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A Process for Systematic Innovative Success Here is a podcast with Hunter Hastings from the Mises Institute where we discuss the fundamentals of value creation. Below is an introduction to the webcast and a graphic for NABC value propositions. As I describe, the four NABC elements are the starting point for all new innovations. If you cannot address all four, you have still not figured out what to do next.
Three Fundamental Concepts Experience shows that very few companies have a value creation methodology. There are three keys I look for, which are required for systematically successful innovation. Does the company or enterprise: Focus on important customer and market needs to make an impact? Share core value creation concepts, including NABC value propositions, for effective collaboration? Hold recurring team value-creation forums for rapid learning and improvement?
Companies Using Bad Ideas Companies say staff development is critical for their success. But what do they do? Some have their staff building toy bridges out of Lego Blocks to learn “creativity.” Others engage their staff in extreme physical activities, like running through mud, to learn “teamwork.” My first reaction when I learn that a company is doing these things is to want to short their stock. Why aren’t their.. Read More
Kern Entrepreneurial Engineering Network (KEEN) The KEEN annual conference is sponsored by the Kern Family Foundation. It is one of America’s most important foundations, helping students across America learn how to be successful value creators and entrepreneurs. These are increasingly critical skills for all professionals in the global innovation economy.
The Primary Enterprise Function Peter Drucker famously said, “Because the purpose of business is to create a customer, the business enterprise has two – and only two – basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs.” Few companies have a thoughtful value-creation process and even fewer are truly customer focused. Achieving that starts by employees understanding the meaning of “customer value” The attached.. Read More