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Creative Appendices
Here's another quicktip for those of you itching to get creative with your final submission.
As you may have noticed, the final submission template is somewhat restrictive. Submissions must be in Microsoft Word format and no longer than 2,500 words. Furthermore, the template includes a number of mandatory sections. Admittedly, that doesn't leave a lot of room for creative licence. For example, what if you design a Flash animation to illustrate your spectacular new business process? What if you think a video is the best way to demonstrate a new method of serving clients? These are completely legitimate questions, especially for a competition about innovation.
Fortunately, there is a way to include such material in your final entry. The Rules & Regulations allow for the inclusion of appendices that are directly related to idea submission. There are also no restrictions on the format or length of appendices. So, if you have unique presentation material that will bolster your submission, put it in the Appendix. Superfluous content may be detrimental, so make sure that appendix material actually supports your primary content.
Final Submission Quicktip
If you registered for the Next Great Innovator Challenge and received a final submission template, or if you carefully read the Rules & Regulations, you undoubtedly recognize the three main sections we are looking for in your final submission:
– Description of teen influence on financial services
– An idea or innovation to consider as a result
– Implementation plan to turn the idea into reality
At the risk of stating the obvious, I will suggest that the strongest submissions will be those that demonstrate clear links between each of these sections. Allow me to explain.
In the first section, you should identify characteristics that uniquely define today’s teens and describe how these traits will impact the financial services industry. Previous blog posts have discussed teen trends that might merit consideration. In order to have impact, the idea you propose in the second section should relate directly to the characteristics you identify in the first. For example, if you emphasize that today’s teens demand immediacy of service, proposing customizable account packages may not be the best choice. That’s not to say that customizable accounts are a bad idea – it’s just not clear how they respond to the need for immediacy. In this case, suggestions for a faster, more streamlined account opening process would be more appropriate.
Bottom line: Make strong connections between each of the sections and your final submission will carry a lot more weight.
Young Entrepreneur Speaks at RBC
A few weeks ago, I wrote about the youth panel discussion that took place at the 2006 RBC Applied Innovation Symposium. Among the other presentations at the event was one about technology and the Net generation, delivered by Michael Furdyk. If the name sounds familiar, it’s probably because you’ve heard Michael’s story on The Oprah Winfrey Show, or read about him in Time Magazine. When you co-found a successful online company and sell it for upwards of US$1 million at the tender age of seventeen, as Michael did, I guess the media takes notice.
Since the sale of MyDesktop.com in 1999, Michael has provided technology, youth culture, and business consulting services for a variety of companies, including Xerox, IBM, and Microsoft. His latest online venture, TakingITGlobal, is an online network that connects youth interested in improving their local and global communities. Besides describing his personal story with great charm, Michael addressed what he sees as key characteristics of the Net generation. Among them:
Technology Enthusiasm – Young people are enthusiastic about technology to a greater degree than any other demographic group. They draw from the unprecedented amount of information available on the Internet to create their own unique sense of self.
Super Connectors – Technology can be used for many things, but young people use it most voraciously to communicate. Cell phones, text messaging, e-mail, instant messaging and online communities all feed this appetite for open communication.
Global Culture – The Internet has made the world a smaller place. Youth today are more likely than previous generations to watch foreign films, listen to foreign music, eat foreign foods and communicate with friends internationally.
So what are the implications for business? Michael discussed a number of things, including:
Internet Everywhere – There’s a good chance the Internet is already at your local coffee shop. Some airlines even provide it on their airplanes. This reach will extend even further into all the places we live and the enabler will be wireless technology. Businesses need to be mobile.
Social Networking – People will increasingly use the Internet to connect through common interests. Viral marketing gains increased importance in this connected world. Online review websites provide an opportunity to engage with customers at the point of frustration.
Consumers as Creators – The line between consumers and creators is getting more and more blurry. Blogs, wikis, podcasts, and photo/video sharing empower consumers to create their own experiences. Businesses must allow customers to further shape their own agendas.
