Please wait while the transcript is being prepared...
0:00
My name is Sylvie Albert,
I'm a professor of
Strategy and Leadership
at the University of
Winnipeg in Canada.
I am joined by my
friend, Al McLeod.
Hi. I had a 40-plus-year career
as a technologist and serial
entrepreneur in Canada.
Welcome to our presentation on
developing a system
of innovation.
0:21
My research focuses on
city sustainability
and innovation
and how various
stakeholders contribute to
these topics in
communities worldwide.
I've been an entrepreneur
in residents at
several Manitoba
institutions and
also created my own startup.
I held senior management
positions in Financial services,
Technology services, Telecom,
Media, and Insurance.
I'm a thought leader in
entrepreneurship and
creator of corporate innovation
training and tools system.
As you can see, we
have a combination of
academic and field experience
joining you today to cover
a wide variety of topics.
1:01
We will begin by talking
about why we innovate,
the types and descriptions
of innovation,
who is responsible for
innovation and who contributes.
Then, a number of planning
issues that we need to
contend with if we want
to develop an
innovation portfolio.
As well as several innovation
execution examples and
we will conclude with the
McKinsey Model of Innovation,
which should nicely wrap
up our topic for today.
1:31
In this slide, you see
a depiction of the
volatile, uncertain,
complex, and ambiguous
environment that we live in today
or VUCA for short.
It is a major incentive
for thinking about
our organizational
systems of innovation.
With an aging workforce,
a significant influx
of millennials, and
culturally diverse
populations around the globe,
the demographic angle
certainly requires
new ways of thinking and
serving all stakeholders.
The growth and
changing technologies,
whether we are affected
by automation,
virtual marketplaces,
or the rise of the data
economy, provides opportunities,
but also possible
challenges and threats
for many industries. Every
organization must continually
assess its business environment
and understand where
changes coming from and
these can be industry forces,
key trends, market forces,
or macroeconomic forces.
High uncertainty calls for
more emergent strategies
are those that require
flexibility and
ability to quickly
change course and
innovations are key.
Since forecasting is difficult
in volatile environments,
following carefully laid
plans can be risky.
Planning is still important,
but all hands are on deck to
innovate and pivot
when necessary.
Exponential converged
technology advancement is
only one part of the change
facing modern businesses.
The four major forces
that impact companies
and industries are very
concerning to CEOs, of course.
As most industries are changing
with increasing rates and
complexity of change,
new market entrants
are an industry force,
especially tech startups,
either on their
own or worse yet,
with one of your current
competitors or one
of the big tech companies
could be invading your market,
like Apple entering
financial services
or Tesla selling insurance.
Changing customer needs
is a big market force,
largely driven by
changing demographics,
social forces, and
customer preferences.
Then there are forces, such as
the expectations for
stakeholder capitalism,
the impact of the pandemic,
global warming, and so on.
