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Intrapreneurship & Innovation

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Aaron McDaniel

on 1 March 2018

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Transcript of Intrapreneurship & Innovation

-Aaron McDaniel
for
Intrapreneurship & Innovation
The tools startups use can work for you too. Drive lasting change & improve customer satisfaction
Takeaways
Intrapreneurship makes innovation faster, more impactful & less expensive
The entire organization must support a mindset that accept failure and allows for pivots
It all starts with your (internal/external) customer
HERA Testing Model
Hypothesis
Experiment
Result
Repeat
Track
Build-Measure-Learn Feedback Loop
Goal:
Speed - Go through complete cycle as rapidly as possible
IDEAS
PRODUCT
DATA
BUILD
MEASURE
LEARN
Pivot
1.
Build an MVP to test Value/Growth Hypotheses
2.
Make MVPs that aren't scalable
Make experiments to test MVP
3.
NOT Surveys
A/B Split Testing
Narrow Scope to Answer Key Question
4.
Collect Data
Benchmark Experiments Against Data
Properly Segment (ex: by Customer Persona)
Success = Improved Results for Metrics that Matter
Pivots = More Experiments
5.
Actionable
Metrics - Demonstrate Clear Cause/Effect
Actionable, Accessible, Auditable Metrics
Accessible
Metrics - Can be Understood
Auditable
Metrics - Credible & Verifiable
Remember - Metrics are People, NOT #'s
NOT Vanity Metrics
Ex: Tracked Links from Social Media Campaign to Sign-ups on Landing Page
Ex: User logs into app & looks at 10 deals
Customer walks into store & purchases 3 apples
Ex: Ability to validate core traffic data shown on Squarespace by location info on Google Adwords to confirm geography
6.
Unit of Progress = Validated Learning
Demonstrated with Empirical Evidence that model/strategies/features create value
No Hindsight Rationalization
A hypothesis is “falsifiable” when it can be rejected through a decisive experiment – must be able to fail to learn
Caution:
Bad Hypothesis Example: “Our product will spread through word-of-mouth”
Control and Treatment Groups – determine if modified element has a significant effect on performance
Operational Capability
– manual backend operations to understand and solidify process of delivering value
Measure – Activity and Behavior
NOT
Opinion
Vague is bad. Be specific with numbers/quantitative metrics and a clear path to pass/fail
What is an MVP?
Intrapreneurship in Action
There Are No Facts Inside Your Building, So Get Outside (talk to customers)
Be Comfortable with Uncertainty, Make No Assumptions
Failure is an Integral Part of the Process - If You’re Afraid to Fail You’re Destined to Do So
Make Continuous Iterations and Pivots are Driven by Insight
Validate Your Hypotheses with Experiments (ask "What insight do we need to move forward?")
Success Begins with Buy-In, Build a Strong Team
No Business Plan Survives First Contact with Customers
Measure Progress - There are more metrics than just Profitability
Fast, Fearless Decision-Making, Cycle Time, Speed and Tempo (with the right team)
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
What Makes a New Way Possible?
Faster Info Sharing - Crowdsourcing
Lower Costs to Innovate
Tech Tools & Automation
Outsourcing
The Intrapreneur's Mindset
What is Intrapreneurship?
MVPs (Minimum Viable Products)
Source: Eric Ries
The Lean Startup
"A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation"

- The American Heritage Dictionary
What it's not
Taking Misguided Risk
Throwing Away Existing Goals & Vision
Technology + the Wrong Culture
The Old Way
Avoid Waste
Adapted From Steve Blank's
The Startup Owner's Manual
Implementing a Culture of Innovation
Title Example
Why Build an MVP
Example MVP
Keys to Success
A Minimum Viable Product (aka "MVP") is a statement of the smallest possible features that will work in solving the core of the problem AND showing the value of the product.
Minimizes the Time/Cost of Development
Gets product to Earlyvangelists sooner
Great way to learn what DOESN'T matter
Maximizes customer learning fastest (answer biggest questions first)
Test risky assumptions
1) Start with a solid
question
to answer
2) State what needs to be learned, from whom
3) Make it as uncomplicated as you can imagine
4) Make it cringe-worthy
5) Find the Minimum Feature-set
6) It's NOT your invention
7) Begin with the lowest costs &
highest value tests
Encourage Intelligent Risk-Taking
Engagement is Key, Measure it
Celebrate Failure & Utilizing the Model
Practical Ideas
Crowdsource Ideas
Create Cross-Dept. CoE (Exec. Alignment)
Engage with Local Colleges
Create a Rotating Innovation Team
Encourage Industry Collaboration
Questions
What should be on the menu? Does the food taste good?
Can the food be prepared at scale?
MVP
Where should the restaurant be located?
A New Restaurant
Oncology Clinic Example
Problem:
Question:
Test:
There has been a recent spike in patients canceling appointments or not showing up at all
Will sending appointment reminders via text messages requiring an affirmative response improve proper medication rates?
Send text messages to client 3 days prior to appointment with a reminder of the appointment (and asking them to respond that they will be coming) and another reminder the day of with a friendly reminder of the appointment
SMS Test
4 weeks
sending SMS/Text messages to
clients prior to their scheduled appointment
to ensure they will be coming
send texts to all clients prior
to their appointment (3 days before and day of) reminding them of the appointment
the number of patients cancellations
(by number of %)
the percentage of patients canceling
appointments last minute or not showing up goes down to
A not too secret Secret
Remember the Chain of Command
RESULTS
Plans
>
How many companies in today's Fortune 500 were there in 2000?
48%
below previous levels
Make an MVP, if things don't work, Pivot
It all starts with a
?
MVP example
Will customers pay a premium for a product with simpler ingredients?
200 Stores
Pivot:
2 sizes worked, 1 didn't
The Old-Fashioned Company
Quarterly Results Focused
Metrics are focused on making managers look good
Functional Silos
The Modern Company
Long-Term Focus
Cross Functional Teams
Rapid Experiments
Meaningful Metrics
Empowers Entrepreneurial Thinking
FastWorks
Who is adopting the Modern Company Model?
Cycle Times & Batching
Full transcript