Sizing up the Competition
In the Innovator Blog's very first entry, I revealed the number of students and teams that registered for the RBC Next Great Innovator Challenge. Since then, a few interested students have written to ask which schools have the most teams registered.
Perhaps they are sizing up the competition, or maybe it’s simple curiosity. Either way, there are probably more of you who would like to know. Following is a list of the twenty schools with the most teams registered in the challenge. The number of teams registered at each school appears in parentheses.
1. University of Toronto (55)
2. University of Prince Edward Island (33)
3. York University (33)
4. McGill University (17)
5. University of British Columbia (14)
6. HEC Montréal (12)
7. University of Waterloo (11)
8. Queen’s University (9)
9. Humber College (7)
10. Saint Mary’s University (6)
11. University of Calgary (6)
12. Memorial University of Newfoundland (5)
13. University of Guelph (4)
14. University of Lethbridge (4)
15. University of Ottawa (4)
16. University of Western Ontario (4)
17. Grant MacEwan College (3)
18. Mount Allison University (3)
19. University of Alberta (3)
20. Université de Montréal (3)
Note: Some teams are comprised of students from more than one school. Totals shown include all teams where at least one team member is a student at that particular school.
Now it’s my turn to be curious. Is your school on the list? Are you surprised by any of the schools that appear? Are there any schools missing from the list that you would expect to see? Post a comment to share your thoughts.
Dare to be Different
According to the IBM Institute for Business Value, retail banks need to differentiate themselves from competitors by embracing innovation. In a recent report, Dare to be Different: Why Banking Innovation Matters Now, the Institute highlights five different business areas where banks can achieve differentiation:
1. Retail Payments
Contactless – Radio Frequency Identification or Smart Cards to increase speed and convenience
Mobile – Enabling payments via mobile phones or other mobile devices
Biometrics – Biometric solutions to increase speed and security, lower fees
Online Payments – Reducing the high unit cost of processing payments online
2. Mortgages
Personalization – Mortgages with reward points, the ability to occasionally skip payments
Automation – Software to shorten loan approval and cycle times
Outsourcing – Using outside providers for non-core activities
Bundling – Bundled accounts that offset the impact of mortgage interest
3. Customer Experience
Loyalty Programs – Creating personal programs to reward customers
Enhanced Branches – Non-traditional branches to form relationships and engage community
Customer Relationship Management – Using CRM software to create personalized messages
Product Integration – Linking products such as accounts, credit cards, loans and insurance
4. Under-banked Customers
Credit Extension – Using non-traditional measures, such as rent and utility payment history, to develop credit scores
Portable Banks – Mobile ATMs or marketing teams to provide service for hard-to-reach people
Money Remittance – Helping customers, especially immigrants, send money internationally
Microfinance – Offering small business loans to impoverished people around the world
5. Adjacent Spaces
Healthcare – Partner with healthcare providers, manage plans and process related payments
Electronic Payment Processing – Electronic invoice or electronic bill presentment and payment
How would you classify these according to the innovation types introduced in the previous post? Are some easier to duplicate than others? Which ones offer the greatest chance at truly uncommon innovation?
Innovation is Everywhere
In How to Find Innovation Gold I described a general approach for uncovering innovation in neglected areas. I ended by saying that the approach is particularly useful when applied against innovation types, which I promised to define and discuss in a separate post. Well, here it is.
Innovation consultants, scholars and others have identified various types of innovation. Typically, a model or framework is used to present these in a logical, structured format. Here are some examples.
