Presentation on what is innovation, types of innovation and how it can give small businesses and entrepreneurs an edge

1. Innovation in Business
Rural Innovation Forum, Gympie, 1 July, 2014
Colin Graham, Causeway Innovation
E: cgraham@causewayinnovation.com

2. 1975: First digital camera, Steve Sasson
0.01 Mega Pixels
2012: Kodak filed for bankruptcy
2013: Kodak Emerged from bankruptcy

3. REBORN: ‘Kodak is a technology company focused on imaging for
business.’

4. Innovation in
Business
Areas to cover today:
1. Define innovation, quick exercise
2. Step back:
• A simple business planning process
• What are your objectives?
• Where do you want to be?
3. Ten types of innovation
4. Opportunities for innovation

5. Who am I? Business background
Dulux Yellowbrick Training & Development
Career Innovation
Company
RGU Business
Incubator
Innovation Centre Sunshine Coast Causeway Innovation

6. Defining innovation
Innovation is the implementation of a new or
significantly improved product, process, new
marketing method, or a new organisational
method in business practices, workplace
organisation or external relations.
Source: OECD, Oslo Manual, Paris, 3rd Edition

7. ideas + execution
Vijay Govindarajan & Chris Trimble
Executing new ideas
to create value
Tim Kastelle
Innovation =

8. Why innovate?
• Global environment more complex
• A proactive tool for dealing with change
• Benefits can include:
– Added value
– Increased revenue
– Reduced costs
– Gaining a competitive advantage
– Improved customer service
– Survival!

9. TRY ON ONLINE OLD & NEW TECH: POST GLASSES TO YOU
PROCESS INNOVATION: ONE HOUR GLASSES
GOOGLE GLASS

10. There’s an app for that

11. A simple business planning process
11
Where
are we
now?
How do
we get
there?
Where
do we
want to
be?
1 32

12. Personal objectives ?
Business objectives ?

13. It starts with you
1. Personal objectives
– What do you want to do for next 3 -5 years?
– What lifestyle do you want?
– Do you want to work forever?
– How much money do you need / want to get by?
2. Business objectives
– Why are you in business?
– What are you building the business for?
– What sales levels are you aiming for?

14. Example Gap Analysis: Turnover
2010/11 2011/12 2012/13 2013/14 2014/15 2015/16
$100k
$200k
$300k
$400k
$500k
Forecast
Gap is approx.
$200K
14
$120k
$215k
$175k
$195k
2016/17
Projection based on 10%
annual growth = $287k
$500k +
Innovation can fill the gap

15. When people think of
innovation, the first thing
that comes to mind is
PRODUCT INNOVATION
There are actually at
least 10 TYPES OF
INNOVATION. All
present opportunities
for advantage.
CREDIT: DOBLIN

16. PROCESS INNOVATION: CONTAINERS
Barcelona, photo credit: Colin Graham

17. Launched November 2009
Over $2m in transactions in first 3 months
Over 350,000 downloads in first year
CHANNEL INNOVATION, ORDERING PIZZA VIA APP

18. Kingaroy & Moura, Queensland
BUSINESS MODEL INNOVATION, CHALLENGING TRADITIONAL MOTEL MODEL

19. Ten types of innovation
Profit Model
Network
Structure
Process
Product Performance
Product System
Service
Channel
Brand
Customer engagement
ConfigurationOfferingExperience
Make money
Connect with others to create value
Align your talent & assets
Superior methods
Features & functionality
Create complimentary products / services
Support & enhance value of offering
Deliver your offerings to customers
Represent your business & offerings
Foster distinctive interactions
Source: Doblin

20. Examples: Installed base

21. Bunya Red Farm, Rural Innovation
21PREMIUM PRODUCT & PRICE

22. Every few hundred years in Western
history, there occurs a sharp
transformation.
Peter Drucker, The New Realities (1989)

23. Digital Disruption: where are you?
SOURCE: DELOITTE

24. Channel & Customer Engagement
Innovation: Foodmatters
Foodmatters founders
867,000 Likes (11 June ‘14)
913,328 Likes (4pm, 30 June ‘14)

25. Innovation drivers:4Ts
TechnologyTalent
Travel
Tenacity
Source: Colin Graham, Causeway Innovation

26. Innovation in Business
Rural Innovation Forum, Gympie
Colin Graham, Causeway Innovation
E: cgraham@causewayinnovation.com
Thank you!
Stackwine, innovation in packaging