{"id":14007,"date":"2016-12-20T00:00:00","date_gmt":"2016-12-20T00:00:00","guid":{"rendered":"https:\/\/blog.planview.com\/2016-chief-innovation-officer-summit-new-york\/"},"modified":"2016-12-20T00:00:00","modified_gmt":"2016-12-20T00:00:00","slug":"2016-chief-innovation-officer-summit-new-york","status":"publish","type":"post","link":"https:\/\/blog.planview.com\/2016-chief-innovation-officer-summit-new-york\/","title":{"rendered":"5 Takeaways from the 2016 Chief Innovation Officer Summit in New York"},"content":{"rendered":"<div class=\"feature-image\"><img decoding=\"async\" class=\"aligncenter size-full\" src=\"https:\/\/media.planview.com\/spigit-blog-media\/wp-content\/uploads\/2016\/12\/cino-ny-2016-1000x675.jpg\" alt=\"\"><\/div>\n<p>The recent 2016 Chief Innovation Officer Summit in New York saw no shortage of phenomenal topics, speakers, and discussions.<\/p>\n<p>Throughout the conference, there were several themes that became major talking points, including:<\/p>\n<ul>\n<li>Digital disruption<\/li>\n<li>Building a culture of innovation<\/li>\n<li>Disruptive technologies like virtual and augmented reality<\/li>\n<\/ul>\n<p>While there was plenty of information to absorb in every session, here are our five key takeaways.<\/p>\n<div style=\"padding: 25px; border: 2px solid #ffb300; text-align: center;\"><strong>Recommended reading:<\/strong>&#xA0;<a href=https:\/\/www.planview.com\/products-solutions\/products\/spigit\/>6 Key Takeaways from the 2016 Chief Innovation Officer Summit<\/a><\/div>\n<p>&#xA0;<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blog.planview.com\/2016-chief-innovation-officer-summit-new-york\/#1_You_dont_change_culture_by_issuing_a_memo\" >1. You don&#x2019;t change culture by issuing a memo<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blog.planview.com\/2016-chief-innovation-officer-summit-new-york\/#2_Small_changes_lead_to_big_results\" >2. Small changes lead to big results<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blog.planview.com\/2016-chief-innovation-officer-summit-new-york\/#3_Encourage_risk_taking_and_challenging_the_status_quo\" >3. Encourage risk taking and challenging the status quo<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/blog.planview.com\/2016-chief-innovation-officer-summit-new-york\/#4_Start_exploring_new_business_models_now\" >4. Start exploring new business models now<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"1_You_dont_change_culture_by_issuing_a_memo\"><\/span><span class=\"header2\">1. You don&#x2019;t change culture by issuing a memo<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Please tuck that memo back into your desk drawer.<\/p>\n<p>While establishing a culture of innovation is a top priority for companies (as data from Planview IdeaPlace&#x2019;s 2016 <a href=https:\/\/www.planview.com\/products-solutions\/products\/spigit\/>Crowdsourced Innovation Benchmark Study<\/a> explains), you can&#x2019;t make it a reality by simply telling employees you&#x2019;re going to be innovative. As successful innovation leaders around the world would attest to, it doesn&#x2019;t work this way.<\/p>\n<p>Instead, an innovative culture can only be built if a company empowers and then enables its employees to think differently, ask questions, and challenge the conventional ways of doing things to find new opportunities for creating value.<\/p>\n<p>A culture of innovation starts with a change in mindset, a clear message to employees and actions, not a memo.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"2_Small_changes_lead_to_big_results\"><\/span><span class=\"header2\">2. Small changes lead to big results<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Quick story.<\/p>\n<p>When Facebook first hit the scene in 2005, it entered a battlefield where Myspace and other social networks were duking it out for the number one spot. A spot that Myspace would claim only to have Facebook rip it from its grasp.<\/p>\n<p>When it became the number one social network in the United States, and eventually the world, many people wondered how Facebook was able to achieve that feat. How does &#x201C;yet another social network&#x201D; enter a crowded market and wipe out the competition?<\/p>\n<p>One reason for its success came down to one small, subtle feature that took the world by storm and created an entirely new experience: photo tagging.<\/p>\n<p>On the surface, photo tagging seems minor. But at the time, it was revolutionary.<\/p>\n<p>Ultimately, the moral of the story is this: what seems like a small change, feature, or improvement can lead to big results.<\/p>\n<p>As confucius once said, &#x201C;The man [or woman] who moves a mountain begins by carrying away small stones.&#x201D;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"3_Encourage_risk_taking_and_challenging_the_status_quo\"><\/span><span class=\"header2\">3. Encourage risk taking and challenging the status quo<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Do your employees feel that they have the support to take risks in an effort to bring more value to the business?<\/p>\n<p>Lisa Swoboda, Chief Innovation Officer at Emergent BioSolutions, mentioned that her company surveyed its employees and found that many felt they couldn&#x2019;t take risks or think outside the box because there was a lack of encouragement; they didn&#x2019;t feel supported. If there is one thing that would make building a culture of innovation come to a screeching halt, it&#x2019;s this.<\/p>\n<p>There&#x2019;s no culture of innovation without employees having the confidence to take risks and challenge the status quo.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"4_Start_exploring_new_business_models_now\"><\/span>4. Start exploring new business models now<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>What works now may not work in the future.<\/p>\n<p>With disruption impacting every industry, it is crucial that companies start exploring new business models to uncover potential opportunities for transformation.<\/p>\n<p><span class=\"header2\">Companies face two options when it comes to innovation<\/span><\/p>\n<ol>\n<li><strong>Option one:<\/strong> wait for change signals to become crystal clear<\/li>\n<li><strong>Option two:<\/strong> test assumptions through experimentation<\/li>\n<\/ol>\n<p>Too many companies are in the realm of option one. Financial services is a classic example of this. As new upstarts entered the market with new business models, financial services companies were blindsided by how quickly the industry was disrupted.<\/p>\n<p>Whether it&#x2019;s due to being traditionally risk averse or just being stuck in a comfort zone, not enough companies experiment and test hypothesis to drive innovation.<\/p>\n<h3><span class=\"header2\">Conclusion<\/span><\/h3>\n<p>What new trends, strategies, and disruptions will we see in 2017? Only time will tell.<\/p>\n<p>But one thing is for sure: no matter how much market share your company has, you can&#x2019;t hide from the realities of disruption &#x2013; both from new upstarts, technological advances, and even policy change. To gain or maintain competitive edge, companies have to act today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The recent 2016 Chief Innovation Officer Summit in New York saw no shortage of phenomenal topics, speakers, and discussions. Throughout the conference, there were several themes that became major talking points, including: Digital disruption Building a culture of innovation Disruptive technologies like virtual and augmented reality While there was plenty of information to absorb in&#8230;<\/p>\n","protected":false},"author":103,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[1],"tags":[],"class_list":["post-14007","post","type-post","status-publish","format-standard","hentry","category-innovation-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>5 Takeaways from the 2016 Chief Innovation 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