Innovation defined

Lynn WoodChief Idea Spy at IdeaSpies

What do we mean by "innovation"?

Innovation is interpreted differently in different situations hence some difficulties in communication between different groups such as academia and industry which could impede progress.

Some forward-thinking members of the LinkedIn Group Innovation Management (approx 40,000 members around the world) recently suggested general definitions and voted on them. There are 33 definitions in the list below.

Interestingly some said we shouldn’t have a general definition, that it’s specific to the situation. One member also said “Everyone loves innovation but no one wants to change”.

For those of you who are interested in a general definition the 2 favourites are below followed by the definitions proposed.

Top definitions

30. The result of a creative process that creates value for society

11. The process of bringing new, problem-solving ideas into use

Definitions proposed.

1. Anything that improves anything

2. Ideas applied successfully

3. New ideas, successfully applied

4. Doing things in a new way, or creating new things, that have a significant impact.

5. The creative development of solutions to real and important problems of customers, which are profitably brought to market

6. The beneficial utilization of knowledge and creativity, in order to discover and realize what does not yet exist.

7. The creation of value from ideas (which are new to you)

8.  A successfully implemented and widely accepted invention, which can be material and non-material, an object, process, phenomenon and/or their combination.

9. Creative thinking that adds value, or in two words, meaningfully unique

10. Creation of a viable new offering

11. The process of bringing new, problem-solving ideas into use.

12. Creating new value or capturing value in new ways

13. The actual use of a nontrivial change and improvement in a process, product or system that is novel to the institution developing the change

14. Profitable change

15. The act of introducing something new in something or in somewhere.

16. An idea that meets its market

17. Activity that brings a new repeatable (scalable) concept to customers.”

18. Research is the transformation of money into knowledge. Innovation is the transfer of knowledge back into money

19. The process of creating a product or service solution that delivers significant new customer value

20. The process of idea realisation

21. The result of: connect ideas from different sectors + current insights + solve a pain point

22. New business with new money

23. Successful commercialisation of an idea which adds value to any stakeholder

24. A change in culture.

25. Creating progress that brings important improvement in our quality of life.

26. The process of taking an idea from a state of Conception to a state of Commercialization (value creation

27. Successful adoption* of value-added change** (novelty) in economic, social and environmental spheres

28. The successful usage of new ideas or ways to fulfill certain needs.

29. Something new or different that provides greater value or benefit.

30. The result of a creative process that creates value for society

31. The use of new ideas, or existing ideas in a new context, to result in change which delivers value

32. Commercializing novel ideas

33. Created value for social change

Lynn Wood

Chief Idea Spy

IdeaSpies

Facebook, Amazon, Google, IBM and Microsoft creating a Partnership on AI

The world’s largest technology companies with the biggest databases have partnered to form an AI - artificial intelligence collaboration. 

Those that own the databases own the power! 

How can they communicate and collaborate - working together va working in competition!

What do you think? 

What are the issues that we will face with the advent of the proliferation of AI? 

Blockchain Quote!

Big Brother is watching you - Googles eye in the sky

 “Global Fishing Watch” unveiled last week is a new satellite-based surveillance system powered by Google was unveiled last Thursday, aiming to help governments and the public track the movement of tens of thousands of fishing vessels across the world, in nearly real time.  

The pain 

Illegal and unreported fishing by renegade fisherman  is a multibillion-dollar business which has proven notoriously difficult to monitor. 

A third of the world’s fisheries are overfished, which can create extinction of an important food supply! The ocean is an ecosystem that requires sustainability to survive, and we’re not treating it in a sustainable fashion.

 

The solution 

"Global fishing watch" is a free platform that will help governments, journos, insurance companies and the public (and who else?) monitor the 35, 000 fishing vessels in real time. 

Holding people accountable is an important step - 

" what you can measure you can manage"

But at what cost?

 An example of good use

The government of the Pacific island nation of Kiribati ( 800 sq miles, 103,000 population) used Global Fishing Watch to document how a tuna-fishing vessel had operated illegally inside the Phoenix Islands Protected Area. This resulted in a $1 million fine — a large sum for such a tiny government.

 Indonesia recently sank 60 boats that it had impounded for illegally fishing in its waters, part of an aggressive campaign to assert sovereignty over one of its key resources.

What are examples of not so good use? 

 

You can now track anything in the world from anywhere in the world. Big brother is watching you! 

$10m acquisition cost per employee

 Self driving cars and technology seems to be the next big thing, and this technology can have massive positive ramifications in Australia.

Reducing congestion and reducing road fatalities to name two.

