Simplifying Innovation: Doubling speed to market
April 6, 2010: 6:00 PM - 9:00 PM
While nearly 50% of CEO’s are dissatisfied with the growth from new product innovation, spending more isn’t the answer and neither is teaching innovators to run faster on the same treadmill. This session will show how a constraints based approach can generate more rapid improvements than traditional approaches.
450 North Cityfront Plaza Drive
6:00 PM-6:30 PM: Registration
6:30 PM-7:45 PM: Presentation and Q&A
7:45 PM-9:00 PM: Midway Club
Michael Dalton, `90 (Speaker)
Managing Director, Guided Innovation Group
Mike Dalton founded Guided Innovation Group in 2006 with the simple mission of helping companies turn their new product innovation into bottom-line impact. He developed and sharpened his innovation improvement framework over a 24 year career in product development, marketing and executive leadership at the multi-billion dollar SC Johnson & Son family of companies located in Racine, Wisconsin.
He has spoken on Open Innovation for the National Academy of Sciences, been published in the peer reviewed journal for the Industrial Research Institute (Research Technology Management Magazine), and is the author of the new book, Simplifying Innovation: Doubling Speed to Market and New Product Profits with your existing resources.
He received a Bachelors of Science in Chemical Engineering and Gas & Energy Technology from the Illinois Institute of Technology in 1983 and an MBA in Marketing and Finance from the University of Chicago in 1990.
Global R&D spending exceeds $1 trillion annually, but surveys show that half, or even more, of that investment is wasted. It simply doesn’t deliver the growth that companies expect. Some point to spending more on R&D as the answer but this session will outline another solution.
According to innovation coach, consultant, and author, Mike Dalton, companies take continuous improvement for granted in manufacturing, but few have the same expectation in new product development. Survival in this economy means that companies must learn to systematically improve new product results year after year. Companies that master this skill, eventually dominate their markets.
His new book, Simplifying Innovation: Doubling speed to market and new product profits with your existing resources, is the first-ever approach to new product growth based on Goldratt’s Theory of Constraints—what he calls the Guided Innovation System. This engaging business novel shows how companies can implement this continuous improvement approach to innovation. Rather than diluting efforts across the entire process, change efforts focus on the systems constraint or leverage point to provide the most improvement from the least effort. Improvements include:
• Improved focus on high potential projects
• Reduced new product cycle time
• On-time and on-budget execution
• Losing projects weeded out before money is wasted on development
• More consistent achievement of new product sales targets
Business novels aren’t for everyone, so Dalton also provides an overview for readers that prefer a more traditional business book. It summarizes all of the elements of the story into a concise outline of the entire system along with the keys to using it any organization. Additional resources including a free download of chapters and extra resources for readers are available at the book website (http://www.SimplifyingInnovation.com/chapters)
While innovation may be complex, in this session you’ll discover how Dalton’s constraints based approach can simplify improvement. You’ll learn what’s involved in identifying and leveraging your innovation bottleneck and the constraints that prevent you from getting more growth out of you R&D spending. That includes Dalton’s straightforward, five-step approach for identifying the bottleneck in your new product process, uncovering the core issues that constrain it, and engaging your team to drive improvements in new product development speed and impact with the resources you already have.