Posts Tagged ‘Robert’s Rules of Innovation: A 10-Step Program for Corporate Survival’

New Intellectual Property Exchange Streamlines Patent Trading

Tuesday, July 10th, 2012

intellectual-propertyIn the research and development industry where innovations build on top of other innovations, obtaining patents to protect intellectual property is of the utmost importance. It is critical to ensure that patents being are utilized, especially within big corporations like IBM or organizations like the Unites States Navy. Not only do patents protect newly developed products or processes, they contribute to unrealized value creation, or assets that can be explored and sold.

The latest development besides one on one deals and patent auctions is IPXI, the newly formed IP exchange created after the successful Carbon IP Exchange model. IPXI, the Intellectual Property Exchange International Inc., is the world’s first financial exchange focused solely on intellectual property rights. Some major companies like Philips, Ford and Sony have already signed up as corporate founding members and will begin trading in the near future. Since its formation in December 2011, twenty-seven organizations have joined the IP exchange, representing innovative companies with substantial IP assets in various technology markets, three Department of Energy national laboratories, top university research institutions, and a community of leading IP law firms.

IPXI revolutionizes the way patents are licensed and traded by allowing companies to buy and sell patent rights as units. These “unit license rights” can be bought and sold like shares. For example, one unit license right grants an organization a one-time right to use that particular technology on a single product. If a car manufacturing company wishes to use that technology in 50,000 cars, they purchase 50,000 unit license rights at market price. Organizations can now bypass costly litigation and use the IP exchange to harness patents as assets, monetize it fairly, and use it to spur greater innovation.

“The Exchange creates a new approach to technology licensing that overcomes the inefficiency of traditional bilateral technology license negotiations.  For the first time, companies and other entities will be able to buy and sell units of technology usage, providing improved economics, enhanced access to technology, and greater flexibility should technology needs change,” says Gerard J. Pannekoek, President and CEO of IPXI.

The concept especially benefits smaller companies with modest budgets by creating a simpler, faster, and cheaper method to obtain IP rights. And that is good news for innovators indeed.

For more tips, see “Patently Obvious” and other Chapters in “Robert’s Rules of Innovation: A 10-Step Program for Corporate Survival.”

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What Do Innovators Have in Common?

Tuesday, May 29th, 2012

innovationsIn the Innovator’s DNA we discussed whether innovators are born or made. Research has shown that creativity is not a genetic predisposition but a result of a pattern of behaviors – so it can be concluded that all innovators must share a certain set of characteristics that have lead them to success. While innovators speak different languages, come from different cultures and various industry backgrounds, they all have fundamental traits in common. Robert’s Rules of Innovation suggests three key traits that all innovators possess right off the bat.

1.       Innovators are not afraid to fail. Fear of failure is the first innovation killer. In order to achieve a culture of successful, sustainable innovation, leaders are always searching for ways to break down the barriers that derail innovation, encourage creativity and introduce new procedures that lead to breakthrough products. Make failures learning experiences…

2.       Innovators know people are resistant to change. And more importantly, innovators have the will to win those people over. Having the foresight to expect firmly entrenched corporate cultures, silo-driven behavior and the “devil’s advocates”, innovation leaders are prepared to take on the challenges that come with introducing change.

3.       Innovators are, in a very real sense, a fraternity of liked-minded individuals. All innovators are passionate about the importance of innovation for the long term: sustainable innovation. Professionals with this mindset are truly found all over the world.

Whether you are an innovation leader for an international corporation or an entrepreneurial startup; whether you are a manufacturer, distributer, service provider, supplier or retailer, you face pressures to deliver profitable growth. In a roundtable discussion, an international network of innovators shared their experiences and best practices to start, nurture and profit from a culture of sustained innovation. When asked what the biggest stumbling blocks are, here are some of their insights.

“It’s got to be a holistic approach. All the pieces have to work together, in a culture where quality ideas are valued, respected, and executed- and the organization must be aligned to foster these great ideas. Balanced across functions. With certain basic values to get this passion harnessed.” – Bruce Sauter, formerly of Atari and Kohler Company

“You need that elemental, entrepreneurial spirit, in the classic sense, you know: ‘Let’s try it!’ There needs to be tolerance for failure, the will to try something new even if it fails (but the discipline to make that particular mistake only once). You need to show, credibly, that you embrace change. Otherwise, it’s never going to happen.” – Hannes Hunschofsky, President, Hoerbiger Corporation of America

“Looking back at the big picture…success requires a culture change from the top down. It’s complex, it takes time, and it’s worth it all- if you’re serious about survival.” – Nic Hunt, director of innovation for an international manufacturing corporation

Innovation certainly starts from the people at the top, who need to walk the talk and take responsibility into their own hands to become a champion for change. And the change agents of the world have to possess that eternal optimism – or sheer willpower – to make it happen. After all, innovation takes guts and is not for the faint of heart. For more insights from the roundtable discussion, see “Robert’s Rules of Innovation: A 10-Step Program for Corporate Survival.”

