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Innovation & Business Models

DAY:        Tuesday, 26 May 2009
SESSION:
PRESENTER: Dr Tim Kastelle
What is Innovation?
Who invented the computer?
US Army Photo
                      And when was it an innovation?
Innovation Business Models
Leibniz – Binary Notation ~1670
Leibniz Step Reckoner 1694




Adds, subtracts, multiplies, divides
Innovation Business Models
Charles Babbage
        • Difference
          Engine 1823
        • Analytic Engine
          1834
        • Neither
          successfully built
          in his lifetime
Difference Engine No2 (built 2002!)




 Adds, subtracts, multiplies, divides, calculates logarithms, includes a printer!
Ada Lovelace
      • First computer
        programmer
      • Wrote programs from
        Babbage’s Difference
        Engine – 1890s
ENIAC 1948
ENIAC
• Electronic Numerical Integrator and
  Computer
• Calculated logarithms
• Calculated missile trajectories
• Built by the US Army
Univac 1951
Univac I
• UNIVersal Automatic Computer
• Designed by J. Presper Eckert & John
  Mauchly
• Manufactured by Remington Rand
Innovation – some definitions
• Creating something with economic value
• Bringing an idea to market (or putting it
  actively into use)
• Converting an idea into revenue
• Configuring an idea so that it can be
  replicated
A highly simplified & stylized model of evolutionary economics



         The dynamic engine        Variety
         of capitalism

         Growth
                                   Innovation
    Creative                                    Selection
    destruction      Replication



         Failure
Innovation is Evolutionary
• Invention is the creation of variety
• Innovation is a process that includes all
  three steps:
  – Variety: creating new ideas
  – Selection: choosing the best ones
  – Replication: getting them to spread
Innovation is More than Just New
             Products
                • “(Economic)
                  development in our
                  sense is then defined
                  by the carrying out of
                  new combinations”
                  – J.A. Schumpeter
                    (1912) The Theory of
                    Economic
                    Development
Schumpeter’s Forms of Innovation
1. The introduction of a new good, or a new
   quality of good (or service)
2. Introduction of a new method of
   production
3. The opening of a new market
4. Developing a new source of supply
5. Changing the structure of an industry
Business Model Innovation
Innovation Business Models
Goldcorp
• 55,000 acre gold mine property in Ontario
• Returns stalled in 1999
• In March 2000, the company put all of the
  information they had ever compiled about
  the site online (over 400 mb of data)
• Asked for new sites to explore and
  estimates of yield
• Offered $575,000 in prizes to the best
  entries
  Case from Wikinomics by Tapscott & Williams
Outcomes
• Over 1000 entries from around the world
• 110 new sites identified - 50% had never been
  identified by Goldcorp before
• 80% of the new sites yielded substantial
  amounts of gold
• Cut 2-3 years off of the exploration process
• Annual revenue has gone from $100m pa to $9b
• Share price increased by 3000% over 15 years
The Monty Python Experience
“For 3 years you YouTubers have been ripping us off, taking tens of
   thousands of our videos and putting them on YouTube. Now the tables
   are turned. It's time for us to take matters into our own hands.
   We know who you are, we know where you live and we could come
   after you in ways too horrible to tell. But being the extraordinarily nice
   chaps we are, we've figured a better way to get our own back: We've
   launched our own Monty Python channel on YouTube.
   No more of those crap quality videos you've been posting. We're giving
   you the real thing - HQ videos delivered straight from our vault.
   What's more, we're taking our most viewed clips and uploading brand
   new HQ versions. And what's even more, we're letting you see
   absolutely everything for free. So there!
   But we want something in return.
   None of your driveling, mindless comments. Instead, we want you to
   click on the links, buy our movies & TV shows and soften our pain and
   disgust at being ripped off all these years. “
Results
• Monty Python dvds go immediately to #2
  on Amazon’s tv & movie bestseller list
• Sales increase 23,000%
The Business Model translates
             inputs into outputs




Source: Open Innovation by Henry Chesbrough
Innovation Business Models
Revenue Generation
          Mechanisms
• How will people pay? Sale, lease,
  licensing, per use fee, razor and razor
  blade model
• Where in the value chain does the value
  originate?
• What margins should you target?
• How can you finance the innovation?
Revenue Generation Mechanisms




Traditional Record Label Model
Revenue Generation
                                                • Model for an indie
                                                  band, selling 250,000
                                                  copies of their first
                                                  major label record
                                                • Record sold through
                                                  traditional media –
                                                  radio, tv video clips,
                                                  iTunes (?), etc.