Doblin is a Chicago-based innovation strategy firm that helps businesses assess and improve their innovation capabilities. Doblin provides a framework that identifies ten types of innovation:
1. Business Model
2. Networks & Alliances
3. Enabling Processes
4. Core Processes
5. Product Performance
6. Product Systems
7. Service
8. Channel
9. Brand
10. Customer Experience
Future Think is an innovation consulting firm, based in New York, which helps businesses build innovation programs and skills. Future Think provides a series of Innovation Snapshots that identify eight ways to innovate:
1. Product or Service
2. Business Model
3. Brand Experience
4. Distribution Channel
5. Strategic Partnership
6. Customer Segment
7. Communication Channel
8. Business Process
Innovation Radar is the name of a tool developed by Mohanbir Sawhney, Robert C. Wolcott and Inigo Arroniz, from the Kellogg School of Management at Northwestern University. The radar, which was described in the Spring 2006 edition of MIT Sloan Management Review, features twelve dimensions of business innovation:
1. Offerings
2. Platform
3. Solutions
4. Customers
5. Customer Experience
6. Value Capture
7. Processes
8. Organization
9. Supply Chain
10. Presence
11. Networking
12. Brand
As you can see, the lists are similar. The point is not to pit one model against another – all of them are extremely useful. They each highlight the fact that innovation can be found in a variety of places. This is important, since it combats the tendency for companies to focus myopically on just one type of innovation.
You may want to investigate each of these models in greater detail. All of them provide thorough definitions and illustrative examples of the different innovation types. In future posts, I will also delve more deeply into some examples.
Incremental or Breakthrough Innovation?
Innovation is often described as a spectrum. At one end of the spectrum lies incremental innovation – linear refinements that provide marginal benefits over the status quo. In business, continuous incremental innovation can be a source of competitive advantage, sustaining company growth over a period of time. At the other end of the spectrum lies breakthrough innovation – non-linear changes that provide significant improvement over the current state of affairs. Breakthrough innovation has the potential to alter entire industries. At the centre of the spectrum lies a murky middle ground, with no clear border where incremental innovation ends and breakthrough innovation begins.
There is a misconception among companies that breakthrough innovation is superior to the incremental variety. I tend to think it depends on a company’s position in the marketplace. If a company is well established, incremental innovation can serve it very well. Incumbents benefit by making small changes on a continuous basis. Each successive refinement adds value for the customer, while cementing the company’s position. Linear changes are easier to come by, steady and predictable. On the other hand, if a company is a relative upstart, breakthrough innovation might be the only way to grab a share of the market. Incremental change does not compensate for lack of visibility in the marketplace. Improvements have to be dramatic so that people take notice. Non-linear changes are unpredictable, but start-ups have less to lose and can tolerate this risk.
In the long run, incumbent organizations need to realize when incremental innovation can no longer be a sustaining force. At some point, they have to change course or risk becoming obsolete. History has shown this to be true, as illustrated by the case of the ice industry and refrigeration.
In the middle of the 19th century, there was a thriving ice harvesting industry in North America. Companies cut blocks of ice from rivers and lakes in the winter, stored them in warehouses throughout the year, and shipped them to locations across the world. The ice wagon, which delivered ice to individual households, was a common sight on the streets of cities and towns. Over fifty years, companies perfected processes for harvesting, storing and transporting ice. Plows and other tools were invented to automate harvesting. Better insulation was developed for warehouses. Special vehicles and distribution routes were developed to preserve the ice during transport. These innovations brought ice to the masses at a reduced price, but they were all incremental.
By the 1880’s, a totally new technology – refrigeration – irreversibly altered the face of the industry. It didn’t happen overnight – machine-made ice had been made as early as 1860, but it was initially more costly than traditional harvesting. As the technology improved however, the price dropped, and machine-made ice became attractive in southern markets, where harvested ice was most expensive. Refrigeration was a breakthrough innovation. It created a completely different solution to the problem of cooling food. It was not only cheaper, but more convenient and sanitary. Incumbent ice companies that clung to the old ways of doing business eventually failed.
What can companies like RBC learn from this case? Where along the innovation spectrum should RBC focus its efforts? Would you classify your ideas for the Next Great Innovator challenge as incremental or breakthrough?
Teen Consumer Trends for 2007
The Zandl Group is a New York-based research firm specializing in monitoring and predicting market trends for business. The firm’s Youth Market Hot Sheet tracks youth trends in the United States, based on surveys of young people, ages 8-24. Zandl Group recently released a list of eleven key teen consumer trends for 2007. Here’s a summary.
