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Listen for yourself right now. Show More. Fahrenheit at Fahrenheit No Downloads. Views Total views. Actions Shares. Embeds 0 No embeds. No notes for slide. Fahrenheit Big Entrepreneurship 1. Big Entrepreneurship 2. Theterminnovationgoeshand-in-handwith entrepreneurs. Ifyoulookaroundatthefastest growingcompaniesandbiggestdisruptors—Tesla, Nest,Xiaomi,Square,Slack,Spotify—theyallhave onethingincommon:theyarerunbyentrepreneurs.
Forbig,establishedcompanies,theinnovation challengeiscomplex. Theybattleanenvironmentof rapidchangethatisenabledbyforcessuchasdigital technologyandglobalizationaswellastheshifting expectationsandbehaviorsofconsumers.
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For corporations that have been built around a set way of doing things, they must strategically navigate through the minefield of startups, new technologies, and consumer trends that can determine the fate of their business seemingly overnight. Startups are achieving scale faster and in more lightweight ways than ever before.
In 6 years, Uber has expanded to 60 countries and cities worldwide. They facilitate 1 million trips a day, yet they have no fleet of cars and employ no drivers. And they have spawned dozens of businesses from their service model. Disrupt or be disrupted.
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Change or be left behind. For large organizations there are massive opportunities to become more entrepreneurial while also leveraging scale to launch innovations that will have widespread impact. In this report, we will explore ways that companies can become more entrepreneurial and innovative through the lens of five critical components to the trend. Big Entrepreneurship The way businesses need to organize and behave has fundamentally shifted. Fahrenheit Fahrenheit is a global innovation strategy and design firm. Table of Contents The Paradox of Scale How big companies can innovate in a world that favors the underdog 01 07 Winning the Next Generation of Innovators How to attract, engage, and retain Millennial talent 03 47 The Chief Innovation Officer, Redefined How to hire a CINO that can build lasting innovation capabilities 05 90 Incubating Innovation How to cook up meaningful innovation with an innovation lab 02 27 The Rising Billion How multinational businesses can keep up with the new global consumer 04 68 6Big Entrepreneurship 7.
How big companies can innovate in a world that favors the underdog The Paradox of Scale 8.
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Whenitcomestodrivinggrowth,oneofthemost pressingproblemsfacingFortunecompanies isthattheyareFortunecompanies. Scalecreated advantageacrossallaspectsofthebusiness. Becomethebiggest—sothelogicwent—and youwouldhaveunrivaledaccesstocapital, globalreach,expansivenetworks,andapowerful abilitytospend—onthebestinRD,technology, marketing,sales,facilities,andpeople.
Today, the balance of power has irrevocably shifted from big companies in favor of both smaller, nimbler upstarts and consumers. This is being driven by competitive market changes as well as significant new dynamics in consumer preferences and behaviors. The following trends are tearing away at the traditional benefits of being big while also turning the tables to enable small companies to flourish. Consumers have come to expect the companies they interact with to know who they are and what they prefer.
For the first time since Interbrand began issuing their Best Global Brands Report 15 years ago, the top retail brand on the list was a brand that mostly does not even sell its own products. Ranking above Louis Vuitton and HM was Amazon, which has an entire team dedicated towards personalization and recommendations. At the time of writing this, there were several openings in the personalization and recommendations team.
One look at the Pebble smartwatch reveals how the nature of competition has changed. The movies people rented from Netflix were the same ones they bought from Blockbuster. Second, streaming videos was not unique to Netflix; in fact, consumers could stream videos from Blockbuster in What changed was that Reed Hastings made a strategic decision to go all-in on streaming. It was a brilliant move that shows how quickly small companies can make the size of big companies work against them.
Across many industries, access has begun to supersede ownership. A now classic example is Netflix.
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Given this dynamic commercial and consumer environment, it is little surprise that big companies are facing a situation in which their scale has been transformed from a killer asset into a real liability. So the real question is: as a big company, how can you take action in a way that gives you a good chance of succeeding?
More specifically, in a world that favors the underdog and where change is inevitable, how can you embrace a new, more nimble approach while still harnessing your inherent scale?
Scale can be leveraged as an advantage when the opportunity is a big and meaningful undertaking. They are winnable. A compelling example of a company that has identified and invested against a big, sustainable, and winnable core is Patagonia. Outdoor apparel companies all lean on the consumer promise of exceeding quality: high performance, built for the extreme. This commitment to do better by consumers and the environment is deeply embedded into the organization. The results of their commitment to transparency and environmentalism have tripled profits since Identify meaningful growth opportunities 01 Big Entrepreneurship The Paradox of Scale Create discrete but complementary platforms Develop a strategy that provides real competitive advantage Apply a portfolio approach to funding Create innovations that solve a two-sided problem 03 02 04 05 07 Recognize innovation for the experiment that it is 06 Appoint a champion To achieve truly valuable growth, you need an Innovation Strategy that is designed to serve as the foundation for the business, inspire innovations and set the new initiative up for sustainable, profitable growth.
