TP1 3 Defining Innovation

TP1 3 Defining Innovation

12 Episodes

Part 3

Follow us as we help Andrew, a senior manager / associate principal at a major international professional services firm accomplish 2 major goals within 5 years:

1. Implementing the plan to build a new innovation business division/practice when he had no employees, no revenue and no strategy, which eventually led to a $30MM revenue/annum business within 3 years. 
2. As a result of the above, Andrew was appointed equity partner within the 3 years by following a highly unconventional path: by re-building the firm’s failed innovation practice.

Andrew was never tasked with building a new division. No one saw him as a leader in the firm. The leaders of the firm did not even know his name. He had to create the opportunity and lead the implementation. This made his journey that much tougher.

Initially starting with no support, no plan and no team, we teach you what we did to help Andrew begin designing and implementing his plan. After some small successes of acquiring a total budget of just $150K, and signing authority of $5,000, we take you through every meeting, dinner, coffee chat, obstacle, plan, tactic, pilot, proposal, marital problem, client push-back, strategy, success, failure etc. to achieve total revenue of >$30MM within 3 years.

Before Andrew, no equity partner had ever been elected from an internal role in this firm.
In any corporation in the world, you are promoted by getting things done that generate profits. Fancy reports, slides, insights etc., are important in consulting but less so in industry.

In industry those who make things happen are rewarded. Conversely, A leader with great insights who cannot implement and build a business will not last long.

This program will teach you how to take an idea where you have no support and figure out the implementation steps to convert the idea into a stable, sustainable and significantly profitable business within a major organization.

Understanding implementation is important. Strategy and operations studies are different though both use the same core problem solving tools: objective functions, decision trees, hypotheses etc. Both strategy and operations studies generate a report at their conclusion. This report will list several benefits expected to result from pursuing the recommendation. Implementation is about ensuring the benefits from the report are achieved. In other words, if the report indicated $200M additional cash at the end of fiscal year 1, we should have $200M additional cash in the bank account by the end of fiscal year 1.

Implementation may or may not require a large skills transfer to the client. Once-off benefits can be achieved by consultants but ensuring on-going benefits, or benefits with a long payback period, need client employees trained to constantly achieve the benefits.

Implementation is built on numerous change management techniques. Implementation is 70% change management and 30% analyses. The analyses are rarely fancy in implementation since delivering the promise made in the strategy/operations study, e.g. money in the bank, is the true measure of success. 
Image from Eric Oak under cc, cropped, added text.

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TP1 3 Defining Innovation