Technology – Today’s teens can define themselves through profiles on websites such as MySpace, and increase their creativity through blogs. Familiarity with young technology billionaires fuels their entrepreneurial spirit, while access to information empowers them.
Connectivity – Today’s teens are connected through cell phones, instant messaging, webcams and social networking websites. Portable MP3 players, game consoles and laptop computers enhance this connectivity. Online role-playing environments could be the next social networking front.
Home & Family – Home is the average teen’s favourite place to be and more than half of teens cite their parents as role models. Teens and parents have more in common than before and more teens are getting involved in household decisions.
Entertainment vs. Sports – Influence of sports among teens has dropped substantially in favour of entertainment. Teens are increasingly looking toward the entertainment industry for role models and career aspirations. More teens are creating and distributing content online.
Less Rebellion – Parents have become less strict and are less likely to impose rules or restrict individual teen style. As a result, teens have a lot less to rebel against. Rebellion may be losing its appeal as cool kids are increasingly described as those that are “nice and friendly.”
More Grown Up – Today’s teens increasingly see “work and money as the best thing.” Education, careers and success have become top of mind for this group of young people. Teens are less likely to think about relationships, marriage or starting a family while young.
Girls & Careers – More girls than boys are planning to attend college and they’re more likely than boys to pursue professional careers in law, medicine or teaching. Girls also have more specific career goals than boys, deciding earlier what specific path they wish to pursue.
Irony & Humour – Teens are more attracted to smart, ironic humour, as exemplified by TV shows such as Family Guy and South Park. One of the drivers of this trend may be blogs and social network websites, which emphasize authenticity and decry hypocrisy.
Rock vs. Rap – The influence of hip-hop in entertainment and fashion circles is waning, in favour of rock music. Half of teens still consider hip-hop their favourite type of music, but this is on the decline. Baggy jeans are being replaced by tight jeans, especially for suburban teens.
Brand Diversity – With an increasing number of brands to choose from, today’s teens are routinely bouncing from one brand to another. Long-standing brands such as Gap, Levi and Nike are losing ground to niche brands.
Attractive Brands – Apple is cited as a pioneering brand relevant to the teen lifestyle. Services that teens use extensively include Google, Yahoo and MySpace. In fashion, over half of teens are shopping at specialty stores such as American Eagle, Pac Sun, Forever 21, Abercrombie and Hollister. Mass retail has the least appeal for teens, but Wal-Mart and Target have become more popular over the past decade. Nike still dominates the teen sneaker market.
As I read through the press release, I wondered how relevant each trend was for the Canadian marketplace. In some ways, Canadians (teens or otherwise) are very much like our American counterparts. However, in other ways we differ significantly.
What do you think? Which of the trends listed above translate to the Canadian market? Which of them don’t? Why or why not? I’m interested in reading your comments.
What's in a Name?
Choosing a name can be an arduous task, whether it’s for a new company, product or unborn child. The experience seems to stoke the passion of those involved, and it’s easy to understand why. After all, a name is more than an identifier – for better or worse, names are highly suggestive. Naturally, people are concerned about choosing a name that projects the right image.
I had a lot of fun poring over team names that were registered for the Next Great Innovator Challenge and recently took a moment to extract some trends you might find interesting. Funny or frightful, absurd or delightful, here’s a look at some of the naming trends that caught my eye.
Most Popular – Selected by three different teams, the most popular name was Synergy – presumably a reference to the cooperative interaction among team members. Team Synergy and Synergistic Innovators must have been on a similar wavelength.
Also Popular – A few names were each selected by two teams, including Prometheus, Team Extreme, Team Kiai, and The Executives. While I realized immediately that Prometheus was borrowed from Greek mythology, it took a little bit of research to recognize kiai as the explosive yell that accompanies the release of energy in some martial arts.
