovate best and why

Global survey: more than 1000 senior managers responded

Goal: the top 25 most innovative companies72% of senior executives list innovation as

top priority

Innovative Companies

• Apple• Google• Southwest Airlines• Virgin Group Ltd.• BMW• Procter & Gamble Co.• Samsung• IBM

Obstacles to Innovation

Slow development times

Lack of coordination

Getting reliable consumer insight the consumers action compared to their words

Measuring benefits of innovation

Asking the Right Questions

Cross-functional collaborations challenge companies to focus on all areas of the business

Ways to measure and raise productivity of innovation efforts 8 to 12 metrics

Samsung Electronics: most important metrics are price premiums and speed at which they can bring to market phones that meet customer’s needs

The World is Your Lab

Many companies are implementing the idea of open innovation

“when you work with outside parties, they bear some of the cost and some of the risks, and can accelerate the time to market”

Henry W. ChesbroughNokia: customers in poorer countries influenced

more durable phones since they’re often the most expensive item these customers will buy Better sense of local cultures, behaviors and

fashions