PRESENTED BY: CAITLIN FLYNN BRYANT CORNELL GREG LAYBOURN Worlds Most Innovative Companies

Innovation in the 21 st Century Broad focus  Reinventing business processes  Building new markets with untapped customer needs  Selecting and executing right ideas/bringing them to market “In the 1990s, innovation was about technology and control of quality and cost. Today, its about taking corporate organizations built for efficiency and rewiring them for creativity and growth.”

Business Week Rankings Business Week joined with The Boston Consulting Group  Which companies innovate best and why Global survey: more than 1000 senior managers responded Goal: the top 25 most innovative companies 72% of senior executives list innovation as top priority

Innovative Companies Apple Google Southwest Airlines Virgin Group Ltd. BMW Procter & Gamble Co. Samsung IBM

Obstacles to Innovation Slow development times Lack of coordination Getting reliable consumer insight  the consumers action compared to their words Measuring benefits of innovation

Asking the Right Questions Cross-functional collaborations challenge companies to focus on all areas of the business Ways to measure and raise productivity of innovation efforts  8 to 12 metrics Samsung Electronics: most important metrics are price premiums and speed at which they can bring to market phones that meet customer’s needs

The World is Your Lab Many companies are implementing the idea of open innovation “when you work with outside parties, they bear some of the cost and some of the risks, and can accelerate the time to market” Henry W. Chesbrough Nokia: customers in poorer countries influenced more durable phones since they’re often the most expensive item these customers will buy  Better sense of local cultures, behaviors and fashions