Initials – Always nice because they acknowledge the individuals that comprise a team, initials were a very popular choice. Variations on this theme included AJA, AKAZ, BSG, ESGB Consulting, JLK Dynamics, KJM Funds, KMS Innovators, KPMB Consulting, MRS, MSM, The MAC Trinity, and VIC.
Acronyms – Though not as numerous as names based on initials, there were a few catchy acronym-based names to be found. Examples included Bank On Us (BONUS) and Return on Innovation (ROI). Other names appeared to be acronyms, but I confess that I wasn’t able to tell what they stood for.
Mash-ups – Take two words, throw them together, and see what you end up with. This must have been the methodology behind team names such as Creatovators, Innovateen, Technovations, Teenovation, and Zennovation. I’m sure Bennifer and Brangelina would be proud.
School Spirit – It was great to see school spirit driving some of the name choices. Among the most spirited names were GuelphsGreatest, HEC Investing in Innovation, Huskies, IVEY_INNOVATIONS, McGill Zeitgeist, Rotman Raiders, RotMANIACS, SMU IMPACT, Team ULeth, The Schulich Wraptors, UNBC Magnificent Moose, and UPEI Panthers.
RBC Props – A few teams used the naming exercise as an opportunity to acknowledge RBC. I guess I should thank RBC Champs, RBC Rocks!, and RBC Wannabees for this kind form of recognition. After careful consideration, I figure I should thank Real Business Chicks for the same reason.
Industry Props – Some team names reflected the general banking or investing industry, instead of referring specifically to RBC. Examples included Bank On Us and Banking on Innovation. It’s also good to see that some teams are Thinking Outside the Bank. Investinus might be construed as a direct appeal, but it could easily pass as a Latin expression.
Innovation Flavours – This being a competition about innovation, one would expect innovation to feature prominently in some of the team names. It certainly did with a particular group of monikers, including Innov, Innovatia, Innovation Station, Innovative Spudsters, Innovator, and Innovatoria.
Excellence – Judging by some of the team names registered, there is no shortage of confidence among challenge participants. Certain names just exude self-confidence, including Choice Decisions, DominantStrategy, Dynasty, Haligonian Prodigies, Paramount, Prodigy, Team Supremo 3000, and The Elite.
Global Vision – Clearly, some of the teams registered in the challenge are thinking globally. This must be the case with names such as Foreign Innovators, Global Marketers, and imagiNATIONS. You could make the same argument for Jakarta, Geneva, and perhaps Mosaic.
Grammar Rebels – I’ve heard of creative writing, but creative spelling must be the new trend. How else would you explain a name like Easix Cre8ive? You also have to admire those that are unrestricted by lettering conventions. Would you describe ThE AkAdeMiKs that way?
Wonderfully Wacky – Some names simply defy description. What can you say about Flaming Maple Sox or Kids With Crayons? The same holds for What Ever Mom! and What’s the Red Part. And why are none of the Tom and Jerry team members named Tom, or Jerry?
Good Heavens – A surprising number of team names took their inspiration from the heavens. Consider Altitude, Schulich Stargazers, Solar Extravaganza, Stellar, and SunShine. The skies might even be a guide for Three Wise Men looking for Immaculate Conceptions.
Thanks to team leaders and members for coming up with such wonderfully creative team names. If final challenge submissions are even half as innovative, the Next Great Innovator Challenge will be a surefire success!
Symposium Youth Panel Insight
Since 1998, RBC has organized and staged an annual symposium, designed to foster business and technology innovation among employees. Featuring presentations by thought leaders in the business community and demonstrations by emerging technology vendors, the event always provides a compelling glimpse into the future of financial services.
The 2006 Applied Innovation Symposium, held October 11 – 12, continued the tradition of insightful, forward-looking presentations. One that captured my attention was a youth panel discussion, moderated by CityTV New Media Specialist, Amber MacArthur. Five young people, ranging in age from seventeen to twenty-one, shared their thoughts on a host of topics, including technology, media, brands and banking. I’ve been to my share of conferences, and it was extremely refreshing to hear these people share their candid opinions. Here are some of the highlights I recorded.
