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The pulse of Innovation

Today I’d like to answer one big question and then a few more Challenge specific ones.

A great question has come to me while talking about the Challenge. “Where do I look for the latest Innovations?” Off the bat I can say I have one terrific resource- the Applied Innovation team here at RBC. All of our team members come from different backgrounds so we all audit different sources of ideas or information. We also meet regularly to discuss our ongoing projects and share interesting discoveries. All of us post diligently to our own internal information and process management system keeping the team up to speed and creating an open flow of information across projects and domains of interest/expertise. Not to mention all the fabulous input we get from all our partners, both inside the enterprise and from vendors.

In addition to general reading I “audit” innovations in marketing, retail, CRM/ERP, mobility and these day web 2.0. I have several newsfeeds and belong to a number of technology and process groups which allow custom subscription to white papers in my areas of interest. These associations are a carry over from working for innovative companies in those industries, providing great insight that can be ported into Financial Services.

Until you’ve narrowed down your interests here are some good general sources:

Google news alerts:
http://www.google.com/alerts
It may sound very “2003” but I love my daily feed from Google; simply for "Innovation". It gives me a broad spectrum report from around the world and 3 or 4 solid blogger perspectives each day. Of course setting the Google alert for "innovation + subject of your choice" will give you a more specific scope. I also have an alerts set for "Strategy" and "Innovation + Strategy" and find great material when the 3 feeds overlap.

Harvard:
http://harvardbusinessonline.hbsp.harvard.edu/
hbsp/resource_centers/innovation_entrepreneurship.jsp
It’s Harvard, what more is there to say?

Moore’s blog:
http://geoffmoore.blogs.com/my_weblog
Geoffrey Moore of "Crossing the Chasm" fame; keep up on what the master of pitching Innovation is thinking.

The CBC:
http://www.cbc.ca/technology/
The CBC does a fantastic job of staying ahead on science and technology. Often I see items here first and even better that they have a Canadian perspective.

Fark.com
http://www.fark.com/geek/
This is one of the oldest and most successful user generated aggregate news sites. It is a little random as to the subject range, but I always get a smile from the extra comments the “farkers” add to the headlines. The /geek page deals with news stories on technology and science. And you can always flip over to the show business news!

Here are some other blogs and aggregation sites:
http://thebankwatch.com/
http://www.innosight.com/blog/index.php?/categories/13-Financial-Services
http://www.roughtype.com/index.rdf
http://www.innovationtools.com/index.asp
http://www.getfreshminds.com/2007/10/here-are-a-few-.html

Now I have a few new and astute Challenge questions to answer:

Thought starters vs. the submission template

Teams have been asking about a clarification on the difference between some of the areas to consider on the website and the template. The “Thought Starters” http://www.rbc.com/innovator/innovators_challenge.html (starting with "Trends") are exactly that- some suggested areas you should examine as you decide what innovative ideas have value and what value they have. The template is meant to be the repository of your conclusions drawn from all the areas you may have examined, combined with the most compelling supporting points, so the template is much more streamlined. The appendixes are a great place to put the supporting information you have drawn out and collected.

Here are 3 other good questions which have come in recently:

Q) Are there constraints we need to be aware of? i.e. cost constraints

A) No set constraints, but in any proposal you will have to be sure that value or return is significant. Keep in mind that a regular challenge to those of us who have to pitch innovations is to come up with very compelling arguments, matched to the audience, to gain significant financial commitments! Check our Moore’s “Crossing the Chasm” for examples of exactly that.

Q) Rather than creating a brand new business process or financial product, our team is heading in the direction to create synergy with existing RBC products, we are just wondering if we are heading on the right direction?

A) That direction is fine. Innovations often come from creating synergies where others have missed an opportunity, creating new and game changing strategic directions. This can be very exciting actually. And remember the Challenge is about all Financial Service providers, so don’t feel you have to stick to RBC offerings only.

Q) There are certain data that are not available on the resources, are we allowed to conduct primary research?

A) The resources listed on this website are only a few suggestions to get teams started- feel free to go beyond them. Primary research is fantastic. It often can be the support which transforms a good idea into a great one. And don't forget as long as you are clear as to why you made them, assumptions are OK in this sort of proposal too. I would advise team focus on the conclusions in the body of the proposals and push the supporting evidence into the appendices.


Posted by Timothy H. on November 7, 2007 2:49 PM

Comments (2)

Sirius :

Is the innovation restricted to financial products in canada? We are thinking about introducing some finacial products in China.Will it come under Innovation?

Posted by Sirius

T.Hanlon :

Unfortunately the competition Challenge this year deals with how Canadian Financial Institutions can make it easier for clients to do business with us, so financial products in China may be innovative but not track with the challenge question. It is conceivable that you might make the case, but it would be quite a bit of work to convince the judges that your idea has more value than an idea focusing on Canadian clients.

Posted by T.Hanlon

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