Back End of Innovation - Why Purpose Matters
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Innovation is hard...Why Purpose Matters. Aligning purpose from the top down and bottom up allows individuals and organizations to tap into their full creative potential, deep energy resources, and top talent.
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Back End of Innovation - Why Purpose Matters
- 1. Innovation is Hard… Why Purpose Matters Shannon Lucas
- 2. Think of a time when you were crystal clear on what you wanted to accomplish, something that you believed in deeply, and were in flow towards achieving that goal.
- 5. Innovation [ in-uh-vey-shuh n ] noun • something new or different introduced • the act of innovating; introduction of new things or methods.
- 7. Corporate Team Individual Challenges of Backend of Innovation • Organizational structure (in or out) • New Business model difficulties • Fear of customer retaliation • Resource alignment • Incentives • Culture change
- 8. Results in: Lack of belief in top level commitment leading to limited bottom-line impact and potential brand damage
- 9. Challenges of Backend of Innovation • Lack of clarity of success metrics • Misalignment of right skill sets on team • Challenge of engaging other stakeholders and buy-in • Resistance to new ways of working • Different risk appetites • Limited resources Team
- 10. Results in: High activity, confusing, high stress environment… resulting in limited success, wasted resources and high turnover
- 11. Challenges of Backend of Innovation • Lack of clarity of role • Lack of support and proper skill set development • Emotional rollercoaster • Fear of unclear job progression • Long hours and high stress Individual
- 12. Results in: Burnout and high turnover
- 13. That’s a dark picture…. Why do we do it?
- 14. Not your parent’s “disruption” We have to…
- 16. Purpose is the answer
- 17. Purpose [ pur-puhs ] noun • the reason for which something exists or is done, made, used, etc. • an intended or desired result; end; aim; goal. • determination; resoluteness.
- 19. Business Roundtable “Since 1978, Business Roundtable has periodically issued Principles of Corporate Governance. Each version of the document issued since 1997 has endorsed principles of shareholder primacy – that corporations exist principally to serve shareholders. With today’s announcement, the new Statement supersedes previous statements and outlines a modern standard for corporate responsibility. ” Signed by 181 Corporate CEOs August 2019
- 20. Business Roundtable…what it means: • Delivering value to our customers • Investing in our employees (including D&I) • Dealing fairly and ethically with our suppliers • Supporting the communities in which we work • Generating long-term value for shareholders
- 21. The value of Purpose
- 23. Purpose Pays $12,000,000,000,000 Business and Sustainable Development Commission
- 24. The Power of Purpose
- 25. Image the worst human conditions possible…
- 26. Viktor Frankl Man’s Search for Meaning 1946
- 27. “Those who have a ‘why’ to live, can bear almost any ‘how.’” Friedrich Nietzsche
- 28. Power of Purpose • Happiness Trifecta • Longer Life • Clarity & Alignment • Improved Performance
- 29. Happiness Trifecta Dopamine, serotonin, and oxytocin
- 30. Longer Life People without a strong life purpose are more than twice as likely to die compared with those who have one. Those who expressed a greater sense of purpose were 2.4 times less likely to develop Alzheimer’s.
- 31. Clarity & Alignment Purpose provides clarity for how to organize one’s day, what to say yes to and what to say no to. Leading to…
- 33. EY: The Business case for Purpose
- 34. EY: The Business case for Purpose
- 35. EY: The Business case for Purpose Have made a change in last 3 years: • Strategy Development • Business Model • Operating Model • Product/Service Development • New Business Development/Market Exploration
- 36. What is Purpose?
- 38. Different Types of Purpose • Survival • Familial/Communal • Adopting a Pre-Existing Framework of Purpose and Meaning • Personal Accumulative • Altruistic/Idealistic • Personal and Spiritual Development
- 39. Start with Why
- 40. Start with Why Why. Purpose - Why we are here, what we are here TO BE • Purpose creates a collective identity and makes people willing to throw themselves in
- 41. Purpose is the Why Why. Purpose - Why we are here, what we are here TO BE • Purpose creates a collective identity and makes people willing to throw themselves in What. Vision - What WE SEE as possible for ourselves, for others, for community and for the world • Vision is about what you see as possible.
- 42. Purpose is the Why Why. Purpose - Why we are here, what we are here TO BE • Purpose creates a collective identity and makes people willing to throw themselves in What. Vision - What WE SEE as possible for ourselves, for others, for community and for the world • Vision is about what you see as possible. How. Mission - What we are here TO DO • Mission is the specific actions, tasks or goals to realize our vision and purpose; our strategy and path to our vision and purpose
- 43. Purpose and Innovation Purpose plays an important role in innovation. Innovators can evaluate not just technological insight, customer need, and competition but also identify whole new feels of opportunity.
- 44. Purpose Applied
- 45. Corporate Purpose and the Backend of Innovation • Organizational alignment • Openness to new business models • Stronger internal collaboration • Alignment with customers • Openness to new ways of working • New metrics for success • New potential incentives • Culture change
- 46. EY: The Business case for Purpose Purpose drives: • Employee satisfaction • Business transformation success x2 • Higher quality products and services
- 47. EY: The Business case for Purpose • Strategic transformation • Guide for innovation • Must focus on innovation and continuous transformation
- 48. EY: The Business case for Purpose 53% of Prioritizers said their business is successful with innovation and transformation.
- 50. Purpose and the Backend of Innovation • Clear connection with work and impact • Stronger sense of community • Cross-organizational buy-in and support from key stakeholders • Dedicated resources • Openness to new ways of working and risk models Team
- 51. PWC: Putting Purpose to Work: A Study of Purpose in the Workforce
- 52. Leads to: Engaged, motivated, resilient, successful teams
- 53. Purpose and the Backend of Innovation • Personal and professional alignment • More flow state (better problem solving) • Clarity of role and impact to organization • Increased job satisfaction • Better health, happiness, and resiliency Individual
- 54. LRN: The How Report Inspired employees outperform purely engaged employees
- 55. Leads to: Healthy, satisfied, inspired, successful individuals
- 57. Pitfalls of Purpose • Personal purpose isn’t aligned with team or corporate • Purpose creates drive to overcome organizational challenges leading to burnout & health problems
- 58. How to “get” purpose
- 59. Defining Purpose Holistic Approach • Understand your history, DNA, and stakeholder needs • Systems approach • Consider SDGs • Risk to opportunity mindset shift • Crowd source employee input • Apply new purpose to ways of working, metrics/KPIs, incentives Corporate
- 60. Team Defining Purpose • Understand the corporate purpose • Co-create your team’s purpose • Invite other stakeholders for input • Create team metrics and rewards aligned with purpose
- 61. Individual Defining Purpose • Think about what brings joy in your life. • When are you most in a state of flow? • What do you want to be known or remembered for? • What gets you out of bed on even the hardest days?
- 62. My Purpose To make the world’s largest organizations more sustainable in every sense of the word; for people, planet, and profit.
- 63. How to bring it into the world? Make a plan. • What does it look like when it’s fully realized? • What does it look like 2 years from now? • 1 year? • 6 months? • Next month? • Tomorrow?
- 65. Support your Purpose • Plan time each week, month, or each year to reflect on your why • Share your why with your employees, teammates, family • Connect with your end users or customers and understand how your purpose supports theirs • Find a peer group, support group, or community that holds a similar purpose