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Finding and Applying Serendipitous Innovations

Tuesday, April 17th, 2012

dhl-canal-boatInnovation is all around us, and if you see it, observe and learn from it so that you can use the idea elsewhere. A classic example of serendipity or success after failure is the story of 3M Post-it notes. In 1974, Stephen Silver at 3M research laboratories was trying to develop a strong adhesive and instead created a new adhesive that was not too strong, could stick on all surfaces and be removed easily without causing damage or leaving residue. Not knowing what to make of this, it was four years later that his colleague Art Fry came up with the idea to use this “low tack” adhesive to attach a bookmark to his hymnal. He further developed the concept, and 3M launched what became known as Post-it notes nationwide.

Another example of a serendipitous innovation is the case of Mr. Goodyear when he accidently burned his experiment and created galvanized rubber used in tires. This discovery is often cited as one of history’s most celebrated “accidents”, although it took the inventor’s clever inference and steadfast perseverance to develop the product.

Look at failures or “Learning Experiences”, and look around you to see what innovative use or application can be used for your own competitive advantage and differentiation. On a recent trip I observed the following innovations – they are all around us. See what you can do with these creative new experiences to use or apply elsewhere:

- Instant welcome banner printers at the airport retailing for just $4.99

- DHL canal boats in Amsterdam used for picking up and delivering packages. At first glance, I thought it was a great method of advertising, but the boats are actually a more time efficient delivery vehicle through the Amsterdam canals than any delivery truck.

- Using the iPad and FaceTime to have your partner join you for dinner while traveling

- eTickets for trains (used to be paper only)

- A mobile version of the successful London Eye Ferris wheel as a temporary attraction

- Highway speeds set for 130km/hr normally and 110km/hr when wet

- Laptop LoJack for tracking missing or stolen laptops

The list of these types of crafty innovations goes on and on. More importantly, look around you and see how you should apply the ten types of innovation to your own ideas: Process, Delivery, Branding and Product.

When it comes to innovation, don’t get left behind and always remember – if you don’t do it, somebody else will. For more on the ten imperatives and tips for innovation, see “Robert’s Rules of Innovation: A 10-Step Program for Corporate Survival.”

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Three Issues that Stifle Innovation, and How to Overcome Them

Tuesday, March 6th, 2012

innovation1As an innovation leader, you know how important a culture of sustained innovation is to the survival of your organization. However, there are many factors that can challenge the innovation process. These issues may come from team members, executives, or the general culture of the organization. Here some common challenges that companies deal with, and solutions for overcoming them.

1. The culture of the company is to keep doing things the way they’ve been done in the past – there is a lack of curiosity and eagerness to change.

If this sounds like your organization, you know that lack of inspiration can be a frustrating situation. Determining a vision for the future of the company is the first step to tackling this problem. Set quantitative goals, such as bringing one new product per year to market, and decide the people, facilities, and resources you will need to achieve those goals. The new product development (NPD) process consists of a clear action plan, with regular meetings to instill accountability. Making NPD meetings mandatory, and monitoring progress, is the only way to ensure productivity and that the plan will stay on track.

2. Innovation attempts in the past have failed, causing team members to be hesitant about taking risks.

This is certainly a common problem in organizations, as the success ratio for new products is actually very low. A study on the grocery business (allbusiness.com) pegged the success rate for new product entries at just 1%. Without risk, there can be no innovation, so it is important for the innovation leader to invite all ideas from all sectors of the organization. Encourage risk-taking and manage failure as a learning experience, as it is an inevitable part of the innovation process. Communicate with team members to establish trust that failures will not result in punitive measures.

3. Ideation sessions lack creativity, as team members have their “day jobs” to attend to.

With routine responsibilities of the daily workplace, innovation can easily be put on the backburner. Choosing a diverse group for ideation sessions can provide just the right amount of social tension needed for a quality outcome. Break up teams and select people who do not often work together in order to minimize group think. Vary the format of meetings to avoid predictable times and places – perhaps hold a meeting at a customer’s office to take people out of their comfort zone. Creating new environments for a diverse group will garner fresh perspective.

These scenarios and solutions were based on the ten imperatives by Robert Brands to create and sustain “New” in business. For more tips on successfully achieving innovation, see “Robert’s Rules of Innovation: A 10-Step Program for Corporate Survival.”

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