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<p>Innovate or Perish Manoj Ranaweera Manoj.ranaweera@livestax.com| @manojranaweera | 07769734491 28th August 2014 Salford University Definition ¡ Innovation is a new idea, device or process. ¡ Innovation can be viewed as the application of better solutions that meet new requirements, in-articulated needs, or existing market needs. ¡ Innovation is accomplished through more effective products, processes, services, technologies, or ideas that are readily available to markets, governments and society. ¡ Innovation is something original and, as a consequence, new, that "breaks into" the market or society. ¡ Innovation is a process that brings together various novel ideas in a way that they have an impact on society. ¡ Innovation (the use of a better and, as a result, novel idea or method) is not invention (directly to the creation of the idea or method itself). ¡ Innovation (notion of doing something different) differs from improvement (doing the same thing better). Innovation Types ¡ Sustaining Innovation ¡ Easier to achieve ¡ Live or die ¡ Disruptive Innovation ¡ Almost impossible to achieve within a mature company ¡ A game changer Sustaining vs Disruptive Sustaining Innovation Disruptive Innovation A process A process Bring better products/services New product/service Established customers New customers Existing markets Starts with bottom of market and then move up market Eventually displaces established competition Case Studies ¡ Uber – New company from disruptive innovation ¡ Kodak – Badly handled disruptive innovation ¡ Tradex – Constrained disruptive innovation ¡ LiveStax – Opportunity given to disruptive innovation. Uber! New company from disruptive innovation ¡ Whole taxi user experience re-invented. ¡ Whole taxi driver experience re-invented. Uber! New company from disruptive innovation E-Invoicing ¡ Disruptive innovation ¡ Removed paper process ¡ Reduced time ¡ Removed errors ¡ Shorter payment cycles ¡ Further disruption ¡ Supply chain finance Tradex Constrained disruptive innovation ¡ 1999 – First mover advantage ¡ Product Portfolio management – One of the many products ¡ Constrained by sector focus ¡ No opportunity to explore new markets ¡ Need to be profitable and contribute to the overall bottom line Personalised User Experience Platform Opportunity given to disruptive innovation ¡ Separate team ¡ Free to innovate, outside of corporate management ¡ Create own culture ¡ Not govern by profitability or revenue contribution ¡ Create new market ¡ New customers LiveStax Opportunity given to disruptive innovation Innovate or Perish Manoj Ranaweera Manoj.ranaweera@livestax.com| @manojranaweera | 07769734491 28th August 2014 Salford University </p>
