Top 10 Vijay Govindarajan Insights – World Innovation Forum
Taking a slightly different approach than other World Innovation Forum bloggers, I’ve distilled 90 minutes with Vijay Govindarajan down into these Top 10 Insights:
- Most companies spend too much time on Box 1 thinking and not enough on Box 2&3 thinking
- Box 1 is about closing the performance gap and restructuring
- Box 2&3 are about Closing the Opportunity Gap (projects for 2020) and Renewal
- Strategic Intent is about dreaming big (other people call this a BHAG) – not creating a mission statement that nobody reads
- Every company needs a growth playbook for three horizons:
- Horizon 1 – Core Business
- Horizon 2 – Adjacent Space
- Horizon 3 projects are 95% assumptions and Horizon 1 projects are 95% knowledge
- People at the top “Think” – People in the middle “Make Sure” – People at the Bottom – “Do” – If you want transformation – You must engage the “Doers” at the bottom
- Huge entry barriers to keep competitors out can also prevent you from getting out of the fortress you’ve built when it’s disrupted
- Because the message is simple – It does not mean that it is easy to do – The future is now
- India and China went from 55% of World GDP to less than 5% because they missed several productivity revolutions
- Innovation in emerging markets coming to USA will be hard for American companies to compete against because low margins won’t be attractive
- Be the change you want to see in the company – If you get fired for it, find a new company
Horizon 3 – Entirely New Space
Finally, I’d like to leave you with a link to a Vijay Govindarajan webinar (Ten Rules for Strategic Innovators) where you can listen to a lot of the content and follow along with many of the slides.
Updated May 24, 2009 – Here are the slides from Vijay Govindarajan’s presentation at the World Innovation Forum:
What do you think?
Braden Kelley (@innovate on Twitter)
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