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innovation

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Kelsey Tulloch

on 2 May 2014

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Transcript of innovation

Where the
dea started...

“If you always do what you always did, you will always get what you always got”
- Albert Einstein
Quality
Decision
Making
Engagement &
Commitment
Execution &
Excellence
ORGANIZATIONAL
IMPERATIVES FOR
ENDURING
SUCCESS
New Knowledge
& Application of
New Knowledge
Research &
Thought
Leaders
Gary Hamel
Michael Roberto
Steve Jobs
Theodore Levitt
Sheryl Sandberg
Thomas Edison
Peter Drucker
Carl Jung
Clayton Christensen
Going Forward...
We have a history of innovation

We have elevated innovation awareness across the firm

We have established an innovation 'platform'
- Clarifications, understanding and knowledge sharing in the firm
- Created resources that can be used with investors, and new employees (recruiting)

We have identified specific best practices and processes

We are committed to maintaining a learning and innovation culture

BENEFITS OF THE INNOVATION WORK
* Develop and Continue to Work On New Ideas
- Alternative exit strategies
- Energy research team collaborations
- Project 3, 5, 10
- Proprietary deal flow
-Deal Sourcing and Relationship Management
- Distilling leadership
- ARC Energy Roundtables
- SharepARC
*Building and Sustaining an "Innovation Culture"
- Internal Recognition Award
- Implement "Barriers to Innovation Survey"
- Innovation as part of Performance Reviews
- Update/Maintain the Innovation Timeline
- Internal Culture "How-Tos"
*Everyone is encouraged to innovate - harnessing employees’ imagination.

*The role of the innovation team is to act as the coordinator/manager of innovation initiatives.

*Diligent research will be done by the lead person, especially innovation that is applicable to an investment company.

*Innovation is a critical success factor for most companies and it can be a competitive advantage. It is not restricted to dot.com or high tech companies.

SCOPE
"We see ongoing innovation as fundamental to our enduring success. Absent the conditions that support innovation, we would not adapt and thrive. Absent openness, curiosity, rigorous inquiry and exploration and the willingness to change and “to try something new, with the view to creating something better”, we would wither and perish."

-(#3 - Convictions and Principles Document)
TO DO LIST:
innovation
Convictions and Principles
Innovation Timelines
10 Key Convictions and Principles
Sources of Innovation
Barriers to Innovation
Barriers to Innovation
Group Feedback
Processes and Practices
Comprehensive
Innovation Document
OUR
PROCESS
"I didn't realize we were being innovative. I just thought we were solving problems."

-John Dielwart
"Innovating is part
of our DNA."

-Andy Evans

A. Identification of Deficiencies/Unmet Needs or Threats
B. Discovery
C. Assessment
D. Testing
E. Adoption
F. Integration
G. Sustainment
H. Identification of a “Better Way”/Upside Potential/Opportunity
DYNAMICS OF INNOVATION
IDENTIFIED 37 SPECIFIC BARRIERS
1. Generating Ambitious Goals
2. Temporary Project Teams
3. Independence and Autonomy as a Process Commitment
4. In-House Experimentation
5. A) External Sources of Innovation
B) Internal Sources of Innovation
6. Innovator’s DNA Best Practices
7. Innovation Culture Leader
7 PROCESSES AND PRACTICES

INNOVATION - SCOPE OF WORK ....................................................................................................... 1
KEY ORGANIZATIONAL IMPERATIVES FOR ENDURING SUCCESS ..................................................... 2
COMPONENTS AND DYNAMICS OF INNOVATION ........................................................................................ 3
INNOVATION: 10 KEY PRINCIPLES AND CONVICTIONS ...................................................................... 4
INNOVATION: CONVICTIONS AND PRINCIPLES............................................................................................. 5
HISTORY OF INNOVATION AT ARC FINANCIAL ................................................................................ 5
DISCOVERY, ADOPTION AND CHANGE ............................................................................................ 7
FOCUS ON ADOPTION ..................................................................................................................... 8
SOURCES OF INNOVATION.............................................................................................................. 9
RESISTANCE AND BLOCKS ............................................................................................................. 10
INNOVATION AND LEADERSHIP .................................................................................................... 12
INNOVATION: 7 KEY PROCESSES AND PRACTICES .......................................................................... 14
SPECIFIC BARRIERS TO INNOVATION .............................................................................................. 27
ARC FINANCIAL STRATEGIC SESSION – SEPT.26 – BREAKOUT GROUP FEEDBACK ......................... 31
SEPTEMBER 26, 2013 STRATEGY SESSION BREAKOUT GROUP FEEDBACK - INCORPORATED WITH
THE 7 KEY PROCESSES AND PRACTICES ........................................................................................... 38
APPENDIX - HISTORICAL INNOVATION AT ARC FINANCIAL - TIMELINE ........................................ 40
APPENDIX - HISTORICAL INNOVATION AT ARC FINANCIAL - EXAMPLES ....................................... 44
APPENDIX - HISTORICAL INNOVATION AT ARC RESOURCES – TIMELINE/EXAMPLES .................. 47
CONTENTS
1. Innovation is imperative for enduring success.
2. Must be supported and reinforced by other organizational imperatives.
3. Not an end in itself, and involves both opportunity and risk.
4. May involve small or large outcomes.
5. Dynamic process, involving discovery, and the hard work of application and adoption.
6. All successful innovation relates back to an unmet need, limitation or threat.
7. Inasmuch as there is always an unmet need or problem, innovation can be driven by inspiration of opportunity.
8. Conviction is a necessary part of successful innovation and always relates to a clear seeing or deeper understanding of reality.
9. There is an inevitable natural resistance to innovation, which can be either healthy or unhealthy.
10. Innovation is an integral part of leadership.
10 KEY CONVICTIONS AND PRINCIPLES
- Unmet need, problem or deficiency

- Opportunity, resolution or solution

- Deep critical insight or understanding that underlies the resolution, which provides the conviction to move through resistance and create change

SOURCES OF INNOVATION
Full transcript