Spent a fantastic day at Warwick Business School, talking to their MBA students about ‘Transforming Technology into Profit,’ and introducing concepts from my upcoming new book, ‘Cracking the Industrial Innovation Code’. Amazing enthusiasm from the audience. Thanks to all of you who came to listen and for all your questions afterwards, and to Prof. Giuliana Battisti for hosting. Already looking forward to my next visit.
My presentation, 'Transforming Technology into Profit', addressed how to successfully guide new products and technologies through the many layers of organisational structure and corporate hurdles that they have to deal with before they can become successful new products. I walked the students through how businesses generate new ideas, how they chose the ones most likely to deliver their business strategy, how they transform these into real products through project management and finally, how they successfully commercialise them. I explained that coming up with a great idea for an innovative product is just the start of a complex and lengthy process of making it into commercial reality and that there are too many stumbling blocks along the way that can derail a great idea, and ultimately that ‘The Biggest Barrier to Innovation is your own Business’. I highlighted the many Organisational, Process and Cultural barriers that businesses face in trying to grow their business through new products and that many people get wrapped up in the excitement of their new technology, but have little concept of the real world struggle they will face to manoeuvre it successfully through a business to make it a commercial reality.