Innoboard: There is no universal definition of innovation. Every industry and every company perceive it differently. As CEO of the Silicon Valley Insurance Accelerator, how do you define innovation?
Michael Connor: Innovation creates new differentiating value that hasn’t previously existed. That impact takes place on a continuum. At the low end it delivers moderate improvements and changes in how an industry creates and delivers value and or in the cost of delivering that value. At the high end it significantly redefines industries their value chains and boundaries and/or creates entirely new industries. That innovation becomes disruptive, when the value delivered is significant and demand for that value is met faster by new entrants than by the major players in the existing industry.
Have you ever wondered where great ideas come from? If your company has ever stalled for the lack of innovation, then you’ve probably thought about it from time to time. Innovative ideas can come from nothing, or from a long process of brainstorming and debate, but it always seems like some industries are consistently coming out with the best new products and processes, while others lag far behind. This isn’t your imagination; some industries are moving much more quickly than others. But which industries are the most innovative, and what sets them apart?
Innoboard: Digitization – it is felt by all industries and departments, however, the reactions are different. What does digitization mean to the BBC Group?
Dr. Christoph Kuen: We understand digitization as transformation and continuous development of corporate processes, client experience and business models. As a globally operating Swiss conglomerate, we are right in the middle of our digitization journey. For us, this means that we link digitization with a transformation process which is reflected in structural changes, a modified process organization as well as in the personal work attitude.
An in-house innovation program is becoming a common fixture in the most competitive organizations. However, in a recessed economy, these research & development programs can sometimes get eliminated, because they struggle to prove or articulate value.
Every year, the Innovation Management Awards invite innovation teams to share their best practices for their internal innovation programs: best practices about how to engage the workplace in the innovation process, how to refine and select the best ideas, and how to identify and prototype meaningful innovations.
The 2016 winners shared a few key qualities that help define a successful innovation management program:
Innoboard: There is no universal definition of innovation. Every organization and every department perceive it differently. In your opinion, what characterizes innovation at international institutions that focus on public-private collaboration, such as The World Economic Forum?
Andrey Berdichevskiy: The World Economic Forum helps advancing innovation in the context of the Fourth Industrial Revolution, a technological revolution that is fundamentally changing the way we live, work, and relate to one another. In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced before. The response to it must be integrated and comprehensive, involving all stakeholders of the global polity, from the public and private sectors to academia and civil society. An underlying theme in ongoing discussions with global CEOs and senior business executives is that the acceleration of innovation and the velocity of disruption are hard to comprehend or anticipate and that these drivers constitute a source of constant surprise, even for the best connected and most well informed. Indeed, across all industries, there is clear evidence that the technologies that underpin the Fourth Industrial Revolution are having a major impact on businesses. The ongoing transformation has a major impact on new business models, technology governance, demand for new leadership models as well as solutions to ethical issues, values and regulation.
Innoboard: Digitization – it is felt by all industries and departments, however, the reactions are different. What does digitization mean to the BBC Group? Dr. Christoph Kuen: We understand…
Innoboard: There is no universal definition of innovation. Every organization and every department perceive it differently. In your opinion, what characterizes innovation at international institutions that focus on…
Digitization. Every industry and every company perceive it and react differently. What impact does digitization have on the maritime industry? The ocean is covering more than 70% of the earth…
Innoboard: At ILI LABS, your claim is “Constructive Disruption“. What do you mean with it? Manuel Kaiser: The term Constructive Disruption is based on Clayton Christensen’s Disruptive Innovation,…