The business model of the new economy is characterized by talent and services on demand, automation, and magical user experience.
You might already know that more than 50% of today’s S&P500 faces replacement in the next 10 years. A lesser known fact is that one in three listed companies are at risk of being de-listed in the next five years alone.
I recently concluded an intense but rewarding podcast tour in support of my now newish book, Employee to Entrepreneur.
For two hundred years China was considered an economic basket case; its population resigned to a life of poverty among the rice fields.
Companies spend a lot on innovation.
The term cargo was first used to describe a range of practices carried out by a group of people that occurs in the wake of contact with more technologically advanced societies.
Virtual reality has long been considered a thing of science fiction but is quickly becoming science fact.
The real estate industry has long been considered a laggard insofar as technology adoption has been concerned with more than 40% of real estate companies still relying on spreadsheets and paper-based processes to manage properties today.
So many entrepreneurs get excited when they start something but their investment and energy tapers off once that initial buzz wears off.
Ten to one. That’s how triumphantly American pilots emerged from the battle in the skies during the Korean War.
“Trust your intuition”. We hear it all the time from self-help gurus who have a tendency to make baseless statements in order to motivate (or rack up Instagram likes), and this one is no different. Why?
Trillion Dollar Coach: The Leadership Playbook of Silicon Valley’s Bill Campbell was an absolutely gripping read about a legendary coach and business executive, whose mentoring of the likes of Steve Jobs, Larry Page, Eric Schmidt, and Jeff Bezos, amongst other tech luminaries, played a major role in the success of their companies.
When it comes to executive buy-in for innovation, or a lack thereof, it comes down to overcoming one or more of the following factors.
For most of the twentieth century, large organizations could project what the next five years would look like with a high degree of confidence, but technology has changed the rules of the game in the twenty-first century and created an increasingly ambiguous and befuddling business landscape.
In the wake of the Christchurch shootings and the disturbing video that made the rounds on social media afterward, Australia’s Government expeditiously passed new legislation that puts the onus on tech companies to remove violent material from their platforms or face criminal charges.
I’ve been hosting the Future Squared podcast for over three years now, having published over 326 episodes in that time with luminaries and thought leaders from fields as disparate as technology, entrepreneurship, philosophy, neuroscience, psychology, economics, politics, stand-up comedy, journalism, and corporate innovation.
During the Australian gold rushes of the 1850s, significant numbers of workers from across the globe relocated to areas such as Ballarat, Victoria, in which gold had been discovered.
Beth Comstock is a change maker who has helped people grapple with rapid-fire change and open up their companies to transformation.
Listen to the likes of leadership coach and retired Navy SEAL, Jocko Willink, and you will be up at the crack of 4:34am, you’ll proceed to splash some cold water on your face and “get after it”, despite every fiber in your body, more likely than not, willing you to go back to sleep.
I recently caught up with Jason Fried for a conversation about work, life and productivity on the Future Squared podcast.
As Warren Buffett put it, “the difference between successful people and really successful people is that really successful people say no to almost everything.”
I recently had Innosight Managing Director Scott Anthony guest on the Future Squared podcast and we riffed on all things corporate innovation, or being an entrepreneur inside a large, established organisation.
Humans beings are an interesting bunch. What we yearn for one day, we take for granted the next. Over the past one hundred years, we’ve learned to take electricity, running water, healthcare and the fact that we have an abundance of food that comes from all corners of the globe for granted. We have a tendency to normalise any positive experience after repeat exposure to it, eventually nullifying it. We find ourselves bored with what once filled us with joy and seek out longer, more intense experiences, forever ‘chasing the dragon’ and that high of the first time.
The 9 to 5 workday is a product of nineteenth-century socialism.
Investment on digital transformation alone is set to hit US$7 trillion worldwide by 2021, according to IDC. However, big investments open the door for costly failures, and 84% of digital transformations go on to fail. Organisations are investing big on innovation initiatives that are said to build a culture of innovation but ultimately amount to little more than innovation theatre, despite their best intentions.
The late Stephen Hawking famously said that “intelligence is the ability to adapt to change”.
In poker, your bankroll represents how much money you’ve set aside exclusively to play.
On 17 January 1944, the Office of the Strategic Services of the CIA issued the Simple Sabotage Field Manual.
In the early days of Collective Campus, like most new organisations, we kept ourselves afloat by taking part time jobs on the side and working with a number of small clients who paid us just enough to keep the lights on.
Collective Campus is pleased to announce the startups that have been selected as part of the inaugural PropTech accelerator program with Charter Hall.
Over the past 90 days, my team has been searching high and low across Australia to find and recruit VR/AR and real estate startups to the Village Xperience and Charter Hall PropTech corporate accelerator programs respectively.
May 29, 2000. I still remember this date like it was yesterday.
Far too many entrepreneurs and corporate innovation teams fall in love with their solution, instead of the problem they’re solving or the value they’re supposed to be creating for customers.
Peter Drucker’s famous musings that culture eats strategy for breakfast rings as true today as it did then.
In the past three years, Collective Campus has been home to more than 50 startups that have gone on to raise over US$13M.
“There is nothing worse than doing the wrong things right” - Peter Drucker.
Every day we’re tasked with making decisions.
City West Water is a wholly Government owned retail water business operating throughout inner and western Melbourne.
As more large companies begin to embark upon audacious transformation plans and set up innovation teams, more corporate professionals are being introduced to a world in which terms like design thinking, lean, agile, pivot, experiment, fail, adapt and so on are used almost interchangeably.