As such, it becomes the mechanism for making critical choices, establishes a clear value proposition for the business and provides the inspiration for the development of innovation. Big Entrepreneurship The Paradox of Scale Create discrete but complementary platforms Apply a portfolio approach to funding Create innovations that solve a two-sided problem 03 04 05 07 Recognize innovation for the experiment that it is 06 Appoint a champion Every innovation should be a new manifestation of the strategy that deepens and expands the relationship with your customers—like the unfolding chapters in a book.
This helps with internal planning and focus, it enables you to stay ahead of the competition i. Big Entrepreneurship The Paradox of Scale Apply a portfolio approach to funding Create innovations that solve a two-sided problem 04 05 07 Recognize innovation for the experiment that it is 06 Appoint a champion Said another way, they made their scale matter. Big Entrepreneurship The Paradox of Scale Create innovations that solve a two-sided problem 05 07 Recognize innovation for the experiment that it is 06 Appoint a champion Apply a portfolio approach to funding 04 On the offensive side of the playbook, it provides the potential for disproportionately high returns that could compliment the existing revenue drivers, it create synergies with the core business and can open new avenues of growth.
Therefore, the decision to fund an innovation needs to be based on more than just the obvious risk associated with the up front investment. It needs to involve an honest assessment of the risk of not investing. Big Entrepreneurship The Paradox of Scale Create innovations that solve a two-sided problem 05 07 Recognize innovation for the experiment that it is 06 Appoint a champion These two-sided innovations are critical for the success of these investments and minimizing risk of innovation failure.
Run a two-sided methodology that from day one looks at the problems of both constituencies that count—the consumer and the business—to build ideas that marry up an answer for each. Working this way, you can develop ideas that deliver big value to both sides of the equation while also ensuring necessary questions get answered up-front. Big Entrepreneurship The Paradox of Scale 06 Appoint a champion 07 Recognize innovation for the experiment that it is Enabling innovation to thrive requires experience driving these innovations from conceptualization to commercialization and a direct line to company leaders so that the innovation is aligned with corporate strategy and supported from the top.
The system should be based on the measurement of KPIs that reflect the strategic role within the portfolio and it should enable the company to uncover and quickly reapply insights. It also provides insights that can help strengthen the core business and translate it across the company. Create discrete but complementary platforms Develop a strategy that provides real competitive advantage Apply a portfolio approach to funding Create innovations that solve a two-sided problem Appoint a champion Recognize innovation for the experiment that it is Identify meaningful growth opportunities Big Entrepreneurship The Paradox of Scale Marriott was looking for an approach that would enable them to remain relevant to future generations of travelers by being more nimble and entrepreneurial as an organization.
Using Marriott properties as incubators for local FB experiences, they began to shift how and from whom FB concepts are sourced around the globe—all with the goal of making the process more efficient, less costly, and more nimble. Key considerations for big companies Have you identified sustainable, winnable growth opportunities?
Do you have platforms that will ground and inspire the innovations going forward? Are you set up to defeat the underdog? Have you considered the risk of investing versus not investing in innovation? Do you have a champion? Are the innovations in the pipeline solving the two-sided problem? Are you managing innovation like the experiment that it is? With over 20 years spent working with Fortune companies and private equity firms on a wide range of growth projects, Pete knows what it takes to create real innovation for companies and drive change in the marketplace.
Since helping to launch the firm in , Pete has been involved in more than projects. Pete is committee to driving innovation across the corporate landscape and is a well respected thought leader. How to cook up meaningful innovation with an innovation lab Incubating Innovation Withthathascomeequalurgencyforcompanies todevelopinternalinnovationcapabilities. The rallying cries have a common ring to them: Businesses ranging from The Guardian to CVS have described the intent behind their labs in the same way: We need to keep innovating in a constantly changing environment!
Staples Innovation Lab says: We need to become more nimble and respond more quickly to customer needs! The rationale for these innovation labs and incubators is clear. The catch is that the success rates of these incubators are wildly varied from company to company. While there is PR value and cultural topspin in simply having an innovation lab, the point is not to garner press clippings. It is to build more powerful innovation pipelines and attractive ROI for the organization. But the impetus is also bubbling up from the street through pronounced shifts in consumer demand.
Driving Forces In this pursuit, technology is a double- edged sword for incumbent businesses. It is simultaneously opening new possibilities for companies to serve their customers and create new value while also propelling those customer expectations ever higher, making stable customer satisfaction an increasingly elusive thing. Big Entrepreneurship Incubating Innovation Consumers want to connect beyond the purchase Engagement between company and customer has changed from a simple matter of messaging and purchase to a more fluid and context-specific set of thin and transient connective threads.
This is why many labs aim their explorations of technology at creating new forms of customer engagement. Technology plays like iBeacons open up a whole new opportunity to get hyper-contextual with consumers. For healthcare providers, wearable fitness trackers enable a new level of understanding of individual lifestyle habits and behaviors.
