Rajesh Lalwani Speaks on 'The future of Innovation in the Social Media Era’
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Rajesh Lalwani, CEO, Blogworks, was invited to speak at Engage 2013, Eastern India’s largest digital media summit organised by Public Relations Society of India, Kolkata Chapter.
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Rajesh Lalwani Speaks on 'The future of Innovation in the Social Media Era’
- 1. helping create brands for the future All content copyright
- 2. Engage 2013: innovation within an organisation in the social media era Date 21 June 2013 Contact rajesh.lalwani@blogworks.in
- 3. Bringing ideas to life IMAGE 3 context
- 4. 4 The organisation has changed 4 context
- 5. 555 what has changed? organisations THEN – Inward Looking NOW – Looking Out
- 6. 666 what has changed? knowledge transfer THEN – Top to Bottom NOW – Flat hierarchies and reverse mentorship
- 7. 777 what has changed? THEN – Compartmentalised NOW – Collaboration and co-ownership silos
- 8. The process of innovation within an organisation has changed 8 innovation
- 9. 999 innovation then Source: http://digitalinfusions.com/wp-content/uploads/2012/10/12-The-power-of-dialogue.pdf Traditional, linear approach to innovation driven by R&D teams separated by stage gates (The Strategy Group, 2010)
- 10. 101010 innovation now Emerging process of brokerage based innovation – broker familiar with explicit and tacit knowledge between team bridges structural hole. Explore Dynamically structured Founded on relationships between individuals and groups Brokerage of subgroups to connect those with the idea to the managers that have the authority to invest Source: http://digitalinfusions.com/wp-content/uploads/2012/10/12-The-power-of-dialogue.pdf
- 11. 111111 innovation now Emerging process of brokerage based innovation Innovation meets the formal hierarchy of the organisation Idea presented to management to review the concept and its commercial potential to the organisation Source: http://digitalinfusions.com/wp-content/uploads/2012/10/12-The-power-of-dialogue.pdf Engage
- 12. 121212 innovation now Involves active commercialization and evolution of the innovation that matches a specific need. Uses dynamic nature of relationships between individual and groups to understand what is required to implement innovation Exploit Source: http://digitalinfusions.com/wp-content/uploads/2012/10/12-The-power-of-dialogue.pdf Emerging process of brokerage based innovation
- 13. 13 What kind of innovation are we seeking?
- 14. 141414 which innovation do you want? Incremental Innovations Radical Innovations Breakthrough Innovations Small changes to existing technologies or business models Comparatively rarer. Create major new industries with exponential growth Significant changes It is important to have a clear vision of where the company is going, as it will define and set the context for the role innovation will play in enabling profitable growth, help determine the type of innovation you want to drive and the way you need to organize to effect change
- 15. another perspective Co-sharing driving new revenue models – E.g. BMW & Toyota renting cars off dealership lots in US Similarly, Marketplaces for peer-to- peer selling, re-selling, renting, swapping, lending, gifting/donating Marketplaces for product development – enabling crowds to collaborate on core business functions. E.g. Kickstarter for funding, Esty for production, Quirkly for development IMAGE 15 innovating business models Source: Altimeter
- 16. enablers and usecases knowledge networks open learning Open innovation and crowdfunding Intraprenuership Accelerators Reverse mentorship
- 18. 181818 knowledge networks 42% increase in the number of employees engaged in collaboration activities through the Exchange in 1 year Internal knowledge capital integrated with thousands of communities of practice. Access and co-opting of external experts who can otherwise not be hired.
- 19. 19 Open learning
- 20. 202020 open learning > coursera> khan academy Open learning options and platforms are increasingly helping individuals to build knowledge base which in turn paves the way to innovation
- 21. 21 Open innovation and crowdfunding
- 22. 222222 open innovation Bringing together cross-domain knowledge for breakthrough solutions Crowdfunding within an organization may require new motivational model emphasizing both – individual and community needs
- 24. 242424 intrapreneurship 3M’s Intrapreneurship program called the “Bootlegging Policy,” (which allows employees to spend up to 15 percent of their time at work developing their own creative ideas for the betterment of the company and the creation of new products or services) encourage intrapreneurial explorations on company time through formal corporate intrapreneurship programs
- 25. 25 Accelerators
- 26. 26 providing seed money to young entrepreneurs Microsoft XBox is expanding into China with company- funded incubator programme for outside developers to build products based on Kinect Technology Microsoft offers start-ups $20,000 dollar Doesn’t own the intellectual property Cannot veto the ideas accelerator
- 27. 27 Nike+ - leverage success of Nike + platform by connecting with viable companies committed to helping people share more active lives 10 companies selected from 100s that applied $20,000 in funding, plus connections and mentorship by leaders across Nike and the tech industry FitDeck: Digital decks of exercise playing cards that deliver ever-changing workouts for fitness and sports. GoFitCause: Leverages fitness data as a means of raising money for charities. accelerator > providing seed money to young entrepreneurs
- 28. 28 accelerator > providing seed money to young entrepreneurs In India, we work on the Mahindra Spark the Rise programme Projects submitted this year– 1884 Grants – 53 grants for a total of Rs. 27 million Mentorship – with Dasra Connections – 480 funders, 2887 volunteers, 2386 supporters, 267 donors, 1,000,000 votes cast In association with Tehelka and THiNK 2012, Mahindra Rise initiated the Tipping Point innovator series
- 30. 30 right here in india Hindustan Unilever CEO Nitin Paranjpe sees a new generation of consumers growing up in a digital world. And so, for a year now, he is being tutored on social media by a 32-year-old brand manager, Karthik Perumal (@karthik_perumal) Bharti Airtel HR chief Krish Shankar, 49, wanted to get inside the minds of young talent He seeks advice from a business manager, who is only 28 to gain insights Reverse mentoring to 50 senior executives,up from 15 reverse mentoring Source: The Economic Times
- 31. thank you