Collective Campus in its third year now and in that time I’m proud to say that, unlike other consultancies and education providers that have come (and gone already in many cases), we didn’t start out with fundraising as a key priority. It still isn’t.
We are indeed living in an age where anybody with an internet connection has access to more information than the POTUS had just 15 years ago.
It’s no secret that large, publicly listed organisations struggle to successfully explore innovation due to the short-term interests of their investors.
We hear it all the time from corporate innovation teams.
When it comes to corporate innovation, there are indeed no silver bullets. The best way to figure what works for your organisation is to take small bets across a number of initiatives, as one would when building a new product using the lean startup philosophy.
I’ve been using virtual assistants for several years. Today, virtual assistants are a big part of the reason why I can maintain what people consider a very high output (in the past two years - in addition to running an innovation consultancy - I founded a children’s entrepreneurship program, published two books, launched a podcast that as of writing is 187 episodes strong and still maintain a solid social life, daily fitness routine, have ample time to learn and maintain interests outside of work - my team will tell you I’m rarely in the office past 7pm and rarely work weekends).
Fail fast and often is a rhetoric we are no doubt used to hearing, and perhaps have come slightly sick of - like anything that is repeated too often. And perhaps that has to do with the fact that such narrative isn’t actionable.
Winning buy-in from senior and middle management for corporate innovation initiatives is one of the biggest challenges intrapreneurs face. Oftentimes, intrapreneurs resort to presentations and meetings with executives in an effort to convince them why they should explore new initiatives. Sometimes this works. Most times it doesn’t. Such pursuits fall flat because the recipients have an inherent lack of incentive to explore innovation, a preconceived notion that innovation is risky and expensive and ultimately, don’t understand or connect with the proposition.
More often than not, senior management and the C-suite assume that exploring disruptive innovation is incredibly risky, and it is. It’s often a key bugbear to getting senior management buy-in for corporate innovation initiatives.
When it comes to corporate innovation, it’s easy to focus on metrics such as ideas captured by an idea challenge, the number of prototypes developed or experiments run. But with most corporate innovation initiatives quickly degenerating into theatre, failure rates are running high (eg. 80-90% of innovation labs fail). Such failures ultimately lead to senior stakeholders withdrawing their support while intrapreneurs become increasingly dissatisfied and leave the organisation to seek out greener, more innovative pastures elsewhere.
In this post I’ve unpacked 36 cognitive biases that can stifle your innovation efforts, how they might apply to the field and a proposed solution or mitigant for each. If you’ve got some alternative mitigants to address these biases, I’d love to hear from you in the comments.
Disruptive ideas usually don’t see light of day at large companies. And when they do, it’s not for long. If an idea falls under the banner of Horizon 1 innovation, then congratulations - most large companies are already built for this and a business case is an almost perfect vehicle for it. But if an idea proposed by an employee meets this definition of disruptive innovation, then it needs an alternative approach.
“That which can be measured can be managed.” As such, 20th Century management science gave us a number of metrics to monitor the performance of a business venture, including return on investment (ROI), net present value (NPV) and internal rate of return (IRR).
While we can sometimes get away with online customer testing testing, we often have to face up to the much more socially confronting task of interrupting strangers simply going on about their business on the street, which is no easy feat to say the least.
When it comes to corporate innovation, organisations can embark upon a number of different programs, based on their objectives, their current capacities and whether they want to innovate internally, externally or take a hybrid approach. Organisation are spinning off companies for a number of reasons. Find some high profile examples inside.
Our top ten podcasts on corporate innovation and entrepreneurship.
Managers are incentivised to deliver on an existing, repeatable business model, not to help discover new ones. So how do we incentivise them to innovate without sacrificing the core business model which is, after all, where we make money today?
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.
This episode is a little different but will help you How to Come Up with an Idea in 5 Minutes!
This episode is a short introduction to what you can expect from our brand new show!
This episode is a must listen if you are thinking of putting on a hackathon.
Starting a corporate Hackathon? Listen to this show to find out the 13 things you need before you get started.
This episode covers the hot topic of 'design thinking' and why design thinking is never enough.
Starting an innovation lab? This episode will help you with top tips on how to stop your new or existing innovation lab from failing!
This episode takes you through the best success metrics for your corporate innovation teams and programs.
These 5 key innovation metrics are not to be missed if you are aiming for more innovation within your organisation.
This episode will show you how corporation legal and compliance teams can enable innovation.
We look at why failure is key for innovating! Including Steve's top equation for return on failure.
This episodes covers the 11 questions you need to ask before you start your corporate innovation program.
This episode covers a 101 guide on startup acquisition.
This episode covers 9 ways to get buy-in for corporate innovation.
This episode brings you 10 Tools to Help you Build Prototypes.
This episode gives you 12 Customer Testing Acquisition Tools.
This episode gives you 4 awesome Customer Analytics Tools.
In this episode we cover why you should Stop Breaking Awkward Silences.
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?
A roadmap to effectively partnering with startups.
Do you know how well your business is performing when it comes innovation? Would you like to know how to improve your innovation capability?
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.
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.
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.
Flow Genome Project's Jamie Wheal discusses why creativity is more than a skill.
The role that Government should play in fostering entrepreneurship.
Corporate legal and compliance (L&C) teams can enable corporate innovation.
Lessons from the Vietnam War on the one thing that differentiates successful entrepreneurs
Overview of emerging medtech and the implications of a longer lifespan on our lives,
Legal services are delivered is changing due to technology and business model innovation.
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.
"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.