Design Thinking has been a buzz phrase used within companies for many years now. Large organisations are upskilling their employees in the approach with the goal of developing solutions customers actually want. Check out this infographic that provides an overview of this popular approach to problem solving.
Our clients are generally amazed (understatement) by the number of relevant ideas that they are able to generate in such a short amount of time during our design thinking workshops. The key input for ideation is a genuine problem worth solving (hint: talk to your customers to find out what problems exist). Then it’s time to launch your ideation session. The ideation process is your opportunity to generate solutions by combining your understanding of the problem and the customer. Get your team together (ideally between four to eight people) and start brainstorming by applying the following five tips to increase the likelihood of a successful outcome.
In just the last two years, millions of dollars have been committed to numerous accelerator programs. Here are ten of the top corporate accelerator programs in Singapore, which combine both deep domain and startup building expertise.
Overnight successes are usually anything but. In most cases, what appears to be a sudden rise to prominence is often the the manifestation of years of frustration, trial and error and time spent honing one’s craft.
Based on a recent survey of 217 professional services firms, it was found that 44% of companies surveyed were “innovation active”, while 23% were not innovating at all or had abandoned their innovation programs altogether. Why are these programs being abandoned and how can companies that are actually investing in innovation increase the return on innovation investment? Here are eight essential elements that will help stop your innovation programs from failing.
While there’s much talk emanating out of Silicon Valley nowadays that “pivot is the new fail”, when the term first gained popularity off the back of the lean startup movement in the early 2010s it effectively meant making a fundamental shift in your business model, based on customer learnings, towards one that is designed to bring you closer to product market fit.
Large organisations are engaging startups in growing numbers, due in part to a realisation that companies have not been built to respond to the accelerating pace of change in a timely manner, and that short of restructuring the entire organisation from the ground up, partnering with startups who are unencumbered by bureaucracy, short-term shareholder demands and employee incentives, is an easier way to tap into emerging technologies, business models and talent.
Corporate startup partnerships represent a massive clash of cultures. There are countless platforms that corporates can leverage to connect with startups such as Crunchbase, Angelist, Startup List and Gust. Add to this meet-ups, pitch nights, conferences, blogs and social media all making it easier than ever to identify and connect with startups doing compelling things in your industry or adjacent industries. What’s really lacking is a roadmap on how to work with startups.
When it comes to corporate innovation programs there’s a number of different structures that large organisations can adopt, however knowing which one to adopt can be a challenge, and oftentimes executives find themselves chasing after shiny metal objectives such as innovation labs where strategic alignment can often become an afterthought.
It’s easy for us to get sucked into the matrix and grind out work, day after day, and look around at our colleagues all doing the same thing and assume that ‘this is the way it’s supposed to be’ without really ever taking the time to reflect on what we really want and whether or not we’re truly happy and fulfilled in our work.
When it comes to innovation and entrepreneurship, a number of core qualities or attributes are fundamental to success, which are best encapsulated by the following four Ps.
A recent World Economic Forum report has built on this and found that 65% of children entering primary school today will end up working in completely new job types that don’t exist yet.
One of Australia’s long running broadcast networks, TEN, went into voluntary administration recently after reporting a $232 million loss. This is yet another sobering reminder that the once mighty will fall unless they begin to challenge their existing business models, despite the fact that it’s where they make all of their money today.
Given we have a finite amount of time each day, we need to identify opportunities to get the edge on your competition. Over the last six months I have identified three personal growth hacks that everyone should be aware of. The great thing is you can action these straight away!
Large corporations can have what seems to startup founders to be vast amounts of resources - more than they know what to do with (this can often be the case where companies elect to pay out huge dividends instead of investing in R&D). So why don’t large companies with millions and sometimes billions of dollars in capital reserves come out with the next big thing, the next UBER or the next Xero?
Given the lack of time and resources across organisations, customer experience often drops down the priority list. The following five step guide has been put together for time conscious corporates that are looking to put a stronger focus on customer experience.
Do you know how well your business is performing when it comes innovation? Would you like to know how to improve your innovation capability?
Falling into the trap of what Steve Blank calls ‘innovation theatre’ and applying band-aid solutions usually leads to frustration and waste. Here are some of the most common forms of corporate innovation theatre that your company is probably singing and dancing about.
Open Innovation is about creating inflows of knowledge from the external environment and outflows of knowledge to the ecosystem through collaboration. Here are four ways that your organisation can leverage OI to boost your success rate.
URWork, one of Asia's largest co-working space operators with a valuation of more than US$1B, is set to open its first operation out of China in Singapore.
In order to get the most out of a corporate hackathon and generate some quick wins that organisers and innovation champions will be able to use to build a case for subsequent initiatives and further development of ideas, taking the time to consider and prepare the following 12 things can make a world of difference.