Technology – All of the panelists said they are comfortable using technology in their daily activities. In fact, most barely give it a second thought, since computers, cell phones, digital cameras and other tech tools have always been a natural part of their lives. For a couple of the panelists, enthusiasm for technology extends into computer programming, while others are content to use technology simply as a means to an end. The gadget of choice is a laptop computer.
Media – Panelists overwhelmingly pointed to the Internet as their primary source for news, information, and entertainment. Newspapers and magazines attract their attention on occasion, but they are simply no match for the immediacy, convenience, and sheer breadth of information on the Web. Even television takes a back seat to the Internet. As one panelist pointed out, all these other channels are passive – only the Internet enables you to seek the information you’re really interested in. Favourite websites include Google, Wikipedia, YouTube, and Facebook.
Brands – The discussion of brands yielded the greatest diversity of opinion. Panelists agreed that brands play a minor role, if any, in their personal purchase decisions. However, they acknowledged that brands can be important among their circle of friends. Brand preferences align strongly with personal interests. The sports enthusiast on the panel favoured brands like Nike and Adidas, while the technology lover liked Apple and Intel, and the fashionista preferred American Eagle.
Banking – The panelists had little experience with investment or insurance products, so the discussion of financial services focused on banking. Most panelists spend little time dealing with financial matters, relying instead on their parents to guide their financial affairs. Almost unanimously, panelists indicated that their primary financial relationship is with the same institution used by their parents. Despite their comfort with the Internet, few panelists are regular online banking users. By far, their most common banking interaction is with a debit card at the automated teller machine (ATM) or point-of-sale (POS) terminal.
This particular group of young people may or may not represent today’s teens at large. Nevertheless, it was interesting to hear their individual stories and some of the topics discussed may spark some ideas for your own exploration.
New...and Improved
It’s no coincidence this competition is called the Next Great Innovator Challenge, since innovation is really what it’s all about. So what do we mean by innovation?
Well, if you ask ten different people what innovation means, you’re likely to receive ten different answers. It’s not all that complicated, but people are passionate about the details. I’m not about to settle the finer points here, but I will highlight a couple of the defining elements.
The first is that innovation implies something new. In business, some argue whether this means new to the company, new to the industry, or new to the world. I say they’re all innovative, but to varying degrees. New to the company might not get a lot of people excited, but it’s still a good thing. New to the industry is better, and of course, new to the world is best.
However, being new is not enough. In order to be innovative, ideas must also provide benefits over and above the status quo. In other words, ideas must be new…and improved. Organizations don’t do radical things for the sake of being new – they do them for the sake of being better. One of my favourite sports innovations illustrates the point.
At the 1968 Olympic Games in Mexico City, American high jumper Dick Fosbury astonished the world, capturing the gold medal with a revolutionary back-to-the-bar technique. Prior to that, most high jumpers used the straddle or belly-roll method, clearing the bar with lead arm and leg, and rolling over facedown. Within a few years, the “Fosbury Flop” became the standard technique employed by high jumpers the world over. Fosbury’s technique was innovative, because it enabled him to jump higher and win on the world stage. Had he used the technique and finished in the middle of the pack, it would have been new, but that’s about all.
How to Find Innovation Gold
Looking for innovation is like prospecting for gold; if you look in the same place as everyone else, it can be difficult to find. Chances are someone else has beaten you to it. Successful innovators often uncover nuggets of gold by searching off the beaten path. It may take a little more effort, but the potential rewards are much greater.
I try to use this approach when I explore opportunities for innovation at RBC. You might want to try it as you explore ideas for the Next Great Innovator Challenge. The first step is to map the universe of opportunities along a particular dimension. Next, try to identify areas along that dimension where innovation activity is most intense. Doing so will reveal areas that are comparatively unexplored. Focus on the neglected areas to uncover potentially unique opportunities. Be careful not to discount heavily explored areas entirely, since they might be heavily explored for good reason.
