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HOW SOCIAL MEDIA PUSHES INNOVATION
INNOVATION!The act or process of introducing new ideas, devices, or methods”
- Merriam-Webster online
“
INNOVATION!Innovation is the specific function of entrepreneurship, [...] It is the means by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth.”
- Peter Drucker, Harvard Business Review, 2002
Economic innovation as “Creative Destruction” - The replacement of existing ideas, technology, firms with new ones. It begins as monopolistic and grows to become more competitive.
- Joseph Schumpeter
“
What do you think?
INNOVATION vs. INVENTION
But what does innovation need to consider?HUMAN + SOCIAL
“An invention is usually a “thing”, while an innovation is usually an invention that causes change in behavior or interactions.”
- Bill Walker, WIRED Magazine
INNOVATION v. INVENTION
Innovation Matrix
Domain Definition
Not Well Defined Defined
Prob
lem
Def
initi
on
Not W
ell D
efin
edDe
fined
Can anyone provide an example for one of the different types of innovations?
(Greg Satell, Forbes)
HOW THEYSTACK UP
•Seeks to improve existing systems
Incremental Innovation
•There’s a clearly defined problem and a reasonably good understanding of how to solve it
Sustaining Innovation
•Uproots conventions and replaces existing methods/technologies
Disruptive Innovation
•Helps create a new market that eventually disrupts an existing market;
Radical/Breakthrough
Innovation
ADOPTIONCYCLE● Diffusion of Innovation Theory - Everett Rogers
○ Innovations are not adopted by all individuals in a social system at the same time■ They tend to be adopted over time in sequence
○ Users can be classified into categories based upon how long it takes for them to begin adopting a new idea
Innovators → Early Adopters → Early Majority → Late Majority → Laggards
But first,
WHO WANTS TO PLAY A GAME
550 BC 1889 1966 1999 2005 2010 Today
SOCIALTIMELINE
Innovations in Social MediaWhat are some areas of innovation in social media that you can think of?
•Social Networking•Social Curation•Mobile Experience
Innovations in Social Media
•Live Streaming•Wearables•Augmented & Virtual Reality (AR/VR)
Social Networking● What do you think this encompasses?
● How would you define social networking?
Social NetworkingFrom Merriam-Webster online, social networking is:“The activity of creating personal and business relationships with other people, especially by sharing information, personal messages, etc., on the internet”
Social Networking & Innovation
● Something that has existed throughout history○ The idea behind the building and maintenance of relationships
has shaped technology and led us to where we are today
● The concept behind social networking isn’t necessarily innovative○ However, the technologies that have emerged can be
considered innovative
Examples of Social Networking & Innovation
E.g. Facebook● Considered an incremental innovation
○ Was built upon the downfalls and success of MySpace
● Facebook has changed and shaped many aspects of our live such as through the way we:○ Keep in touch, share our lives, consume content, view privacy,
interact with businesses/consumers
E.g. Skype● Considered a disruptive innovation; a threat to wireless operators
○ Low-cost telecommunication service allowed customers to communicate at a fraction of the cost
● Ways in which Skype has changed how the world communicates:○ Old boundaries are far less relevant and businesses have
been changed
E.g. Zynga● Considered a disruptive innovation; changed the gaming industry
○ Integrated an online social gaming platform that doesn’t require the use of a console
● Zynga has created communities of gamers and established a platform for individuals to create relationships
Social Curation
Social curation is the collaborative sharing of Web content organized around one or more particular themes or topics
What is Social Curation?
Social Curation & Innovation● Content curation has changed the fundamentals of businesses
○ It’s changing business models, especially in the way companies are now approaching marketing
E.g. GoPro● Has anyone ever used a GoPro before?
● Are you aware of how GoPro markets their products to consumers?
● Using the videos created and shared by their clientele, the marketing team at GoPro takes advantage of this content to help broadcast their message
What Does GoPro Do?
How Does GoPro Do It?● Around 6000 GoPro videos are posted online
each day but how exactly does GoPro’s content marketing strategy work?
It All Beings With #GoPro
Dedicated Webpages
Building Community
GoPro’sResults
"When you factor in the strength of the brand, it’s so aspirational and high-energy and cool that our customers want to be associated with it. That is another reason why they tag, title and describe their content as GoPro. The result is that GoPro is arguably the world’s largest production force in the form of our customers and arguably, one of the world’s largest ambassador movements."
-Nick Woodman
Prevalence of Social Curation● Are there any social curation sites that you can think of?
● What about the categories that these sites might fit into?
Reviews Forums Publishing Bookmarking
Prevalence of Social Curation
The Mobile Experience& Streaming
The Invention of the SmartphoneOne of the greatest inventions in 21st century.
