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Tag: National Innovation Forum (page 1 of 2)

LBS Innovation Series: How do companies hold on to their ability to innovate?

This episode in the LBS Innovation Series shows Christine Axton, Director in Monitor Deloitte’s Strategy Practice. Her talk is about how companies hold on to their ability to innovate and how they achieve, and keep, an innovation premium in the market.

Innovator’s method

Christine presents a short overview of the business tool innovator’s method and illustrates its application in a case study. The innovator’s method is designed to help firms create and maintain an innovation premium, and more specifically to manage uncertainty in the innovation process. The approach seeks to manage uncertainty across the key end-to-end innovation process for start-ups i.e. insight; problem; solution; and, business model.

Testing uncertainty

Where innovator’s method differs from other tools such as lean start-up, design thinking, agile software, lean start-up and business canvas etc. is primarily regarding the steps of the innovation process they emphasise. The innovator’s method offers a set of tools and methods to consider and test uncertainty at each of the end-to-end innovation process steps. The power of this approach is to ensure start-ups don’t go to market wasting time and resources on things customers don’t want. Many start-ups make the mistake of leaping straight to solutions without first understanding the real problems and uncertainty associated with their product/service.

 

Watch Christine’s presentation below:

 

This blog is part of the LBS Innovation Series, developed by Dr Mark Cloney, Professor of Practice in Economics in the La Trobe Business School. The series was developed after the successful National Innovation Forum organised by La Trobe Business School, NORTH Link and Deloitte Consulting P/L.

More blogs in the LBS Innovation Series:

LBS Innovation Series: University-industry collaboration and Intellectual Property

Dr. Ben Mitra-Kahn, Chief Economist at IP Australia, challenges the established view according to particular OECD statistics and rankings, that Australia is not very good at university-industry collaboration. This also runs contrary to the views of Innovation and Science Australia, the agency charged with developing a plan for Australia’s innovation prosperity through to 2030.

IP data

Ben’s argument is that the OECD’s understanding stands in contrast to the actual experience in Australia, for universities, industry and government when you examine joint patent application data. This IP data (patents, trademarks, design rights etc.) tells you what people are filing for rights protection and with whom they are partnering. This presentation focussed on presenting data from joint patent applications which is reported in the annual National Innovation Systems Report from the Department of Industry, Innovation and Science.

Why is this important?

Ben referenced research that shows firms that collaborate with research institutions are three times more likely to experience productivity growth. Ben argues when compared to universities internationally Australia’s performance compares very well with highly innovative and countries such as South Korea and Israel. Finally, Ben suggests the IP data demonstrates that joint patent applications between universities and industry are actually increasing in Australia.

 

Watch his presentation below:

 

This blog is part of the LBS Innovation Series, developed by Dr Mark Cloney, Professor of Practice in Economics in the La Trobe Business School. The series was developed after the successful National Innovation Forum organised by La Trobe Business School, NORTH Link and Deloitte Consulting P/L.

More blogs in the LBS Innovation Series:

LBS Innovation Series: An eco-system, satellites and stage

Nick Kaye is the founding Chief Executive Officer of the Sydney School of Entrepreneurship (SSE) and in this presentation he talks about setting up the SSE.

Platform

Nick argues that the SSE offers a model that can facilitate greater investment and collaboration across and between the higher education sector and industry. The role of SSE is to act as platform and honest broker for budding entrepreneurs within the 12 institutions it represents supporting Australia’s emerging innovators to pursue their entrepreneurial ambitions. Nick presented a case study of the development of the SSE which opened in August 2017.

Collaboration between universities & TAFE’s

The SSE is an unprecedented new partnership between 11 NSW Universities and TAFE NSW. It is based on the business model Nick successfully led for 10 years at the Stockholm School of Entrepreneurship. Some 35% of the Stockholm alumni are now highly active entrepreneurs and include new start-ups such as SoundCloud. When fully operational, at least 1,000 student entrepreneurs each year will participate in SSE courses and activities during their degree or TAFE program, with many more taking part in a program of co-curricular activities including workshops, hackathons, and educational boot camps and networking events.

 

Watch his presentation below:

 

This blog is part of the LBS Innovation Series, developed by Dr Mark Cloney, Professor of Practice in Economics in the La Trobe Business School. The series was developed after the successful National Innovation Forum organised by La Trobe Business School, NORTH Link and Deloitte Consulting P/L.