There are countless tools we use with clients to build fast, learn fast and measure fast in order to determine what will ‘wow’ customers enough to extend or generate new lines of revenue and remain a competitive force well into the future.
14 tools to support your team's corporate innovation efforts.
Like me, his parents had migrated to Australia in the 70s from the then socialist Yugoslavia, in search of a better life. As such, his parents had instilled beliefs around the value of education and hard work in young Tommy.
It’s been well documented by the likes of Steve Blank and Clayton Christensen that if you want explore disruptive innovation in a large company, you have to either redesign or create parallel processes, systems and values internally in order up to support behaviours critical to innovation
Design Thinking is just one piece of the corporate innovation puzzle and it alone is never enough.
Often conducted annually, employee performance reviews generally have a negative stigma attached to them (specifically at large organisations). Unfortunately, there isn’t a one size fits all solution but there are several underlying principles that every organisation should follow.
Lawrence Levy was CFO of Pixar from Toy Story through to Monsters Inc. Uncover 10 key insights on corporate innovation and culture change.
The story of a 3M researcher, $99 purchase orders and a $60B empire.
It is no coincidence that the most innovative brands in the world are also leading the way in customer experience.
Innovation labs are popping up all over the world. A recent report noted that 88 innovation labs opened their doors globally...
About six months ago I made the decision to leave a successful management consulting career to follow my startup dreams.
VideoRentalz fearlessly faces the future, secure in its ability to keep families together.
Flow Genome Project's Jamie Wheal discusses why creativity is more than a skill.
The role that Government should play in fostering entrepreneurship.
Why your ideation tools aren’t working and how to bring ideas back to life.
Corporate legal and compliance (L&C) teams can enable corporate innovation.
The rituals and routines of guests from the Future Squared podcast.
Last week I had the pleasure of attending Startup Bootcamp’s Fintech Demo Day in London.
The Mills Oakley Accelerator has been established to commercialise legaltech.
Lessons from the Vietnam War on the one thing that differentiates successful entrepreneurs
What not to do when it comes to innovation and new product development.
Overview of emerging medtech and the implications of a longer lifespan on our lives,
The Australian Government could be doing more for innovation.
Legal services are delivered is changing due to technology and business model innovation.
Do you have what it takes to be a great Innovation Manager?
Many large organisations are guilty of taking old, oftentimes broken, processes born out of 20th Century necessity and digitising them. Such pursuits are internally heralded asshiningexample of innovation and digital transformation. However, this usually amounts to little more than expensive and at best incremental improvements.
Busting the biggest corporate innovation myths and some tips to counter these common lies
"If you come back here in a year how will you determine whether or not we’ve been successful?”
In an age where the time between disruptions is getting shorter and the exponential growth of technology threatens the upheaval of almost every industry, certainty is fast becoming a distant memory. Yet, when it comes to deciding which projects to invest in at most large organisations, we often rely on projections and estimates based on assumptions about the same uncertain future. Think of this as the Innovator’s Funding Dilemma, encapsulated by these five common pitfalls of funding corporate innovation projects.
For emerging businesses, startups and new corporate ventures, there is a tendency to optimise the wrong thing.
Mills Oakley is launching Asia-Pacific's first Legal Startup accelerator.
The team at Lemonade Stand are proud to announce that we have successfully secured $100,000 as part of LaunchVic's $6.5m first round of funding allocations.
The disruptive innovation theory, penned in 1997 by Clayton Christensen in his seminal work The Innovator’s Dilemma, describes a process by which a product takes root in simple applications at the bottom of a small market and moves upmarket, eventually displacing industry incumbents.
In this episode of Fast Fix Friday, I cover a topic that is the bane of existence for many a corporate employee which is getting buy in for corporate innovation
Leslie Barry is currently the head of innovation at Sportsbet, Australia’s largest online bookmaker with $117M operating profit / 79.4 million pounds in 2015.
I had the pleasure of interviewing Whitney Johnson, author of Disrupt Yourself, and formerly co-founder of Rose Park Advisors alongside Clayton Christensen, way back when in episode #13 of Future Squared.
We're super pleased to announce Collective Campus has been selected to join the panel of the Digital Transformation Office.
Our podcast has just turned 50! To celebrate, we've listed out 50 of the most important and memorable lessons about innovation.
If you've been listening to my podcast or reading my blogs you'll know that I like to sprinkle elements of philosophy, mindfulness and self improvement throughout - no, this is not for reasons of self indulgence, but has to do with the fact that when it comes to innovation and entrepreneurship, one can not effectively perform unless the mind, body and spirit are attuned to the task at hand.
Effectively fostering innovation at a national level does not happen overnight, especially not in Australia.
Did you hear about the manager who always shot the messenger whenever they brought bad news? He eventually stopped hearing bad news.