Source: Steve Albini, The Trouble with Music,
The Baffler, Issue 5
Subscribe to the Music
Music may grow on trees, but money doesn’t, so Kristin is asking for your financial support. Take the music and run
      with it — but please, consider supporting her work — with cash.
Strange Angel Level: $30 per quarter - Buy
In addition to the free music and media files, all subscribers in good standing will also receive:
• 2 spots on the guest list to any Kristin, Throwing Muses or 50FOOTWAVE performances – no more buying tickets!
      • all new Kristin CDs, when they’re manufactured, ahead of the release date
      • access to a media-rich Subscriber’s Page featuring lots of cool “other stuff”. Live bootlegs, video links, and more.
We also offer Special Opportunities to listeners who want to support Kristin’s work at a higher financial level.
All special opportunities include all the benefits of a full 1 year Strange Angel Level subscripion.
Studio Level Support: $500 - Buy
• In addition to Strange Angel benefits, Studio Level supporters receive a visit to the recording studio to observe the
      recording process.
(Please Note: This is offered on a limited basis, is first-come, first-served and subject to scheduling limitations. Every
      effort will be made to accommodate subscribers. Generally speaking, Kristin records in Portsmouth, RI, — and
      now New Orleans, LA though studio location is subject to change at any time.)
Sponsor Level Support: $1000 - Buy
• In addition to all the above, Sponsor Level supporters receive their name or the name of their business or organization
      on Kristin’s new CD package as a Featured Sponsor.
Executive Producer Level Support: $5000 - Buy
• In addition to all the above, Executive Producers receive an Executive Producer credit on Kristin’s next CD
Kristin now has subscribers in each of the above categories, they come from 12 countries on 5 continents. Her work is
      entirely funded by these amazing and generous people, making her completely independent - and accountable
      only to her audience. We’ve had countless submissions of your work to Kristin’s RW page too, and look forward to
      many, many more.
This has been truly humbling. Thank you sincerely.
Innovation Business Models
Innovation Business Models
Innovation Business Models
Market Segment
• Traditional              • Kristin Hersh
  – Everyone!                    – Kevin Kelly’s 1000
  – Or, at least,                  True Fans
    300,000 people




                     Photo by Ben Garland
Value Proposition
• Traditional                 • Kristin Hersh
  – Be like everyone            – Be part of my tribe
  – Join the broad cultural     – Talk about things
    conversation                  specifically interesting
                                  to us
                                – Investment directly in
                                  artist
Value Chain
Value Network for mobile phones




Source: Invisible Engines by Evans, Hagiu & Schmalensee
3 Models from Media Players
Value Network for Music
• Includes PR, music creation, artistic
  development, music production, music
  consumption, peripheral services
• Differences between traditional model &
  Kristin Hersh’s?
Competitive Strategy
• Traditional      • Kristin Hersh
  – Filtering        – Art
  – Promotion        – Community
Why didn’t the major labels do this?
Summary
• Kristin Hersh’s day to day activities are the
  same as when she was working in the
  traditional business model – writing songs,
  recording them, & playing live
• The end product is vastly different
• Business model innovation is one of the
  most powerful forms of innovation
  available, and one of the most overlooked
UQBS Innovation Outreach
Public Talks
Innovation Business Models
Innovation Business Models
http://timkastelle.org/blog/
Contact Details
• Tim Kastelle
  – 412 Colin Clark Bldg
  – University of Queensland Business School
• Questions, issues and ongoing
  communication:
  t.kastelle@business.uq.edu.au
• Innovation Leadership Network blog:
  http://timkastelle.org/blog/