As always, investment in education will be key to who the influencers are and where the centre of influence will take place.

Some BHAFs (big, hairy audacious facts) (supplied from an email from Bob Pritchard)!

- Uber bought Otto for $700m last month, it was regarded as a “talent acquisition,” meaning Uber was interested in obtaining Otto’s 70 employees, not necessarily their core technology.  

- General Motor's $1B acquisition of Cruise a couple of months ago. They wanted Cruise’s 40 self-driving car experts to come to Detroit and help them catch up with the pack of companies developing self driving cars.

 

This means that the  going rate for self-driving car talent these days is at least $10m per person, 

There are 10 self-driving car companies saying they’ll be in the game in four years when somewhere well in excess of 10 million driverless vehicles are expected to be on the road.

 

Sebastian Thrun, Google’s self-driving car guru, says companies are desperate for talent and for the skill set to build a self-driving car.... A skill that is clearly in high demand!!!!

 

ATM Carnegie Mellin in Pittsburgh PA (Detroit)!and  Detroit - is the only self driving learning programme -  and Uber has just poached  40 of its researchers . which is also why Uber’s first self-driving tests with Volvo launched there.

 

Udacity, the online teaching school that Thrun co-founded in 2012, is now partnering with companies like Otto, Mercedes-Benz, and Didi Chuxing (the Chinese Uber) to create a self-driving “nanodegree” program.  The program, which lasts 9 months, was designed around one single question: 

What would it take for these graduates to get a job at one of the partnering companies? 

 Just know that they have some pretty serious competition -- they’ve received thousands of applications already and will only admit 250 students.

What University or RTO wants to licence or offer such a course in Australia? 

- Malcolm Turnbull is it worth investing in upskilling our  people in this? Is this innovation important enough to invest in?

- Mike Baird (Premier in NSW) is it worthwhile setting up an area of influence in NSW - I note that there was an RFI asking for submissions in April 2016 https://www.parliament.nsw.gov.au/committees/DBAssets/InquiryOther/Transcript/7616/Media%20Release%20-%20Inquiry%20into%20Driverless%20Vehicles%20and%20Road%20Safety%20in%20NSW.pdf

Any outcomes? What's next? 

- Daniel Andrews (Premier in Victoria)  is it worthwhile setting  up an area of influence in Vic? I note that you are investing moneys in this space - good on you! (Tech Trials To Bust Congestion On Our Road Network https://shar.es/1x64oE via @danielandrewsmp) (a $13m smarter journeys package)

Victoria has always taken the lead in supporting innovation!

- Jay Weatherill (Premier in South Australia) - is this an opportunity to get back the lead in the Automobile industry in your State? I note that

South Australian Transport and Infrastructure Minister, Stephen Mullighan MP, has recently visited the Transport Research Laboratory’s (TRL’s) UK Smart Mobility Living Lab (ITS International - South Australian Transport Minister gets to grips with UK driverless initiatives https://shar.es/1x6C24 ) 

-  any outcomes?

A bit of research tells me there is the ADVI (Australia Driverless Vehicle initiative) - seems to be a focus group of experts - it will be interesting to know more about this group! Has it got legs?

http://advi.org.au/2016/05/11/driverless-cars-towards-a-crash-free-future/

An article on their website by Antony Harrowell of Huxxer corporation seems to be on the money - saying that Australia should be all over this technology like a rash!  Driverless Trucks - are badly needed in Australia - to overcome the tyranny of distance .

Australia seems to be hovering at the edges! Maybe it's time to take serious action! 

I know NBN is important!!! How does self driving cars rate in Australia's future?

- Nige? (Joel speak to your dad) 

- Glaze (Dan) (Geoff, speak to your son) ? - GG and Pete? Tezz? Is this something to focus on?

- Jus (something to invest in?)

Just saying!!!!

Who will be the leaders in this field in AsiaPac? 

- Australia?

- Singapore?

- China?

- Korea ?

- other ?

Who do you think? 

 

 

China rolls out its eco-friendly skytrain

Only actions will remove the doubts... China rolls out its first sky train...the third country after Germany and Japan to develop the technology.  The two compartments can hold more than 200 passengers, and when compared with subways and trams, sky trains have lower costs, better climbing and turning ability, and higher wind resistance. The overhauled railway is driven by batteries which can run for four hours at a time, and the batteries can be changed when stopped at a station, with the whole process lasting only two minutes..It's a sign of progress!!

