Top 10 Vijay Govindarajan Insights - World Innovation Forum
Taking a slightly different approach than other World Innovation Forum bloggers, I've distilled 90 minutes with Vijay Govindarajan down into these Top 10 Insights:
- Most companies spend too much time on Box 1 thinking and not enough on Box 2&3 thinking
- Box 1 is about closing the performance gap and restructuring
- Box 2&3 are about Closing the Opportunity Gap (projects for 2020) and Renewal
- Strategic Intent is about dreaming big (other people call this a BHAG) - not creating a mission statement that nobody reads
- Every company needs a growth playbook for three horizons:
- Horizon 1 - Core Business
- Horizon 2 - Adjacent Space
- Horizon 3 projects are 95% assumptions and Horizon 1 projects are 95% knowledge
- People at the top "Think" - People in the middle "Make Sure" - People at the Bottom - "Do" - If you want transformation - You must engage the "Doers" at the bottom
- Huge entry barriers to keep competitors out can also prevent you from getting out of the fortress you've built when it's disrupted
- Because the message is simple - It does not mean that it is easy to do - The future is now
- India and China went from 55% of World GDP to less than 5% because they missed several productivity revolutions
- Innovation in emerging markets coming to USA will be hard for American companies to compete against because low margins won't be attractive
- Be the change you want to see in the company - If you get fired for it, find a new company
Horizon 3 - Entirely New Space
Finally, I'd like to leave you with a link to a Vijay Govindarajan webinar (Ten Rules for Strategic Innovators) where you can listen to a lot of the content and follow along with many of the slides.
Updated May 24, 2009 - Here are the slides from Vijay Govindarajan's presentation at the World Innovation Forum:
What do you think?
Braden Kelley (@innovate on Twitter)
Labels: Braden Kelley, Top 10
posted by Blogging Innovation at 4:03 PM
1 Comments:
Braden, thank you for sharing. I really like insight #5 on Vijay's list. He summed it up beautifully. Every level has an important role in innovation. I admire the "Doers" at the bottom and leaders who successfully engage them.
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