Managing Director, 4iNNO
Wharton Fellow
Former Innovation Officer, Procter & Gamble
Larry is currently the Managing Director of 4iNNO, a leading consultancy on Open Innovation. 4iNNO also creates $1+ billion growth platforms for client companies.
He has created a new model of Innovation that is being adopted by hundreds of companies around the world. In the popular business press, it is referred to as Open Innovation and at Procter & Gamble where Larry created this revolution, it is called Connect + Develop.
Larry’s unique approach to Innovation has been presented in the Harvard Business Review, CNBC, hundreds of magazine articles, and top-selling business books such as Mavericks at Work and Wikinomics.
A Wharton Fellow, Larry teaches innovation at Wharton's Mack Center for Technological Innovation at the University of Pennsylvania.
Larry is in high demand as a consultant and speaker and he is assisting CEO’s to Reinvent Growth through Innovation and to date, has assisted over one hundred companies from the US, Europe and Asia to adopt this new model.
“Creating new things is not innovation. That is invention. Innovation is about creating products and services that customers value, that customers come back and buy again and again, and that customers sell their friends and neighbors. Successful innovation is measured by the amount of shareholder value created. So, innovation is much more than product performance. In a world of rising customer expectations and more choice, we must go beyond performance. Innovation must encompass both product and service solutions, must deliver terrific beginning-to-end total experiences, and brands must become trustmarks, delivering meaningful relationships between an individual and his or her brand.”
“I am a big believer in reinventing how companies innovate and create competitive advantages. In the innovation world, that means being world-class in the basics. In essence, doing really well on understanding 'What is Needed' from the customer, and 'What is Possible' from the technology. That means most and foremost, really understanding the customer that we serve. Identifying latent customer insights that will drive our brands to higher levels of satisfaction. Then, importantly, building Innovation Networks to connect to new ideas and solutions anywhere in the world, allowing us to quickly create disruptive innovations for our customers - and at total lower costs than doing it all ourselves.”
“Incrementalism and rote thinking are value destroyers. They are failures of mind which often lead to missed opportunities and failure. The basis of competition is really a mindset: your mindset vs. the mindset of your competition. Unless innovators set breakthrough goals, rote thinking sets in and it is difficult to accomplish anything new and great. Asking new questions is the key to truly successful innovation.”
“A disciplined approach must be taken to identify the growth and financial mandates of the firm, the vision to deliver the mandates, and then carefully crafting the 'where to play' and 'how to win' strategies. New capabilities - including the creation of innovation networks and effective governance processes - are critical to success.”
“The next innovation ‘S Curve' is likely to focus in three areas. First, the creation of innovation ecosystems whereby companies craft approaches that allow them to be at the center of ecosystems rather than marginalized at the periphery. Second, dramatically improved access to global innovation assets and creation of global Innovation Networks. Third, the emergence of innovation business models between companies, between companies and suppliers and between companies, universities and other institutions of learning - all allowing for rapid collaborative innovation and the sharing of investments and rewards.”
As Innovation Officer at Procter & Gamble, Larry was responsible for creating and leading P&G’s Connect + Develop strategy. Prior to that, he held a number of positions at the company in the innovation area, including New Brand Development and Development of Global Innovation Infrastructures.
