http://www.thinksmart.com/library/BigTenInnovationKillers.htm 1. Not creating a culture that supports innovation 2. Not getting buy-in and ownership from business unit managers 3. Not having a widely understood, system-wide process 4. Not allocating resources to the process 5. Not tying projects to company strategy 6. Not spending enough time and energy on the fuzzy front-end 7. Not building sufficient diversity into the process 8. Not developing criteria and metrics in advance 9. Not training and coaching innovation teams
http://www.cashedge.com/pressRoom/press_20040505_cashedge.html NEW YORK, NY – May 5, 2004—Citibank today announced the introduction of complete online account opening, the latest innovation to its award-winning online banking service, Citibank.com. Using the new account-opening feature, customers can open a Citibank account through one simple online session without having to mail in paperwork and wait up to the several weeks it can take most banks to complete the process. Citibank uses technology from CashEdge to provide instant decisioning based
http://www.findarticles.com/p/articles/mi_m0EIN/is_2005_Oct_31/ai_n15766432 “We conducted a rigorous review of internal and external servicing options before selecting Citigroup,” says Gerald Mazzari, Chief Operating Officer of Lazard Asset Management. “For us, just as significant as Citigroup’s capabilities in account management and record-keeping, is its innovative approach to solving some of the intractable problems in servicing SMA accounts. By outsourcing administrative and operating functions to Citigroup, we can confidently focus on our core competency: delivering superior investment management results and
Citibank Builds Remittance Products Designed for Mexican Migrants, with Banamex (May 2004) Financial institutions in the US have become increasingly interested in the remittance market, especially the Mexican market. Following the acquisition of Banamex by Citigroup in 2001 and a decision to enter into the Mexican remittance market in a decisive way, Citibank launched a new product with Banamex in late 2003. This paper outlines the cross-border product, which is designed to appeal to unbanked
From BusinessWeek, June 25 Today she’s crafting her role at Citigroup in the fashion of a Silicon Valley venture capitalist. With strong backing from Prince, Radin is building a portfolio of small, ethnographically derived and metric-proven innovation ideas. Like any good VC, Radin expects some to fail. But that’s good. “We are building failure into the model,” says Radin. It’s the VC model—diversify your assets and see which hits.
Sparking growth systematically: How to turn innovation into a discipline By Robert B. Tucker Published on 2/12/2003 The innovation catalyst model In this model, ideas don’t leave the division or business unit to be developed elsewhere-at headquarters, say, or in a skunkworks or incubator. Citigroup’s Citibank division uses the innovation catalyst model to drive organic growth and capitalize on synergies created by a string of acquisitions. The effort is led by the chief country officer,
http://www.1000ventures.com/business_guide/innovation_system_metrics.html Return on Innovation Investment (R2I) …R2I also shows return on investment, but only from new product innovation investments, not all investments. It looks at the firm’s total profits from new products (cumulative new profits generated from new products launched) divided by its total expenditures for new products. This long-term ratio shows the firm’s total return from new products over a three- to five-year period. This number has two uses:1. Descriptive: to demonstrate the overall
Here are my notes on the paper, Prediction Markets, by Justin Wolfers and Eric Zitzewitz Accuracy Wolfers and Zitzewitz recently published Interpreting Prediction Market Prices as Probabilities that claims that “prediction market prices are usually close to the mean beliefs of traders” and concludes… with some guidance for practitioners. In most cases we find that prediction market prices aggregate beliefs very well. Thus, if traders are typically well-informed, prediction market prices will aggregate information into
Notes on DEMOCRATIZING INNOVATION- by Eric Von Hippel Why users innovate for themselves Users do it themselves rather than hiring a customizer because of agency costs (i.e., cost of monitoring the agent), because their needs are unique and they want to get precisely what they want, and also becuase they enjoy innovating. Because innovation by users is widely distributed, they need a way to leverage and combine their efforts and avoid more than one user developing
Here’s the closest thing I’ve found to an explanation of how to set up and conduct a prediction market. This paper, INFORMATION AGGREGATION MECHANISMS: CONCEPT, DESIGN AND IMPLEMENTATION FOR A SALES FORECASTING PROBLEM, by Charles R. Plott of CalTech and Kay-Yut Chen of Hewlett Packard Laboratories, describes how they set up a prediction market for sales forecasts at HP with the following results: · In 6 out of 8 events for which official forecasts were
Here’s the second part of my notes from the paper, INFORMATION AGGREGATION MECHANISMS: CONCEPT, DESIGN AND IMPLEMENTATION FOR A SALES FORECASTING PROBLEM, by Charles R. Plott of CalTech and Kay-Yut Chen of Hewlett Packard Laboratories,which describes how they set up a prediction market for sales forecasts at HP. Advantages of Prediction Market Over Other Forecasting Methods · The methodology is flexible. It can be used to aggregate any type of information possessed by different people.
Art Hutchinson pointed me to his blog, Mapping Strategy, and the collection of articles he’s been writing about prediction markets since last September. Here are my notes:”The strong consensus – supported by a compelling body of academic research – is that these mechanisms deliver uncannily accurate forecasts across a wide range of topics, time horizons, and approaches to participation. Even more interesting is that they appear to do so at a fraction of the cost
Here are my notes on The Wisdom of Crowds by James Surowiecki Overview Under the right circumstances, groups are smarter than the smartest people in them, even if the group doesn’t contain expert members. Experts are as likely to disagree as agree. Experts’ individual consistency is also 0.5. Experts overestimate the likelihood that they are correct – little correlation between self-assessment and performance. Therefore, however well informed and sophisticated and expert is, his advice should