Our latest research report is now available, which was focused on how large companies are internally getting ready for the many waves of technology disruption that are here now, and coming. Companies need to be ready, with a dedicated innovation program –not just knee-jerk reacting to each new set of technologies that emerges. We asked a number of companies on how they defined innovation, and heard this common pattern:
“Corporate Innovation Defined: Doing something new that solves customers needs –even if it may be in conflict with your existing business”
We’ve made a high-level partial version available to the public on slideshare, but the full report is limited to our members at Catalyst Companies. Over the coming months, we will publish other insights around corporate innovation.
- Download the report on Slideshare (or see embedded below)
- Join me on a Webinar to discuss the findings
- The top challenges companies face in corporate innovation include: fostering an internal culture of experimentation and innovation (57%); juggling competing internal agendas and goals (56%); overcoming the middle management “permafrost” layer (45%); and moving forward despite deferred commitment and delayed action (33%).
- Though 61% of innovation leaders have “innovation” in their title, only 4% have the title of “Chief Innovation Officer.”
- Corporate innovation leaders aren’t fresh out of college. Rather, they have an average experience of 18.6 years, culminating in the know-how to align minds and departments around change.
- There are 10 types of corporate innovation programs that companies pursue: corporate innovation team; innovation center of excellence; intrapreneur program; open innovation; innovation excursion; innovation outpost; technology education; external accelerator partnership; startup investment; and startup acquisition.
- The most commonly deployed corporate innovation programs include corporate innovation teams (78.9%); innovation centers of excellence (61.4%); and technology education (54.4%). This shows that companies are first focusing internally on building the right teams, getting governance and processes in place, and educating current and new employees on emerging technologies before spending resources on rolling out external programs or investing in the startup scene.
- The most common metric attached to innovation program success is increased revenue (66%), though that can be a fallacy metric if weighed too heavily too soon, before innovation programs have the chance to prove real ROI. Other top measures of success include greater customer satisfaction (54.5%) and faster time to market for new products or improvements (45.1%).
Who we Interviewed:
In addition to surveying large companies, we interviewed over 44 leaders at large companies, or at companies that closely partner with them on innovation initiatives.
- 500 Startups || Khailee Ng, Managing Partner
- Accenture || Jitendra Kavathekar, Managing Director of Open Innovation
- Achmea || Ilse Harmelink, Marketing Partners and Digital Marketing
- Adobe || Cindy Springsteel, Vice President of Global People Resources Business Partners
- ADT || Robert Beaver, VP Technology and Innovation
- AXA || Guillaume Cabrere, CEO AXA Lab in Silicon Valley
- Cisco || Alex Goryachev, Director of Corporate Strategic Innovation Group
- Colgate-Palmolive || Jenny Gomez, Marketing Director of Innovation
- Comcast || Danielle Cohn, Director of Entrepreneurial Engagement
- Electrolux || Heather Hanson, Global Head of Marketing Technology
- European Institute of Technology || Patrick Consorti, EU-US Industry Partnerships
- Fujitsu || Kevin Krejci, Business Development and Alliance Manager
- Fujitsu || Mohi Ahmed, Senior Director of Open Innovation Program
- Galvanize || Ryan Nadeau, Director of Special Projects
- GE || Alex Tepper, Managing Director of GE Ventures
- HP || Vincent Brissot, Head of Channel Marketing and Operations
- Ideation || Charles Lee, Founder and CEO
- Johnson & Johnson || Melinda Richter, Head of JLABS
- Leroy Merlin || Stephanie Hajjar, Head of Innovation and Entrepreneurship
- Mastercard || John Sheldon, SVP, Group Head of Innovation Management
- Nestle || Mark Brodeur, VP Digital Innovation
- Nexxworks || Peter Hinssen, Founder
- Nexxworks || Laurence van Elegem, Marketing and Communications
- Nexxworks || Steven van Belleghem, Founder
- Pilot44 Labs || Andrew Backs, Founder and Chief Innovation Strategist
- PostNL || Michel Bagli, Team Lead of Growth Strategy
- Protiviti || Jay Thompson, Managing Director
- Protiviti || Steven Massengill, Technology Consultant
- Rocketspace || Canice Wu, Director of Corporate Innovation
- Savvy Millennial || Savannah Peterson, Founder
- Sparks & Honey || Annalie Killian, Director Human Networks
- Stanford University || Reilly P. Brennan, Executive Director of REVS
- Swisscom || Gregory Leproux, Managing Director and VP Business Development
- Swisscom || Stefan Petzov, Principal Architect Swisscom Cloud Lab
- Swiss Post || Lorenz Wyss, Head of Ideation and Idea Management
- Swiss Post || Theirry Golliard, Head of Open Innovation and Venturing
- TD Ameritrade || Sunayna Tuteja, Lead Digital Strategy, Experience, and Innovation
- The Intrapreneur Lab || Milan Samani, Founder
- Visa || Shiv Singh, SVP Digital and Marketing Transformation
- Walt Disney Co. || Duncan Wardle, VP Creative Inc. (former)
- WDHB Strategic Learning || Sam Mueller, COO
- Wells Fargo || Darius Miranda, VP Innovation Group
- Wells Fargo || Nathan Bricklin, SVP Head of R&D Strategy and Experience
- WL Gore || Linda Elkins, Leader of WL Gore Silicon Valley Innovation Center
We will continue to publish research on disruptive trends, our next report will be on the Business Models of Blockchain, and more insights from the Corporate Innovation imperative will be shared, be sure to subscribe to this blog.