Expectations bleed from one experience to the next Driving Forces 33 Across industries, there are new consumer expectations around speed, responsiveness, and personalization. Uber is certainly a poster child for this dynamic. Driving Forces 34 for what is acceptable: the products and services that people interact with across other aspects of their lives do. Traditional RD practices of benchmarking new products against things just like them have to be called into question.
The better framework is to evaluate new offerings relative to where life and meta-expectations are headed. The permeation of these services has set expectations much further and wider than the scope of what each service directly offers, causing consumers to expect this same level of seamlessness anywhere. This cross-fertilization of expectations across thoroughly unrelated businesses seems to be playing out with unprecedented frequency and velocity.
The result is a consumer whose expectations are not necessarily being driven by your direct competition. A poor user experience or lack of contextual sensitivity could be all it takes for them to move on.
This is a big shift for companies to grapple with as direct competitors are no longer setting the bar Big Entrepreneurship Incubating Innovation Expectations bleed from one experience to the next The innovation imperative is heating up Driving Forces 35 Company leadership is anxious to prove their genuine commitment to innovation, while also producing ongoing results. Things will keep changing— keep up or be left behind Driving Forces 36 Innovation labs are an answer for many companies as a way to rapidly ignite once-moribund pipelines, foster a culture more conducive to innovation, and also attract talent and future innovation leaders.
It is also a way to ensure the company is keeping pace with rapid and often unpredictable changes playing out in real time all around them. Technology is often at the heart of these changes. Innovation activity goes beyond the SKU Driving Forces 37 For many businesses, there is also a realization that these labs need to catalyze more than shiny new products, but a shinier new company—which manifests as impact on company processes, approaches, and culture. The desired end state is a virtuous circle where the lab is not only producing high-potential innovations ready to enter the company pipeline, but where the organization itself is sufficiently influenced by the brave work of the lab and more likely to rally around its outputs, driving them to market instead of into the ground.
The hope is that inspiration and momentum become contagious and self-perpetuating. An innovation lab can help push the company into new territories, reassure stakeholders, and entice consumers. But, how that lab is structured, funded, and run is critical to ensuring that it is able to deliver innovations that the organization can adopt while also meeting and foreseeing consumer demands. The key to ensure the success of your innovation lab is to ensure the fundamentals are clear. Ensure the lab is designed to solve a core problem or it will fall victim to the same issues that bogged down other innovation efforts that came before.
Is the primary focus of the lab on driving strategy, revenue, adding capability, or attracting talent? Ensure there is clarity on the goals and metrics for what the lab will measure will be judged against.
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The lab needs runway to explore and develop ideas without hordes of company stakeholders looking in. But working in isolation can reduce the odds of incubated ideas successfully re-entering the business. Successful labs make smart choices about when to socialize, what to socialize, with whom, and how often. A key piece of this is defining performance metrics and incentive schemes for lab staff.
The incentive scheme put in place is essential to having an entrepreneurial culture and behavior take root within the lab. Find the balance between developing the right strategy and building. The rush to start prototyping can divert attention away from big, unanswered questions around the strategic and commercial value of an idea. A great feature set or sexy UI on a bad idea is just a more enjoyable bad idea. Make sure you understand how the idea will meet customer demands while also supporting the business first. They may not need a certain skillset full-time, but knowing when to bring in specialized help in key moments will ensure more effective problem solving while containing the head count in the lab.
The skill sets of external partners are widely varied, so when outside expertise is needed, make sure you are clear on where you are in the journey and which capabilities are best suited to that stage.
follow url For the talent in the lab, is it an outpost or a durable career path? When do I need to strategize, and when do I need to build? What problem is my innovation lab really trying to solve? About the author Mark Payne Founder, President mpayne fahrenheit Theyhavedifferentexpectationsof theworldandusecompletelynewplatformsto mobilize,communicate,andcreate.
Yet, many established brands are failing miserably at sustaining Millennial interest. For companies looking to bring on the next generation of innovators, they will need to become more innovative and quickly prepare to attract this new workforce. The longer-term dimension of innovation is the need to maintain a culture of innovation by bringing new innovators in that can continue to evolve the business. To do so, companies need Millennials on their teams.
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Publix has a fairly simple coupon stacking policy. Not bad at all. Their coupon policy states:. When the value of the coupon exceeds the value of the product no cash back is given. Coupons are never doubled or tripled. The main takeaway there is that you can combine a manufacturer coupon and a store coupon. Stacking of 2 or more Manufacturer Coupons per item is not allowed. The stacking of 2 or more Dollar General Coupons in a transaction is allowed unless otherwise noted on the coupon or associated promotional art.
Their website says:. Duplicate coupons in one transaction are accepted as long as there is an item purchased for each coupon. Unless a limit is specified, CVS accepts multiple like coupons for multiple qualifying items as long as there is sufficient stock to satisfy other customers. When purchasing multiple items, Walgreens accepts multiple coupons for multiple qualifying items, as long as there is sufficient stock to satisfy other customers, unless a limit is specified on the coupon.
However, most of our promotions cannot be combined with other offers or discounts. There are many other retailers out there who allow coupon stacking, but these are a few of the biggest ones with verified coupon-stacking-friendly policies.
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