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Innovate Or Die In Money Too - Why Financial Industry Must Plan for the Next 50 Years Not Just Next 5 via HBR1

Innovate Or Die In Money Too - Why Financial Industry Must Plan for the Next 50 Years Not Just Next 5 via HBR1 | Startup Revolution | Scoop.it

Innovate or Die In Money Too

Loved this HBR intro:

"Despite rapid innovations in data processing and machine learning, many businesses have yet to make the leap from the Industrial Age to the information age, and the gap between technological and organizational progress is widening. Closing this gap requires much more than short-term fixes, like adopting new technologies. Businesses need to organize around long-term strategies for growth and partnership in a sustainable way. The consequences for not doing so can be dire.

 

Eastman Kodak is the textbook case for failing to prioritize an innovation agenda; business schools around the world study the ramifications of the company’s ill-fated decision to ignore the digital photography market until it was too late. It’s far from the only case of a failure to embrace a more digital approach; the larger shift to digital is changing the way every industry operates. Some industries, like photography and media, were impacted earlier. Others, like financial services, are only now experiencing this change in earnest. The common thread in each instance is that a failure to recognize signals and prioritize innovation over short-term profits before it’s too late can have existential ramifications and cause negative ripples throughout broader capital markets."

If That doesn't scare the pants off you then we don't know what will. Money and finance are under pressure and it's innovating or die time. Money, as we've known it, is already dead man walking. 

Martin (Marty) Smith's insight:

HBR article shares many places startups are and will be changing finance and money. 

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How One Quiryky Toy Company Gets Open Innovation Right

How One Quiryky Toy Company Gets Open Innovation Right | Startup Revolution | Scoop.it

Quirky Toy Company
Reading about Fat Brain's openness to innnovation and innovators reminded me of trying to sell my magnetic word game, Poetryslam, to Milton Bradley.

Every major toy company DOESN'T WANT (or didn't want) to talk to innovators. So sure where they your pitch would be something they already had in their files.

Stupid is as stupid does and this post about Fat Brian shows what a nimble competitor can do against such petrified thinking. Post reminded us of Quiryk.com. Our company, Curagami, is about to pitch several major clients on why they need a Quirky-like playground where innovators share, talk and receive the legitimacy they need.

If that sounds like we will be hatching a handful of mini-Milton Bradley's powered by ideas, smartphones, laptops and cool ideas you got it right. And why not? Fat Brain may get it, but they are still in the miniority in the less digitally innovative than they need to be toy biz. 

 

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Why Innovation Eats Strategy for Breakfast

Why Innovation Eats Strategy for Breakfast | Startup Revolution | Scoop.it
It's impossible to win solely by managing existing assets when your competitors are busy inventing new ones.

Via Ken Cooper
Martin (Marty) Smith's insight:

Love this, "To win in these challenging times, innovation has become your most powerful source of competitive advantage. Playing yesterday's game--even with brilliant strategy--is no match for the hurricane strength winds of creative disruption. Today, an entirely new set of skills and approaches are required to succeed. Simply put: innovation eats strategy for breakfast."

Man doesn't eat by disruption alone. Disruption is disrupting, so balance is always a good idea (not really mentioned in this post). Disruption has to COME FROM some place too. Even those who disrupt innovate on or in some space or meme.

Because the disruption feels from left field to some doesn't mean that is where the idea came from. Most disruptions were sitting on the ground staring up at whoever passed by. SEEING without the hypnotic drug of status quo thinking begins DISRUPTION. SEEING is the key then NOT rejecting the disruption, "Embracing the suck." to quote a movie I saw recently becomes critical because every muscle will cry to crawl back to the safety of the status quo.

Don't do that is our advice :). Do disrupt.

#toogood #true

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Ken Cooper's curator insight, September 3, 2014 11:15 AM

Actually, the Peter Drucker quote is, "Culture eats strategy for breakfast." Of course, innovation is essential. However, innovation is a team sport, and it flows from culture. The key is to establish the kind of culture that will produce a steady stream of innovation.

Stuart Goode's curator insight, September 5, 2014 3:25 AM

Is this cheating or bending the rules

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Software Eats the World : We Are All Softwareists Now

Software Eats the World : We Are All Softwareists Now | Startup Revolution | Scoop.it

We Are All Software Makers Now

I think Joi Ito's TED talk about NOWISM is correct and a tsunami trend few understand or address. Right after the NOWISM wave comes the, "We are all software creators" wave. 

We love this line, "It is decidedly non-trivial for a company in a non-tech traditional industry to start thinking and acting like a software company." Damn skippy it is hard to become a "softwareist". 

 

Software engineers speak a different language, think differently than left brain creatives (most marketing people are left brain creatives) and want to engineer the world. 

 

The subtext of this well written and intelligently conceived post is find blue oceans or die. I'm mixing metaphors since the post doesn't contextualize using Kim's great Blue Ocean Strategies book, but the implication hangs in this post like a line separating winners from losers. 

 

 

 

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Farid Mheir's curator insight, June 13, 2016 11:31 AM

An article that reminds us that software is everywhere and that all companies should focus on making this trend part of their strategic plan.

 

WHY IS THIS IMPORTANT?

The article focusses on 2 key elements: timing and focus. These are essential as not all industry move at the same speed. Case in point: book sales and grocery. Probably two ends of the spectrum, book sales have moved to online early and in a big way. Grocery: not so much. Actually, not yet. Because we all know it is coming, we will buy our staple grocery cans from a website in the coming years. Question is when.

 

And when this happens, when customers are ready and retailers find a way to remain profitable even when they do more work, then it will become a game of choosing the right products at the right price. Same as today. But with a different distribution channel. Focus will remain being a great grocer, not a great technology company. Or will it?

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Nowist Innovation In A New World #trending - Curagami

Nowist Innovation In A New World #trending - Curagami | Startup Revolution | Scoop.it

Joi Ito's Ted Talk is a must view for web marketers. The shift from invading Russia in the winter to becoming a NOWIST is fundamental, sweeping and a tsunami of change in our thinking, actions and marketing. 

No surprise a post I wrote a year ago popped up out of Curagami's long tail today. Great TED Talk video embedded in the post.  

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Startups Vs. Fortune 100: Keep Thinking Like a Startup

Startups Vs. Fortune 100: Keep Thinking Like a Startup | Startup Revolution | Scoop.it

Thinking Like A Startup
Startups have to be innovative and nimble. This post from FoxBusiness suggests continuing to "think like a startup" is a good idea no matter what stage of Biz Dev you are in.

The tendency, the post explains, is to bring in a "professional management" layer too early. That layer is used to the big budgets of the Fortune 1000 and can't thrive in startup land.

I have an interesting perspective since I left a Fortune 1000 company to start FoundObjects.com. Here is what was difficult about that transitions:

* Was used to legitimacy being granted automatically.
* Had to train & develop new muscles because we had NO MONEY.
* Had to solve problems differently because we had NO MONEY.

* Planning cycle shortened and became more about MONEY today instead of market domination tomorrow.
* Tactics changed because low hanging less expensive to develop fruit had to come to the top.
* Partnerships changed because we had to trade things other than money and that usually meant looking for partners in similar stages of development.

That last bullet is a key. Don't try and pitch a Fortune 1000 when you are a startup unless you are trying to sell them something and only do that when invited. You can't crack those vaults, tempting as it may seem, unless they are already interested.

This means you have to create alliances with companies in similar stages of development or maybe one or two steps up the ladder. Hit singles to learn how to hit homers.

QUANTITY in startups is often more important than quality and it RARELY is when working for a giant. Giants can afford to be snobs, startups can't. Why I like startups :).M

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