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Idea generation and trials; lowIdea generation and trials; lowrisk innovation to testb kth h idbreakthrough ideas
Avi PollockHead, Applied Innovation
FinnovationNovember 21, 2008
Today’s Agenda
Defining Innovation @RBC
RBC Innovation Infrastructure
Case Study: Next Great Innovator Challenge: ASandbox for InnovationSandbox for Innovation
Questions?Questions?
2
RBC & Innovation
Innovation connects what is possible to
what is valuable to our clients and/or shareholders
ClientNeeds
• Innovation can be broadlyinterpreted as “something new” –new to the world, new to a
i l k hparticular market, new to thecompany or new within the company
I ti i th id tiInnovation
• Innovation is more than ideation –it is a full range of activities frominsight and idea generation,through testing and developmentthrough testing and development,to launch and evaluation
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Benefits of Innovation
Client Value• Clients recognize RBC as agprogressive institution
• Increases client advocacy andlikelihood to recommend
Attracts/Develops TalentBusiness Growth• Engages employees who viewthe organization as innovative
d titi
• Contributes to earnings growththat is required to maintain top
til fInnovation
and competitive
• Attracts and retains innovativeand progressive leaders whowin and ‘shape the future’
quartile performance
• Promotes new earning streamsand maximizes opportunitiesin existing businesses
• More responsive to evolvingclients and markets
Strategic Agility
• Better able to absorb ‘shocks’from industry transformation,competitors or new entrants
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Strategic Agility
The Innovation Pyramid
“Change the Game ”T f ti l
“U th A t ”
Transformational
“Up the Ante”Evolutionary
Efficiency “Tablestakes”
A portfolio approach is necessary to have a successful innovation agenda.
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Defining Innovation @RBC
RBC Innovation Infrastructure
Case Study: Next Great Innovator Challenge: ASandbox for InnovationSandbox for Innovation
Questions?Questions?
6
The Applied Innovation Team Mandate
Identify emerging technologies and new businessand process opportunities that have the potential toand process opportunities that have the potential todrive growth
Support, facilitate and stimulate idea creation andinnovation with access to internal and externalinnovation with access to internal and externalthought leadership, tools and methodologies
Evaluate and test next generation technologies
Always looking to “what’s next”, “what’s new,”“what’s different” and its application to RBC
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pp
The RBC Innovation Council
Identify exploratory concepts on a longer-termtime horizon – concepts that are likely not yet ontime horizon concepts that are likely not yet onthe radar of the day-to-day business leaders
“Incubate” concepts to a point where a businesscase has been developed and/or a proof ofconcept has been completed andconcept has been completed and
Help drive an innovative culture through theHelp drive an innovative culture through theorganization by acting as spokespeople oninnovation, clearing roadblocks, supporting IC
jprojects, etc.
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Ideation: Building a Pipeline
Ideation Programs
50
25
15
10
5
Deployment
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p y
Looking for that Next Idea
Scanning Activities
• Continuously scanningunstructured information aboutthe external environment
Scanning Activities
B i
TToopp EEnntteerrpprriissee CChhaalllleennggeess
External
• Providing early warning abouttopics not yet identified asstrategic
BusinessDrivers
SSccaann
ExternalTrends
• Collecting and organizing datapoints into topic areas ofpossible strategic importance
Identif ing ne topics of
SSccaannTTrryy
SSyynntthheessiizzee• Identifying new topics of
strategic importance (throughsorting and ranking) that mayrequire monitoring in thetargeted processtargeted process
• Engaging in user experiencetests on emerging trends
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Ideation: Driving New Ideas From Within
Idea Portal
ProfilesPipeline Metrics
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Ideation: Looking Outside- Next Great Innovator
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Learning by Doing: Applied InnovationLabs
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RBC Beta
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Communicating Knowledge
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Defining Innovation @RBC
RBC Innovation Infrastructure
Case Study: Next Great Innovator Challenge: ASandbox for InnovationSandbox for Innovation
Questions?Questions?
16
RBC’s Next Great Innovator Challenge
What it is:National competition targetedNational competition targetedat college and universitystudents with a focus onbusiness programsbusiness programsRBC asks for innovative ideasand solutions to a meaningfulbusiness challengebusiness challengeOver $45,000 in prizes andmany ancillary benefits for thestudentsstudentsThird year of the Challengelaunched in SeptemberSponsored by RBC’senterprise Innovation Counciland managed by the AppliedI i
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Innovation team
Competition Objectives
Generate ideas that are relevant and actionableGain better insight into NGen demographicIdentify candidates for recruitmentTest effectiveness of innovative website designd b t h l iand new web technologies
Promote the perception of RBC as a progressiveand innovative financial institution among anand innovative financial institution among animportant consumer segmentGenerate positive press for RBC
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The Challenges
2009Suggest an Innovative
concept, product or processfrom another region ordifferent industry that
Canadian Financial ServicesCanadian Financial Servicesproviders should adopt.
2008D ib i ti idDescribe an innovation, idea orconcept that Canadian FI’sshould consider to make iteasier for clients to do
2007
easier for clients to dobusiness with us
How will today’s teensinfluence the financial
services industry in Canada?
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Marketing NGI
www.nextgreatinnovator.comm
Grassroots with professors,clubs faculties programsclubs, faculties, programs
Grassroots online
Coordination with RBC’s FallCoordination with RBC s FallCampus Promotion activities
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On-campus promotion
Sandbox for Innovation – Social Media
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Sandbox for Innovation - Mobile
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Sandbox for Innovation - Multimedia
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Sandbox for Innovation – Interactivity
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Sandbox for Innovation – Interactivity
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Ideas into Action
107 S
10 C I
T
I
S I
7 S
C
V D
T
O 40 U
C
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O 20 U V
D
Ideas into Action
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Final Thoughts on Innovation
Do-learn-do is the optimal approach
I i i b hInnovation is about change
Innovation doesn’t just happen
Don’t starve tomorrow to feed today or let the urgent crowd outthe important.
D l lDevelop a common language
Innovation is a team sport
Small things matter
Organizational Culture: Collaboration is king, aim for diversity ofth htthought.
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Final, Final Thought on Innovation
Some people make thingsSome people make thingshappen. Some watch while thingsh A d d "Whhappen. And some wonder "What
Happened?"Happened?
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A Case study in Applied Innovation
Avi Pollock
Case study pp ed o at o
Avi Pollock
Head, Applied Innovation
Email: [email protected]
Ph (416) 348 4871Phone: (416) 348-4871
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