More blogs in the LBS Innovation Series:

LBS Innovation Series: The critical factors that determine why start-ups succeed (and fail)

Why do 9 out of 10 start-ups fail? A question of interest to Christine Christian; Chairman of Kirwood Capital, Director of FlexiGroup Limited, Victorian Managed Insurance Authority, ME Bank and Lonsec Fiscal Group, Deputy President and Board Member at State Library of Victoria and Co-Founder of New-York based Powerlinx Inc.

What drives success in start-ups?

In her presentation, Christine draws on her vast corporate and philanthropic background to explore what have been the success factors for new start-ups from her experience. Christine discusses key elements such as the skills you must develop to succeed, the importance of timing, the strength of an idea, funding for success and the execution for start-ups. Christine presents from her perspective as a co-investor in start-ups over the last 5 years where she has made 11 start-up investments.

Why do so many start-ups fail?

Together with some co-investors, Christine commissioned research using Dunn and Bradstreet data to conduct regression analysis of what drives success in start-ups. What is the biggest predictor of likely success among the common elements? E.g. strength of idea, timing, leadership, strength of the team, amount of working capital, execution, marketing etc.

Timing, timing, timing

Her answer may surprise you. Christine presents statistical evidence that timing is the biggest predictor of start-up success, although all the elements remain important. That is, to attract investors, start-ups need to bring something different to a market at a moment in time that is attractive and accessible to consumers and can be enabled by smart technology.

 

Watch Christine’s presentation below:

 

This blog is part of the LBS Innovation Series, developed by Dr Mark Cloney, Professor of Practice in Economics in the La Trobe Business School. The series was developed after the successful National Innovation Forum organised by La Trobe Business School, NORTH Link and Deloitte Consulting P/L.

More blogs in the LBS Innovation Series:

LBS Innovation Series: Melbourne Innovation Centre – A case study in innovation

The Melbourne Innovation Centre (MIC), has been operating for 19 years and has been self-funded since 1998. The organisation’s role is to teach, train, mentor and support entrepreneurs and start-ups in Melbourne’s northern region. The organisation has incubated over 400 start-up and scale-up businesses throughout this period, creating more than 1,500 new jobs within Melbourne’s north and contributing approximately $66 million to the national economy annually.

Melbourne’s innovation system

Mr David Williamson, CEO Melbourne Innovation Centre, outlines the current state of northern Melbourne’s innovation system in some detail and the key industry, tertiary, state and local government, and intermediary players that help to shape it. He discusses how MIC’s methodology to assist start-ups and entrepreneurs has changed rapidly over the last three years. That is, away from writing long business plans to lean methodologies (start-up science) that utilizes things like the business canvas, lean start-up, design thinking and prototyping and strategies for rapid deployment. He noted that during this time the typical age profile of his clients has become younger from predominantly 30 to 40-year olds to 20 to 30-year olds. David discusses recent changes to national legislation for venture capital and crowd funding similar to legislation in the UK and New Zealand. He believes this offers great opportunities and will have a dramatic impact on the availability for funding new ideas and innovation.

 

Watch his presentation below:

 

This blog is part of the LBS Innovation Series, developed by Dr Mark Cloney, Professor of Practice in Economics in the La Trobe Business School. The series was developed after the successful National Innovation Forum organised by La Trobe Business School, NORTH Link and Deloitte Consulting P/L.

More blogs in the LBS Innovation Series:

LBS Innovation Series: How can universities strengthen firms’ innovative ability?

The next presentation in the LBS Innovation Series is by Dr Stephan Buse, Deputy Director of the Institute for Technology and Innovation Management (TIM) at Hamburg University of Technology (TUHH). Stephan talks about academia-industry collaboration and engagement, and how universities can strengthen firms’ innovative ability.

Frugal innovation

Stephan argues that to succeed in emerging markets, especially in powerhouses like China and India, many companies from industrialised nations have had to change their established business models. In this environment, to remain competitive, a new way of thinking and acting is required.  Frugal innovation is a strategic approach to deal with these new challenges.

According to Stephan, frugal innovation refers to products and services that seek to minimise the use of material and financial resources across the complete value chain. The objective is to substantially reduce not just price but the complete cost of ownership/usage of a product. By adopting this approach firms can develop products that bring better priced quality goods to the customer both in the Business-to-Consumer and Business-to-Business sectors. He also gives examples of strong university-industry collaboration through the use of ethnography an emerging tool used to better identify habits of consumers.

