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A leading innovation and marketing blog from Braden Kelley of Business Strategy Innovation

Monday, May 11, 2009

Top 10 CK Prahalad Insights - World Innovation Forum

Taking a slightly different approach than other World Innovation Forum bloggers, I've distilled 90 minutes with CK Prahalad down into these Top 10 Insights:

  1. Companies achieving competitive separation will be focused on 'next practices', not best practices

  2. Managers must focus some of their attention on volatility and discontinuities, because if not actively managed, discontinuities become disruptions

  3. To manage volatility you must address two contradictory requirements:

    • Strategic Clarity and Consistency

    • Operational Agility and Resilience

  4. Avoiding commoditization from now will require the creation of personalized, co-created experiences (possibly using multiple vendors)

  5. Only when you try to get rid of variable costs do you realize they are fixed

  6. Our new business reality requires systems capable of enormous volatility and scaling up and down rapidly

    • How do I create capability of anticipating the future?

    • How do I enable real time reconfiguration of resources?

  7. Four billion people want to be part of the global marketplace - this will have a profound impact on sustainability

  8. The question is not whether I can invest big, it is whether I can learn fast

  9. Innovation requires speed and stamina along with clarity of direction

  10. Don't start where you are in determining strategy - you will only get extrapolation from present - and you will only get budget-oriented approaches

    • Position yourself in 2015 or 2020 and then fold the future in

    • Strategy is about folding the future in, not about extrapolating

    • You imagine the future and then you determine the short steps inbetween to get there

Finally, I'd like to end with a quote from CK Prahalad's mother:

"Never accept silence as agreement because you'll regret it later."

What do you think?

Braden Kelley (@innovate on Twitter)

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Blogger Shreesha said...

Well summarised-gives a good ready reconner. The most difficult part is to imagine so far ahead in future and then try to fold back to present.

1:28 AM  
Blogger Ramalingam said...

I had the privilege of listening to Mr. C K Prahalad's Oration in Madras Management Association on 'Indigenous Innovation' after accepting one award from Dr Reddy's Lab.
I thank him very much for the practical advice & encouraging opinions to me on Innovating a novel 3 wheeler for the Indian Market. He rightly said .DON'T WORRY ABOUT THE MNCs when you are innovating something for the unique Indian Market. It has undergone first trials. I am doing some Value Engineering now. I am confident that I will come out with a cost effective model for the unique Indian Market.
Through this forum I am sending my thanks to Mr. Prahalad for his free and valuable advice. I had the honor of taking some photos with him also.

I am on my way to start my second business venture .I am planning to host a meet on ‘Innovation & Entrepreneurship ‘shortly in Chennai. Co-sponsors and speakers on the above topic are welcome to join me
Ramalingam K S
Chennai -90

5:53 AM  
Anonymous Murli bhai said...

this way of your indexing a speech is more valuable than blogging..fine approach..all the best

6:28 PM  

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