When it comes to early stage innovation, we can’t rely on metrics such as ROI or NPV to determine success, particularly given that such metrics favour short term returns whereas disruptive innovation can take years to deliver the kind of returns that large companies are seeking.
Ask good questions and you get good answers. Ask the wrong questions, or worse still, don't ask questions at all, and you're essentially driving blind with no sense of direction.
Most of us are familiar with Maslow’s Hierarchy of Needs. The theory on psychological health is now almost 70 years purpose rather than just profit, in stark contrast to prior generations, a testament to having already met their other needs.
A case study in what not to do when it comes to customer experience and why the door is wide open for insurance startups looking to disrupt the space by offering significantly better customer service.
If you’re not willing to fail, then you will only ever embark upon safe, incremental improvements, where you have all the answers and therefore can’t fail.
15 key characteristics to look for when it comes to identifying intrapreneurs.
Large organisations are beginning to invest in innovation - usually this takes the form of idea contests, hackathons, incubation programs and intrapreneur programs.
I was inspired to write this thought piece by a tifo, or banner to the football layman, which put forward the idea that 'success cannot exist without passion', something which is just as relevant for the team's coach Tony Popovic, who was immortalised on the banner, as it is for innovation and entrepreneurship.
There are a number of all too common mistakes that teams make when it comes to corporate innovation programs.
Flow has been defined as a mental state of operation in which a person performing an activity is fully immersed in a feeling of energized focus.
In my most recent podcast interview with Steve Blank, credited with developing the customer development methodology which birthed the lean startup, we touched on the topic of how the corporate culture inhibits innovation.
Half of the S&P500 will be replaced over the next 10 years at current rates of churn. 187 companies in the list today first entered it in the past 10 years alone
Could a company outsource prototyping for a new idea completely and let a third-party organisation do all the testing and market validation?
Collective Campus walked the team through an intensive 2-day SCRUM bootcamp in which they learned agile principles in addition to techniques related to as Scrum practices, requirements, project initiation, estimation and prioritisation, sprint planning, executing sprints, re-planning, closing a scrum sprint and closing a project.
So many things get in the way of the artistic process, whether writing music, painting or creating new products and business models.
Introducing The Innovation Manager's Handbook - a comprehensive guide to innovating in the enterprise.
Established companies have been built to deliver, not to discover. So how do we build a culture that supports ideation and experimentation?
I recently caught up with Kmart Australia’s innovation program manager, Fabio Oliveira, on my podcast for a discussion on innovation in retail and what the ‘store of the future’ might look like.
Check out the video to hear how it went when we taught one of Australia's largest bookmakers how to use the lean startup methodology.
In this episode of Future², we were lucky enough to be joined by world champion entrepreneur and investor, Niel Robertson
General Electric, with $493B in assets and 200,000 employees is applying lean startup.
In this podcast, we catch up with Annie Fergusson, change facilitator and founder of airEDU, a platform she is designing and building to resolve challenges in the higher education marketplace.
The perfect prototype is the one that’s imperfect. Time and time again, new founders will make excuses like, it's not ready yet”, or “I just want to add a few more things to it” to explain why they haven’t launched their prototype yet. This mentality has slowly suffocated many-a startup.
Design thinking is a mindset that empowers children with the ability to think creatively.
A combination of values, processes, systems and resource allocation procedures prevent Government from adopting the behaviours and mindsets required to effectively support innovation.
At our recent 48 Hour Lean Startup workshop I helped guide an optometrist with no idea what he wanted to work on to a gamechanging concept in under 5 minutes.
Rushing to fill awkward silences is a recipe for disaster when it comes to our brainstorming and innovation efforts.
We’ve come a long way from the humble suggestion box and top down decision making long synonymous with corporate innovation. Today, more and more companies are sourcing ideas from not only the entire workforce but also getting outside their building and engaging partners, customers and members of the general public.
The risk of taking few large safe bets in today’s environment far outweighs that of taking many small risky bets.
Regulation is often used as a scapegoat for a company’s decision not to truly embrace an innovation agenda and the practices that support it. But how does one experiment when a corporate watchdog is breathing down your neck and watching your every move?
As part of Collective Campus' ongoing mission to share insights, case studies, experiences and trends on how to successfully innovate in the enterprise, we've just launched our podcast, titled Future².
Hackathons are a great way to bring together teams with the goal of quickly identifying and solving problems.
Collective Campus had the pleasure of hosting a panel talk recently with Stile Education on the future of K-12 education entitled ‘Getting Students Future Ready’.
If you're a student currently in university or a working professional looking to study masters, it's time for a reality check
Explore the challenges organisations face in acquiring startups and how to deal with them.
As disruptive technology takes over, kids need to learn how to adapt and be empowered by skills that will prepare them for the future