 

Watch his presentation below:

 

This blog is part of the LBS Innovation Series, developed by Dr Mark Cloney, Professor of Practice in Economics in the La Trobe Business School. The series was developed after the successful National Innovation Forum organised by La Trobe Business School, NORTH Link and Deloitte Consulting P/L.

More blogs in the LBS Innovation Series:

LBS Innovation Series: Welcome to the 4th industrial revolution

The next presentation in the LBS Innovation Series is from Craig Scroggie, the CEO of NEXTDC, Australia’s leading Data-Centre-as-a-Service provider. Craig challenges us to think about and imagine the future through the lens of ever expanding data analytic possibilities.

Theoretical influences

Craig’s presentation is grounded in four major theoretical influences: Moore’s Law (the number of transistors per square inch on integrated circuits will double every year); Schumpeter Economics (i.e. the notion of creative destruction) and the books, The Lean Start-up by Eric Ries; and, The Fourth Industrial Revolution by Klaus Schwab.

Internet of Things

As Craig explains, data is the electricity of our age and the amount is doubling every two years, yet we analyse less than 1% of current global data. He tells us global internet traffic will nearly triple over the next five years, driving billions of dollars of investment in the construction of new data centres and communications networks to enable our digital lives. With the Internet of Things we’re entering a whole new era of technology with – machine learning, self-driving cars, drones, 3D printed body parts, robotics, and artificial intelligence etc. We will have new opportunities for solutions to challenges such as digital disruption, which affects areas such as medical research, sustainability, energy, education and transport. Craig suggests that more opportunities will also emerge from the convergence of technologies over time. His advice for start-ups and entrepreneurs is to develop products and services using lean methods and platforms aimed at the mobile market (not desktop computers).

 

Watch his presentation:

 

This blog is part of the LBS Innovation Series, developed by Dr Mark Cloney, Professor of Practice in Economics in the La Trobe Business School. The series was developed after the successful National Innovation Forum organised by La Trobe Business School, NORTH Link and Deloitte Consulting P/L.

More blogs in the LBS Innovation Series:

LBS Innovation Series: Think big or go home

This blog, as part of the LBS Innovation Series, brings you a presentation by Kate Burleigh, former Managing Director of Intel Australia/NZ and now country manager of Amazon Alexa Skills across Australia and New Zealand.

Kate’s topic is:

Think big or go home – why students and businesses with a global mindset are more likely to succeed within the digital era.

Platform economics & technologies

Kate addresses the rise of platform economics and how this enabling technology together with globalisation is driving the current wave of digital innovation and disruption. She outlines how the proliferation of connectivity and the growing power of data and data analytics is lowering costs through the use of platforms, cloud-based processing, storage and tools. Kate talks about the proliferation of platform economy since the advent of hot spots, Wi-Fi and cloud computing technologies used by companies like YouTube, Amazon, Uber, Airbnb, Facebook and Netflix.

What these firms and the next wave of Chinese technology firms such as Alibaba, Tencent, and WeChat have in common is that they think globally, have monopolistic tendency (i.e. they become the market standard), use artificial intelligence and are agile. For example, these companies have attached payment systems to their platforms which give them a competitive advantage.

In the below presentation we see how Kate challenges our current generation of educators, students, start-ups and business leaders to foster a global mindset and to better utilise and adopt platform technologies in order to be competitive and succeed more strongly.

 

Watch her presentation below:

 

This blog is part of the LBS Innovation Series, developed by Dr Mark Cloney, Professor of Practice in Economics in the La Trobe Business School. The series was developed after the successful National Innovation Forum organised by La Trobe Business School, NORTH Link and Deloitte Consulting P/L.

More blogs in the LBS Innovation Series:

LBS Innovation Series: A start-up science story

The LBS Innovation Series brings you a presentation by Antonio Palanca, CEO and Co-founder of the HiveXchange. Antonio presents a case study on the HiveXchange and talks about fresh innovations in traditional food supply chains.

HiveXchange

HiveXchange has created a new form of business to business e-commerce called trust-based e-commerce which is designed specifically to meet the challenges in perishable produce supply chains. Antonio mentions that organisations over a 20 year period have tried to introduce online buying models into the fresh produce supply chains but have failed.