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Innovation Business Models

  • 1. Innovation & Business Models DAY: Tuesday, 26 May 2009 SESSION: PRESENTER: Dr Tim Kastelle
  • 3. Who invented the computer? US Army Photo And when was it an innovation?
  • 5. Leibniz – Binary Notation ~1670
  • 6. Leibniz Step Reckoner 1694 Adds, subtracts, multiplies, divides
  • 8. Charles Babbage • Difference Engine 1823 • Analytic Engine 1834 • Neither successfully built in his lifetime
  • 9. Difference Engine No2 (built 2002!) Adds, subtracts, multiplies, divides, calculates logarithms, includes a printer!
  • 10. Ada Lovelace • First computer programmer • Wrote programs from Babbage’s Difference Engine – 1890s
  • 12. ENIAC • Electronic Numerical Integrator and Computer • Calculated logarithms • Calculated missile trajectories • Built by the US Army
  • 14. Univac I • UNIVersal Automatic Computer • Designed by J. Presper Eckert & John Mauchly • Manufactured by Remington Rand
  • 15. Innovation – some definitions • Creating something with economic value • Bringing an idea to market (or putting it actively into use) • Converting an idea into revenue • Configuring an idea so that it can be replicated
  • 16. A highly simplified & stylized model of evolutionary economics The dynamic engine Variety of capitalism Growth Innovation Creative Selection destruction Replication Failure
  • 17. Innovation is Evolutionary • Invention is the creation of variety • Innovation is a process that includes all three steps: – Variety: creating new ideas – Selection: choosing the best ones – Replication: getting them to spread
  • 18. Innovation is More than Just New Products • “(Economic) development in our sense is then defined by the carrying out of new combinations” – J.A. Schumpeter (1912) The Theory of Economic Development
  • 19. Schumpeter’s Forms of Innovation 1. The introduction of a new good, or a new quality of good (or service) 2. Introduction of a new method of production 3. The opening of a new market 4. Developing a new source of supply 5. Changing the structure of an industry
  • 22. Goldcorp • 55,000 acre gold mine property in Ontario • Returns stalled in 1999 • In March 2000, the company put all of the information they had ever compiled about the site online (over 400 mb of data) • Asked for new sites to explore and estimates of yield • Offered $575,000 in prizes to the best entries Case from Wikinomics by Tapscott & Williams
  • 23. Outcomes • Over 1000 entries from around the world • 110 new sites identified - 50% had never been identified by Goldcorp before • 80% of the new sites yielded substantial amounts of gold • Cut 2-3 years off of the exploration process • Annual revenue has gone from $100m pa to $9b • Share price increased by 3000% over 15 years
  • 24. The Monty Python Experience
  • 25. “For 3 years you YouTubers have been ripping us off, taking tens of thousands of our videos and putting them on YouTube. Now the tables are turned. It's time for us to take matters into our own hands. We know who you are, we know where you live and we could come after you in ways too horrible to tell. But being the extraordinarily nice chaps we are, we've figured a better way to get our own back: We've launched our own Monty Python channel on YouTube. No more of those crap quality videos you've been posting. We're giving you the real thing - HQ videos delivered straight from our vault. What's more, we're taking our most viewed clips and uploading brand new HQ versions. And what's even more, we're letting you see absolutely everything for free. So there! But we want something in return. None of your driveling, mindless comments. Instead, we want you to click on the links, buy our movies & TV shows and soften our pain and disgust at being ripped off all these years. “
  • 26. Results • Monty Python dvds go immediately to #2 on Amazon’s tv & movie bestseller list • Sales increase 23,000%
  • 27. The Business Model translates inputs into outputs Source: Open Innovation by Henry Chesbrough
  • 29. Revenue Generation Mechanisms • How will people pay? Sale, lease, licensing, per use fee, razor and razor blade model • Where in the value chain does the value originate? • What margins should you target? • How can you finance the innovation?
  • 31. Revenue Generation • Model for an indie band, selling 250,000 copies of their first major label record • Record sold through traditional media – radio, tv video clips, iTunes (?), etc. Source: Steve Albini, The Trouble with Music, The Baffler, Issue 5
  • 32. Subscribe to the Music Music may grow on trees, but money doesn’t, so Kristin is asking for your financial support. Take the music and run with it — but please, consider supporting her work — with cash. Strange Angel Level: $30 per quarter - Buy In addition to the free music and media files, all subscribers in good standing will also receive: • 2 spots on the guest list to any Kristin, Throwing Muses or 50FOOTWAVE performances – no more buying tickets! • all new Kristin CDs, when they’re manufactured, ahead of the release date • access to a media-rich Subscriber’s Page featuring lots of cool “other stuff”. Live bootlegs, video links, and more. We also offer Special Opportunities to listeners who want to support Kristin’s work at a higher financial level. All special opportunities include all the benefits of a full 1 year Strange Angel Level subscripion. Studio Level Support: $500 - Buy • In addition to Strange Angel benefits, Studio Level supporters receive a visit to the recording studio to observe the recording process. (Please Note: This is offered on a limited basis, is first-come, first-served and subject to scheduling limitations. Every effort will be made to accommodate subscribers. Generally speaking, Kristin records in Portsmouth, RI, — and now New Orleans, LA though studio location is subject to change at any time.) Sponsor Level Support: $1000 - Buy • In addition to all the above, Sponsor Level supporters receive their name or the name of their business or organization on Kristin’s new CD package as a Featured Sponsor. Executive Producer Level Support: $5000 - Buy • In addition to all the above, Executive Producers receive an Executive Producer credit on Kristin’s next CD Kristin now has subscribers in each of the above categories, they come from 12 countries on 5 continents. Her work is entirely funded by these amazing and generous people, making her completely independent - and accountable only to her audience. We’ve had countless submissions of your work to Kristin’s RW page too, and look forward to many, many more. This has been truly humbling. Thank you sincerely.
  • 36. Market Segment • Traditional • Kristin Hersh – Everyone! – Kevin Kelly’s 1000 – Or, at least, True Fans 300,000 people Photo by Ben Garland
  • 37. Value Proposition • Traditional • Kristin Hersh – Be like everyone – Be part of my tribe – Join the broad cultural – Talk about things conversation specifically interesting to us – Investment directly in artist
  • 39. Value Network for mobile phones Source: Invisible Engines by Evans, Hagiu & Schmalensee
  • 40. 3 Models from Media Players
  • 41. Value Network for Music • Includes PR, music creation, artistic development, music production, music consumption, peripheral services • Differences between traditional model & Kristin Hersh’s?
  • 42. Competitive Strategy • Traditional • Kristin Hersh – Filtering – Art – Promotion – Community
  • 43. Why didn’t the major labels do this?
  • 44. Summary • Kristin Hersh’s day to day activities are the same as when she was working in the traditional business model – writing songs, recording them, & playing live • The end product is vastly different • Business model innovation is one of the most powerful forms of innovation available, and one of the most overlooked
  • 50. Contact Details • Tim Kastelle – 412 Colin Clark Bldg – University of Queensland Business School • Questions, issues and ongoing communication: t.kastelle@business.uq.edu.au • Innovation Leadership Network blog: http://timkastelle.org/blog/