1. Corporate Entrepreneurship Dr Tendayi Viki University of Kent Website: www.tendayiviki.comFollow Me: @tendayiviki

2. The Importance of Innovation 3. PWC research shows that, over the last three years, the leading innovative firms have grown at a rate 16% higher than the least innovative.PWCs Innovation Survey, 2013 http://www.pwc.com/gx/en/innovationsurvey/files/28222_GIS_Final_HiRes.pdf 4. PWCs Innovation Survey, 2013 http://www.pwc.com/gx/en/innovationsurvey/files/28222_GIS_Final_HiRes.pdf 5. What is Lean Innovation? 6. The Narrative 7. The Reality 8. Stephen J. Kline & Nathan Rosenberg (1986) An Overview of InnovationModels that depict innovation as a smooth, wellbehaved linear process badly misspecify the nature and direction of the casual factors at work.. Innovation is complex, uncertain, somewhat disorderly, and subject to changes of many sorts 9. Stephen J. Kline & Nathan Rosenberg (1986) An Overview of InnovationThus, an important and useful way to consider the process of innovation is as an exercise in the management and reduction of uncertainty (pg. 275). 10. What we learn in business school 11. Business planning is problematic: Because it describes as linear, a process that is actually non-linear. 12. Business planning is problematic: Because it places too much emphasis on the value of the initial idea. It also gears up the organization for execution and operational effectiveness. 13. Do not place too much emphasis on the value of your initial business idea. People are terrible at predicting what other people will pay money for! 14. You probably think your product idea is this cute 15. But this is what it looks like to your customers! 16. The difficult discipline is in deciding: How much effort you want to put into execution and optimization, before you are certain that you are on the right path 17. The Innovation Thesis 18. A Path for Searching: For a sustainable and profitable business model for your idea. 19. Innovating is Really Like a Doing Research Project: We should not be making business plans, we should view our initial business model as a research proposal. 20. The Innovation Team is a Research Team: All hands on deck, to learn what customers want And a sustainable/profitable way to deliver that value to them. 21. A Significant Contribution: The significant contribution of a startup is building something people want Upon achieving product-market fit, a startup graduates 22. Eliminate Waste 23. Stephen J. Kline & Nathan Rosenberg (1986) An Overview of InnovationThe majority of inventions that have been recorded at the US Patent Office have never been introduced on a commercial basis (pg. 276). 24. Michael L. Tushman & William L. Moore (1982) Readings in the Management of InnovationOf the 1800 successful innovations tabulated by Donald G. Marquis in 1976, almost three quarters were the result of perceived market need, and only one quarter from perceived technical opportunity. 25. Stephen J. Kline & Nathan Rosenberg (1986) An Overview of InnovationBoth technical and market needs must be met for successful innovation (pg. 276)Successful Innovation: The Technological + The CommercialIn Other Words: Product Market Fit 26. The Scientific Method Applied to Innovation and Entrepreneurship 27. Eric Ries (2011) The Lean Startup http://lean.st 28. Ash Maurya (2012) Running Lean http://www.runningleanhq.com/ 29. Ash Maurya (2012) Running Lean http://www.spark59.com/ 30. A Tool for Experimentation The Minimum Viable Product 31. Source: @ryanmaccarriga 32. Lean Innovation Inside the Corporation The Innovation Sandbox 33. Key PrincipleInnovation must be managed strategically, it cannot be done successfully in a haphazard fashion. Nagji & Tuff (2012)Harvard Business Review 34. The Innovation Ambition MatrixNagji & Tuff (2012)Harvard Business Review 35. Innovation PortfolioNagji & Tuff (2012)Harvard Business Review 36. Innovation ReturnsNagji & Tuff (2012)Harvard Business Review 37. Innovation PortfolioNagji & Tuff (2012)Harvard Business Review 38. Inside the Innovation Sandbox Firms must develop the unique capacities needed for transformational innovation: Innovation teams should be separated from day-to-day operations (Innovation Sandbox). /Nagji & Tuff (2012)Harvard Business Review 39. Inside the Innovation Sandbox Firms must develop the unique capacities needed for transformational innovation: Funding should come from outside the normal budget cycle (Stable and Predictable Funding). /Nagji & Tuff (2012)Harvard Business Review 40. Inside the Innovation Sandbox Firms must develop the unique capacities needed for transformational innovation: Talent within innovation teams should include a diverse set of skills (Cross-Functional Teams). Creatives, Designers, Anthropologists, Scenario Planners and Analysts; that are able to deal with ambiguous data. /Nagji & Tuff (2012)Harvard Business Review 41. Inside the Innovation Sandbox Firms must develop the unique capacities needed for transformational innovation: Pipeline management should focus on the iterative development of a few promising ideas, not the ruthless filtering of many (BuildMeasure-Learn). It is impossible to predict fifth-year sales for something the world has never seen. Nagji & Tuff (2012)Harvard Business Review 42. Inside the Innovation Sandbox Firms must develop the unique capacities needed for transformational innovation: Metrics should recognize nonfinancial achievements in early phases (Innovation Accounting). What if the only hurdle to clear to receive investment is that the company might learn something.Nagji & Tuff (2012)Harvard Business Review 43. Eric Ries (2011) The Lean Startup http://lean.st 44. THANK YOU