Lean canvas

Antonio was formerly with Sun Microsystems where they used WaterFall project methods to launch big technology projects. He talks about this experience and how it taught him that this old approach to software design of define requirements, design, build, test, and launch was no longer viable. Instead the HiveXchange embarked on the use of ‘start-up science’ and the lean canvas. He describes the company’s journey and how the use of lean canvas methodology shaped field experiments and prototypes to reveal problems early. This became the foundation of HiveXchange’s trust based e-commerce software. The benefit of this approach is that as you go through the stages you reduce risk and therefore become more attractive to investors.

 

Watch his story below:


 

This blog is part of the LBS Innovation Series, developed by Dr Mark Cloney, Professor of Practice in Economics in the La Trobe Business School. The series was developed after the successful National Innovation Forum organised by La Trobe Business School, NORTH Link and Deloitte Consulting P/L.

More blogs in the LBS Innovation Series:

LBS Innovation Series: Universities’ engagement with industry

Australia must get better at creating meaningful collaboration between universities and business. The Federal Government flagged innovation in Australia as a major policy focus with its $1.1 billion National Science and Innovation Agenda in November 2015. Dr Mark Cloney, Professor of Practice in Economics in the La Trobe Business School, shares his thoughts on creating meaningful collaboration between universities and business.

Bringing industry into the classroom

One way La Trobe Business School is working towards better engagement with industry is through hiring Professors of Practice. A concept born out of the school’s strategic decision to adopt an approach focused on bringing industry into the classroom. Professors of Practice, such as myself, are experienced practitioners in a relevant field of professional practice. We teach subjects and courses that provide a high quality and industry relevant learning experience.

Before I joined LBS, I was the Senior Executive Officer responsible for enterprises management, business planning, audit and protective security in the Commonwealth Department of Agriculture and Water. My experience leads me to be able to develop innovative teaching programs in the economics discipline and risk management practice that enhance the student learning experience, and enhance their career-readiness.

Bringing research into the market

Besides bringing industry experience into the classroom, we also build relationships by organising events where academia and industry can come together. The National Innovation Forum organised by La Trobe business School, NORTH Link and Deloitte Consulting P/L is a great example of such an event. More than 90 business, local government, academic and industry group representatives from Australia and internationally discussing the question:

 

How can we create sustainable bonds between universities, business and not for profits with a view towards creating a more mature innovation culture and ecosystem?

 

The discussions on strengthening collaboration are centred on maintaining industry-university connections and relationships through regular engagement and dialogue and the use of accelerators and incubators. Thus, universities need to create open collaborative spaces and networks with industry where there is potential to commercialise ideas.

This implies that each side needs to engage far beyond the traditional exchange of research for funding model. The implication is that we need strategic partnerships that better blend the research-driven culture of the university with the innovation/data-driven environment of business.

 What more can universities do?

Forum delegate discussions and feedback show that some of the key points universities could consider in enhancing their engagement with industry are:

  • Streamline the decision making processes in terms of entering into collaborative arrangements with industry i.e. make it easier and break down barriers.
  • Changing the incentive system for academics to be equally rewarded for their industry engagement/collaboration as they are for their research.
  • Focus on talking the same language as industry (i.e. business practice) rather than academic theory (shaped by the need to publish).
  • Have a clear path of entry and handling strategy for business’ seeking collaboration opportunities.
  • Hold regular events that give business an opportunity to access and learn about its research and R&D activities.
  • Facilitate more frequent industry engagement/dialogue including events such as the National Innovation Forum which begin to bridge the gaps.
  • Introduce staff industry placements/secondments.
  • Work with industry on developing work-in-learning opportunities to develop more business ready graduates.
  • Establish quicker processes for changing curriculum and subject offering in response to industry need and the changing nature of work.
  • Offer all students opportunity to learn entrepreneurial skills i.e. to nurture start-ups and innovation.

La Trobe University, and La Trobe Business School, are already very active in many of these areas (e.g. La Trobe Accelerator Program; Professors of Practice, Work Integrated Learning and Placements; Industry and Community Engagement; Research and Innovation Precinct etc.) but we can always strive to do better.

 

Read the full NIF 17 Summary Report

  

This blog is part of the LBS Innovation Series, developed by Dr Mark Cloney, Professor of Practice in Economics in the La Trobe Business School. The series was developed after the successful National Innovation Forum organised by La Trobe Business School, NORTH Link and Deloitte Consulting P/L.

More blogs in the LBS Innovation Series:

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