Nick RakisHead Designer & Coach - Incubation and Lean Innovation
Nick Rakis is the Head Designer and Coach of Incubation and Lean Innovation at Australia Post. He is a seasoned Lean Startup Practitioner, Business Designer and Program Manager. Work to date has included leading the design, facilitation and coaching of Australia Post Incubation program. The hands-on program utilizes Lean Innovation principles to fast tracking the validation of early stage initiatives and creating internal intrapreneur talent (to date we have accepted 25 teams and help create over 100 intrapreneurs inside the organisation).
3:20 PM Panel Discussion: Innovation Theatre – Who Is Doing Real Innovation and Who Are All Song and Dance?
It’s harder than ever to stay on top - in 10 years 40% of the Fortune 500 will no longer exist. This threat for established organizations by startups and disruptors is paving way to a ‘innovate or die’ mentality. As a response, some of the most renowned companies are looking into innovation labs and internal programs to drive ideation however the sad fact is that 90% of innovation labs are failing.
This panel will look into exploring the following questions:
- Are companies engaging in radical innovation or just tweaking existing products incrementally?
- What is the timeline to ROI and the amount of risk companies are willing to assume?
- Is it establishing buzzwordy innovation programs accelerator programs enough?
- For established companies who have a reputation for being not too innovative –will the startups who are attracted to your accelerator be any less than 2nd or 3rd tier?
- How do we compare to the best practices in international innovation ecosystems? How do we compete?
12:00 PM How to Choose the Right Internal Innovation Program for Your Organisation and Building the Best Team
Innovation offers many potential benefits to organizations, including improvements in customer experience, increased market share, reductions in costs, and improved ability to attract and retain highly qualified talent. Given the importance of innovation and its potential benefits, an organization should plan the process of innovation in a way that reflects a deliberate strategy. In general, the selection of an innovation strategy should be based on the answers to three key questions:
1. In what focus areas do we want to innovate?
2. Where do we want to be on the innovation curve?
3. What is our internal strategy for generating and executing innovative ideas?
Key Learning Outcomes:
- How do you choose the right innovation program and what does a good program look like
- Explore business model design and understand how a value proposition can be successfully scaled up to a profitable business
- How to build capabilities and skills for talent to leverage in internal programs
- How to move from product thinking to business model thinking