Consider the challenge question, which asks how today’s teens will influence the financial services industry in Canada. The phrase “financial services industry” is deliberately broad in scope. How would you map the universe of opportunities therein?
Along the product dimension, potential areas of exploration might include: banking, investments, and insurance. All of these areas are available for exploration. Which of these seem to attract the most attention? Could you gain an advantage by focusing on those that are less scrutinized?
Along the client dimension, potential areas of exploration might include: personal, business, and corporate. Once again, these are all fair game for exploration. Which of these attract the most attention and why? Is there more opportunity to innovate in the relatively unexplored areas?
Note that I selected two basic dimensions, merely to illustrate the overall approach. The actual number of dimensions is virtually without limit. The approach is particularly useful when applied against innovation types, which I will define and discuss in future posts.
Time and Place
Before you develop your ideas in great detail, I want to use some of these early blog posts to clarify the scope of the challenge question. I’ll start with a few comments about time and place.
The question implies that today’s teens will somehow influence the financial services industry, but when can we expect this to happen? Will today’s teens make an immediate impact during their teenage years? Are they more likely to shape the industry over time, as they progress through various life stages? You might feel strongly one way or the other. Whatever you believe, be sure to put forth a convincing argument. Timing is a key component of your proposal, especially as it relates to implementation of your ideas.
In terms of place, the challenge question is very clear. RBC provides diversified financial services in many parts of the world, including the United States and Caribbean. We also provide selected services in South America, Europe, the Middle East and Asia-Pacific regions. However, for purposes of the Next Great Innovator Challenge, we are interested primarily in Canada. If you choose to take an international perspective in your submission, make sure that the Canadian market remains the core consideration.
Drivers and Passengers of Change
The premise of the challenge question is that today’s teens are drivers of change. When examining how this group will influence the financial services industry in Canada, consider who the passengers of change might be. Allow me to explain by way of analogy.
Suppose you are asked how baby boomers will influence social services in this country over the next twenty years. Due to the sheer number of boomers, you might contend that as they age, demand for health care services will inevitably increase. If resources allocated to health care do not increase in equal proportion, boomers might experience a reduction in health care quality. But they wouldn’t be alone – all other groups would feel the pain equally. Conversely, if governments bolster health care programs to meet the demand caused by aging baby boomers, they might create a legacy of health care excellence for generations that follow. In both cases boomers drive change, but the effect on passengers varies dramatically.
It is important to consider the ripple effect of teen influence when developing your submission. Financial institutions may be driven to change by today’s teens, but other client groups will likely feel the effect. Think about passengers – as well as drivers – when developing your idea.
Today’s Teens Defined
OK, let’s begin looking more closely at the challenge question.
The first part of the challenge asks, “How will today’s teens influence the financial services industry in Canada?” We’ve received a few e-mails from students, asking us to clarify exactly what we mean by “today’s teens.” I’ll provide the answer here, where everyone can access it.
To be honest, there really is no mystery involved. Today’s teens are simply those people currently in their teenage years. It is not a very strict range – you may expand it slightly to include those between the ages of 12 and 20. If you venture beyond this range however, you’re probably straying too far from the target group.
Many of you are in a strong position to comment on this particular demographic. You might have younger siblings or cousins that fit the description. Even if you don’t, you are much closer in age to today’s teenagers than decision makers at financial institutions are. By all means, use this to your advantage.
Mature students are more removed from the target group, so you may have to work a little harder to understand the influence that today’s teens will exert. Then again, your life experience might also provide some very valuable perspective.
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About
The Innovator Blog is your inside source for advice and guidance on the RBC Next Great Innovator Challenge™.
Recent Posts
- Creative Appendices
- Final Submission Quicktip
- Young Entrepreneur Speaks at RBC
- Sizing up the Competition
- Dare to be Different
- Innovation is Everywhere
- Incremental or Breakthrough Innovation?
- Teen Consumer Trends for 2007
- What's in a Name?
- Symposium Youth Panel Insight
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