In the latest of a series we present highlights from the 2015 Mumbrella360 conference.
Innovation has been much in the news in recent weeks and is a key for many businesses looking for success in today’s operating environment.
Despite the rich academic and natural resources Australia has access to, Australia is also an example of how innovation is being blocked. Landor Associates’ MD Dominic Walsh explores the concept of innovation and how to overcome these blocks within your business to help set you apart from the competition in The Unlucky Country.
Timeline of session:
- 1:00 Quote from Donald Horne: Australia lives on other’s ideas, leaders lack curiosity.
- 2:05 Walsh: Australia spending 0.58% of GDP on research and development in 1970. Now only 0.55%.
- 4:30 Walsh: Australia’s GDP spend down with Slovakia, Slovenia and Greece.
- 8:30 Quote from Murdoch: “Fears for Australia to be taken by the tiger economies of Asia and the dragon economy of China.”
- 11:15 Walsh: Ideas born in Australia: Wi-Fi, Google Maps and Influenza Vaccine but commercialised in abroad, with successful results. Cochlear implant is $AUD 5bn.
- 11:50 Walsh: We have no shortage of ideas but we just need to know how to commercialise these ideas.
- 12:20 Walsh: Atlassian = Innovative business model. Lack of sales staff and online shopfront reduces price of product, making it more aggressive and successful in the global market.
- 14:30 Walsh: Kodak goes from being in the top 1% of all brands to the bottom 3% from lack of innovation within the business process.
- 17:30 Walsh: Innovation is a key driver for relevance and differentiation in the market place.
- 19:00 Walsh: Out of the fortune 500 companies last year, over half have disappeared due to the digital disruption.
- 19:30 Walsh: We are some of the most complacent MD’s in the world when it comes to digital disruption.
- 20:45 Walsh: Landor Associates’ interview shows that 79% of business struggle due to lack of short term company perspective blocking business.
- 21:35 Walsh: Top 2 barriers to innovation are Culture and Leadership, where poor management of both leads to discontent and finger-pointing, hindering productivity.
- 22:35 Walsh: Even when 20% of staff in an organisation act out against the company out of discontent, it is costing the US economy approximately $USD 500bn.
- 23:10 Walsh: Bureaucracy blocks decision making, innovation and the ability to act quickly in the economy = a much needed trait in today’s economic environment.
- 26:35 Walsh: Apple has helped push “design thinking” into the mainstream business practice, benefiting innovation.
- 29:40 Walsh: Start-up business mentality becoming more and more popular within the big business, benefitting their innovation process.
- 31:55 Walsh: Need to also think inside the box, to create an opportunity within your organisation and treat it like an experiment.
- 34:11 Walsh: The agile brand includes these traits: Adaptive, Principled, Networked, Leading and Multi Channel & Global.
- 35:40 Walsh: Organisations need to be networked: Lessons to be learned from the sharing economy.
- 36:20 Walsh: Leading: Example of Richard Branson just going and starting up his space program – go and prove it can be done.
Visit the Mumbrella360 website via this link.
Video edited by 90 Seconds cloud video production
Mumbrella360 takes place between June 7-9. Earlybird tickets are now on sale until April 15, offering savings of up t0 $700. See sessions announced so far and book your place here.