GE

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ecomagination results

- increase investment in green technology R&D - increase revenue raised from products - improve GE energy profile - increase communication with public

GE results

- ranked #17 most innovated company - created 100 new green products - revenue grew 260% to $18 bill by 09

stakeholders

-customers have so much to gain -stockholders theory - need financial success to prove it works

economic

2008 recession, collapse of real estate market, credit shortage

legal

2010 affordable care act, consumer protections limited power of insurance companies

Political

9/11 hijackings, border security reform

founder

Thomas Edison

technology

advances in information technology, medical research

technology used for healthmagination

applicable to other products

healthymagination challenges

changing mindsets is a big factor - innovation means you make price and then make product (nontraditional)

GE's plan for reverse innovation

create a series of healthcare products for emerging markets

reverse innovation

developing products specifically for emerging markets such as China and India, then introducing these innovations into developed markets like the US

leveraging and core competencies

each division has their own R&D department - create synergistic benefits and core competencies throughout divisions

post 9/11

economic slowdown, aviation and energy hit hard, growth rate of GE was halved

sociocultural

environmental concerns, growing demand for healthcare

ceo's roles as strategic leader

figurehead - representing innovation spokesperson - tells stories

environmental

global warming, water shortages

validation progress for healthymagination

goal is to improve health of the people - expand employee health efforts

GE product scope

highly related diversified company - don't get value if you sell something off - does not have to be a market leader to add value

develop valuable resources

incorporate knowledge and innovation in the products so the resources are intangible - makes them more valuable

healthymagination internal fit

learning curve advantages - use in any division

leadership pyramid

level 1 - get hired level 2 - contributing - get invited to meetings, get information first hand

healthymagination

leverage the company's technical knowledge, global position, and financial strength to transform the healthcare industry - not enough synergy now

within multidivisional structure

matrix structure

VRIO analysis

most ? can be turned to check marks, this is the best vrio analysis

access improvement

part of value gap - increase value of product for consumers, compared to cost, enhances value

ex. of reverse innovation

portable ultrasound in China

why reverse innovate

preempt competitors - you can go into developing market and gain brand loyalty before other competitors - if there is potential to reach emerging market there is no need to go to the top

2008 recession

relied on GE capital for > 50% of profits AAA credit rating downgrade

new model for health care innovation

start with pricing - create huge advantage with two way innovation - addressing the needs of the unmet market - products may also be served to the top tier in the process

healthymagination external fit

the ability to target emerging markets but overlap with developed, this creates opportunities of a large population size

CEO response

transitioned from commodities to services, cut dividends, cut workforce, corporate restructuring

ecomagination

utilize core strengths in industrial engineering to develop more energy-efficient products and services


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