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Radjou, N. (2004). Innovation Networks. Forester Research June 17, 2004 Innovation Networks by Navi Radjou FORRESTER BIG IDEA Helping Business Thrive On Technology Change FORRESTER BIG IDEA June 17, 2004 Innovation Networks A New Market Structure Will Revitalize Invention-To-Innovation Cycles This is the first document in the “Innovation Networks Boost Profit” series. by Navi Radjou with Bobby Cameron, Erin Kinikin, and Liz Herbert EXECUTIVE SUMMARY Finicky customers, ruthless competition, and stringent regulations are accelerating demand for technology-enabled innovation. But supply-side deficiency and ineffectiveness hamper firms’ ability to convert inventions into profitable innovations. The result? A new market ecosystem — called Innovation Networks — will emerge to match global demand for innovation with worldwide supply. Innovation Networks will let firms fluidly weave internally and externally available invention and innovation services to optimize the profitability of their products, services, and business models. Innovation Networks will deconstruct vertically integrated invention-to-innovation cycles in software, finance, and CPG industries — and reinvent the formula for success in regional, national, and global markets. TABLE OF CONTENTS NOTES & RESOURCES 2 Accelerating Demand For Innovation Forrester spoke with vendors, user companies, Outpaces Firms’ Supply and academic institutions, including: Arizona Six Ineffective Practices Stall The Invention-To- Technology Enterprises, Boeing, Deloitte Innovation Cycle Consulting, Harvard Business School, Knowledge Campus, Medtronic, Procter & Gamble, and 6 A New Market Structure Will Balance Stanford University. Innovation Demand And Supply Innovation Networks Will Accelerate The Related Research Documents Invention-To-Innovation Cycle “Near-Term Growth Of Offshoring Accelerating” May 14, 2004, Trends 11 Innovation Networks Will Reshape Tech- Dependent Industries First “Report On Technology Innovation: Q1 2004” January 6, 2004, Brief RECOMMENDATIONS 13 Firms Must Adopt Innovation Networks “CIOs: Break The ’IT Isn’t Innovative‘ Stereotype” Beginning With Their Core August 18, 2003, Brief WHAT IT MEANS “Software Innovation Shifts To Platforms & 14 Innovation Networks Will Reshape Industries, Portfolios” Regions, And Countries August 22, 2002, Brief ALTERNATIVE VIEW 16 Isolationist Policies And IP Laws Could Choke Innovation Networks 17 Supplemental Material © 2004, Forrester Research, Inc. All rights reserved. Forrester, Forrester Oval Program, Forrester Wave, WholeView 2, Technographics, and TechRankings are trademarks of Forrester Research, Inc. All other trademarks are the property of their respective companies. Forrester clients may make one attributed copy or slide of each figure contained herein. Additional reproduction is strictly prohibited. For additional reproduction rights and usage information, go to www.forrester.com. Information is based on best available resources. Opinions reflect judgment at the time and are subject to change. To purchase reprints of this document, please email [email protected]. 2 Forrester Big Idea | Innovation Networks ACCELERATING DEMAND FOR INNOVATION OUTPACES FIRMS’ SUPPLY Technology innovation fuels economic growth across developed nations, having helped generate productivity gains for the past nine years. IT investments account for about 48% of all US productivity gains and 41% of Japan’s economic expansion since 1995.1 And over the past 11 years, innovation variables like private-sector R&D spending explained 35% of GDP growth in Organisation for Economic Co-operation and Development (OECD) countries.2 Forrester defines innovation as occurring: When inventions intersect a business process and change the way something is done, experienced, or created. Firms face ever increasing pressure to accelerate their rate of invention and innovation in their products, services, and business models from (see Figure 1): · Customers craving a constant flow of new consumables. Tech-savvier Generation Y and health-conscious baby boomers — not just from Western countries but also from emerging economies like India and China — lust for new products and services that will enhance their lifestyle, like the latest DVD players and creative car insurance schemes. The result? Firms must not only keep reinventing their offerings and business models but also adapt them to customers’ regional and individual needs. For instance, Atkins dieters are forcing R&D labs of food suppliers like Kraft Foods and Krispy Kreme Doughnuts to get low-carb products to stores fast — or see customer loyalty erode.3 · Competitors crushing profitable new releases. Competitors create an innovation race. Winners must keep running to defend their titles as market life cycles truncate for even brand-new products — and new players completely change the game. For instance, despite spending $800 million and 12 years to get CELEBREX to market — and despite a 17-year patent exclusivity — Pfizer enjoyed a mere three-month market exclusivity before rival VIOXX was launched. And Norwich Union turned the European insurance industry upside-down by launching a telematics-enabled “Pay As You Drive” car insurance scheme. · Governments grinding out new-economy regulations. Manufacturers and service firms are revamping their products, services, and business models as governments respond to the public outcry over privacy, safety, accounting, and environmental violations. For instance, the mad cow disease outbreak prompted the US Department of Agriculture to require cattle farmers and meat packers to use technologies like RFID and sensors to deliver end-to-end product traceability. And disclosure laws like the Sarbanes-Oxley Act and Basel II are forcing stodgy accounting firms to upgrade their transactional systems so they can report service performance in near real time. June 17, 2004 © 2004, Forrester Research, Inc. Reproduction Prohibited Forrester Big Idea | Innovation Networks 3 Figure 1 Firms Are Facing Growing Demand For Accelerated Innovation s Customers e c i v r e S ducts Innovation Competition Pro B iz m od Government els Catalyst How the catalyst accelerates invention-to-innovation cycles Customers Products • Atkins dieters are forcing food suppliers like Kraft Foods and Krispy Kreme Doughnuts to reinvent product lines. • Users’ need to drive cross-organizational synergies are forcing apps vendors like SAP to scramble to develop flexible process-centric apps, built from the ground up with Web services. • Suppliers of Wal-Mart and the US Department of Defense (DoD) must redesign their products and distribution services to support RFID tagging. Services • Financial service firms are struggling to respond to clients‘ growing interest in online payments. • Japan’s aging population is driving hotel operators to invest in safety and security technologies. Business models • Home Depot is forced to offer installation services to meet baby boomers’ “do it for me” needs. • The DoD wants its contractors to not only invent weapons but also maintain them in the field. Competition Products • Pfizer’s CELEBREX enjoyed only three months of exclusivity before the launch of competitor VIOXX. Services • Insurers are scrambling to match the “Pay As You Drive” scheme of rival Norwich Union. • Rival casinos envy Harrah’s ability to mine CRM data to tailor its services to individual customers. Business models • File sharing and P2P networks like KaZaA are threatening the music and media business. • VoIP and Wi-Fi startups are forcing Baby Bells like Verizon to revisit their fixed-line business model. Government Products • China wants foreign high-tech OEMs like Intel to comply with its own protocols and standards. • TREAD Act is driving tire suppliers like Michelin to embed sensors in tires to prevent blowouts. Services • US Customs Service requests logistics service providers to track all US-bound cargo from point of origin. Business models • Sarbanes-Oxley and Basel ask accounting firms to report service performance in near real time. Source: Forrester Research, Inc. © 2004, Forrester Research, Inc. Reproduction Prohibited June 17, 2004 4 Forrester Big Idea | Innovation Networks Six Ineffective Practices Stall The Invention-To-Innovation Cycle Innovation should lead to accelerating growth through a virtuous cycle. Firms that successfully meet the demand for innovative products and services enjoy greater revenues. And these revenues fund increased R&D, which, in turn, drives more innovation — and so the cycle continues.4 But for many firms, this virtuous cycle falls apart because (see Figure 2): 1. One-way customer relationships yield market-irrelevant inventions. Obsessed with time-to-market, firms fail to capture customer requirements or test market ideas as they evolve — getting the wrong products or services to market fast. For instance, only 31% of firms in European services sector seek customer input when inventing new products.5 Similarly, firms’ R&D and marketing teams fail to consult with customer support and channel partners when developing new offerings — losing these partners’ innovative insights that could enhance end customers’ experiences. 2. Ivory-towered R&D labs dampen the rate of invention. Between 1990 and 2001, industry-financed R&D in the OECD region rose 51% in real terms from $244 billion to $368 billion.6 Yet quantity doesn’t imply quality. Indeed, in-house R&D shops’ tendency to reinvent the wheel and their focus on perfection over practicality slows their productivity and dampens the innovation quality. Ninety percent of new chemical formulas never make it out of
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