Source: http://www.pewinternet.org/data-trend/mobile/device-ownership
Number of Smartphone Production
Compare: Social Media Usevs Mobile Production
Source：http://www.pewinternet.org/data-trend/social-media/social-media-use-all-users/
Compare: Online adults using social networking site
Social Media Usevs Mobile Production
Social Media Platforms Hinge on Mobile Capabilities
Share of Time spend on mobile platform
Source:http://marketingland.com/facebook-usage-accounts-1-5-minutes-spent-mobile-171561
● Users on mobile platforms are more active.
● Mobile User shares twice as often.
Social Media Platforms Hinge on Mobile Capabilities
More opportunities.
Mobile Social Network& Business
Video TrendBy 2012, video became a popular content format across Social Media
The ProblemLost of originality.
Live Streaming Platforms:Meerkat, Periscope, Facebook live
The Value● “In the Moment”
● Originality
● Creating interaction, in real time.
HOW DO YOU MAKE APPS MORE ACCESSIBLE?
WEARABLES.
$25,000,000,000USD expected worldwide by 2019
57%Of consumers interested in making a purchase
245m unitsWearable devices to be shipping by 2019
WEARABLE OPTIONSSmartwatches / Fitness Trackers
These devices provide notifications, extend smartphone functionality, and log daily fitness.
Medical Devices
A large assortment of technologies aimed to monitor, log, and transmit medical data to improve a user’s well being.
Augmented Reality
Overlaying digital information over a user’s visual view to extend smartphone functionality.
Smartwatches:● Apple Watch● Android Wear● Pebble
Fitness Trackers● FitBit● Nike+
SMARTWATCHES / FITNESS TRACKERS
Some examples include:● Hearing devices● Visual aids● Blood monitoring● Attention tracking● Posture monitoring
MEDICALDEVICES
AUGMENTEDREALITYThis area is quickly exploding with the introduction of:
● Layar● Yelp’s Monocle● Pokemon Go● Microsoft’s Hololens
ARTIFICIALINTELLIGENCE
AI
TAILORED SEARCH RESULTSFrom basic machine learning to...
LIMITLESSPOSSIBILITIES
CLOUD COMPUTING FOR THE MINDInterconnected intelligence!
Artificial intelligence is present in a variety of places today:
● Targeted marketing● Logistics● Service automation● Voice assistants● Chatbots
TODAY
In the near future AI will be a core player in the following industries:
● Medical● Manufacturing● Transportation● Resource Management● Synthetic Biology
TOMORROW
SOCIALMEDIA & AI“By far the greatest danger of Artificial Intelligence is that people conclude too early that they understand it.”
― Eliezer Yudkowsky
Virtual andAugmentedReality
3 Elements Leading to Popularity1. Meaningful Content2. Convincing realistic interactions3. Unique value
Applications?Military, city planning, medicine,advertising, interior design
“NEXT BIG THING”
Make-up/Fashion, Information, Tourism, Entertainment, Social Networking
>>
RACE FOR MASS CONSUMERS
Imm
ersive
Am
bie
nt
Virtual Augmented
HTC Vive
Facebook - Occulus
Sony-Playstation
Microsoft Hololens
Samsung Gear
360 Video
Layar
Blippar
THE FUTURE
● Affordable Occulus
● Exist in virtual or real environments with friends
● Facilitating social interactions
CHALLENGES?● Providing real value
● Accessibility/Affordability
● Integration
● Security/Ethics
TAKEAWAYS
TAKEAWAYS● Innovation vs. Invention● 4 Stages of Innovation● Changing Business Models
WHEEL OF DISRUPTION
THANKS!
Sources:Christensen, C. (2012). Disruptive Innovation. http://www.claytonchristensen.com/key-concepts/Drucker, P. (2002). The Discipline of Innovation, Harvard Business Review.
https://hbr.org/2002/08/the-discipline-of-innovationEcon in Motion. (2014). Video: Creative Destruction – Econ in MotionHarvard Business Review. (2008) Video: “How to Spot Disruptive Innovation”Javornik, A. (2016) The Mainstreaming of Augmented Reality, Harvard Business Review.
https://hbr.org/2016/10/the-mainstreaming- of-augmented- reality-a- brief-historyOrland, K. (2016). Will high-priced headsets kill mass-market virtual reality in its crib?, ArsTechnica
http://arstechnica.com/gaming/2016/02/will-high-priced-headsets-kill-mass-market-virtua-reality-in-its-crib/
Pol, E & Carroll,P. (2006). An Introduction to Economics with Emphasis on Innovation.Startup Grind. (2013). Video: Clayton Christensen - Innovators Dilemma a Startup Grind 2013.Walker, B. (2015). Innovation vs. Invention, WIRED.com. https://www.wired.com/insights/2015/01/innovation-vs-invention/