Comments are really interesting - below are a few 

It's really amazing,There are many upcoming railway projects in Sri Lanka.We are the major contractors of Sri Lanka Construction industry.Please do not hesitate to contact us on 0094 773028400 ,if you are keen to enter to the Civil,Road,water,bridge and etc projects.

Www.link.lk

Chinese are setting milestone for developing countries and encouraging for out of box ideas.simply delightful.

CAN WE TRY SUCH TECHNOLOGY IN MUMBAI AND OTHER METROS AS A PUBLIC TRANSPORT SYSTEM? Only 200 such Sky Trains can solve our traffic problems and jams, make lifestyles better and green!!

Yeah and if they mounted solar panels above the overhead tracks for recharging the batteries it may almost be an off-grid transportation solution.

The key is innovation with commercial use here - brilliant

Innovation, Commercial use in very less time to market. Technological self sufficiency. Many things to observe and learn.

Admirable, it shows their foresight, discipline  tenacity in building such devices for the betterment of their lives and country.  

Amazing to see but not surprised. The sad story is that Our own Walt Disney told the California politicians in 1958 to build his Monarail trains above all our freeways in California. He offered them the plans for his Monorail Trails. Walt said" you will need it" and our bright California leaders response was; " we won't need that, our super highways of tomorrow will handle all our future traffic" and Walt said; " No they won't"

Sad. We had a brilliant man with great ideas and our leaders didn't have a clue.  We, I guess China can build our future cool stuff. 

Congrats for the innovation and need to be disseminated all over the Globe for developing an eco-friendly environment. All the best.. 

My view - this is great innovation and China is taking action! A great idea is as only as good as its implementation!  Talk is cheap . If action is taken and it doesn't work - they will learn and realign until they perfect the invention 

What do you think?

So what is blockchain?

Blockchain is set to disrupt the financial industry.....

Some of the banks exploring blockchain

“If you asked 10 people in this room what a blockchain is you'll get 10 different answers and I think that's why it's at the peak of the hype cycle… we need to understand it, we need to come to shared agreement of what is it and what are we going to do about it,” he told the conference.

SO what is "BLOCKCHAIN?"

Instead of one central database of who owns what, blockchain allows for a network of identical, linked databases that talk to each other and are updated simultaneously. Simon Taylor, VP Blockchain R+D at Barclays, said blockchain is best viewed as a reconciliation technology, rather than a payment technology.Below is a great video on how Bitcoin (the first application of Blockchain works 

from http://www.bpaybanter.com.au/news-views/will-blockchain-destroy-the-banking-industry-or-be

Here is a cool video ( I think its gone viral) that explains what Blockchain is 

The World Economic Forum (WEF) has concluded that blockchain technology "will fundamentally alter the way financial institutions do business around the world" after a year-long study of the emerging technology.

"It represents a fundamental threat which could disrupt almost every process in financial services" says Bank of New York Mellon head of EMEA Innovation Centre. 

“Banking processes in place for 100 years-plus will be massively disrupted,” UBS’s Bussmann said

"Twenty-five global banks, including the Commonwealth Bank of Australia and National Australia Bank, are now working together through the R3 distributed ledger initiative, which is developing a framework for using blockchain technology in markets"

Blockchain technology could potentially underpin a global market infrastructure, built on an open protocol, for money and financial assets. 

Blockchain can drive simplicity and efficiency in financial services and will redraw processes and disrupt orthodoxies that are foundational to today’s business models.

Blockchain will become the beating heart of the finance industry. "It will build innovative solutions across the industry, becoming ever more integrated into the structure of financial services, as mainframes, messaging services, and electronic trading did before it."

To make a change or add onto the blockchain the majority of members of the network must sign off on it. This cuts out the need for middle men in transactions, because the fact that everyone signs off means trust is built into the system.

By cutting out middle men, cost is reduced. The process also reduces error.

The technology could be used to record anything that involves transactions. Applications are being developed for everything from share records to art and diamonds.

Banks and financial institutions have been going crazy for blockchain technology over the last year and a half. Institutions are spending heavily on proof of concepts using the technology, issuing countless white papers, and joining industry-wide bodies to figure out how to use the protocol.

WEF says 80% of banks will start blockchain projects by 2017 and $1.4 billion has been invested into the technology over the past three years. 90 central banks are looking at the technology.

WEF identifies six "key value drivers", which are basically reasons why everyone is so enthusiastic about it. They are: 

• operational simplification, 
• regulatory efficiency improvement, 
• counterparty risk reduction, near real-time settlement.
• clearing and settlement time reduction, 
• liquidity and capital improvement and 
• fraud minimization. and 
• lower direct transaction costs