Harvard Case - Westeron: Rallying "The Crowd" To Reboot Innovation
"Westeron: Rallying "The Crowd" To Reboot Innovation" Harvard business case study is written by Marianne Szymanski, Emily Hazlett, Zephyr James. It deals with the challenges in the field of Entrepreneurship. The case study is 13 page(s) long and it was first published on : Jun 20, 2018
At Fern Fort University, we recommend that Westeron adopt a hybrid approach to innovation, combining a centralized innovation hub with decentralized, crowd-sourced initiatives. This strategy will leverage Westeron?s existing strengths in financial analysis, capital budgeting, and risk assessment while fostering a culture of innovation throughout the organization.
2. Background
Westeron, a leading financial services firm, faces a critical challenge: reigniting innovation to stay competitive in a rapidly evolving industry. The company?s traditional, hierarchical structure has stifled creativity and slowed down the adoption of new technologies. This has led to a decline in profitability and a growing concern about Westeron?s long-term viability.
The case study focuses on the efforts of Westeron?s CEO, Michael O?Connell, to address this challenge. O?Connell recognizes the need to embrace entrepreneurship, technology and analytics, and emerging markets to remain relevant. He believes that tapping into the collective intelligence of Westeron?s employees through a crowd-sourced innovation program could be the key to unlocking new growth opportunities.
3. Analysis of the Case Study
The case study highlights several key issues facing Westeron:
- Declining Innovation: Westeron?s traditional, hierarchical structure has stifled creativity and slowed down the adoption of new technologies. This has led to a decline in profitability and a growing concern about Westeron?s long-term viability.
- Lack of Engagement: Employees feel disconnected from the company?s innovation efforts, leading to low participation and limited impact.
- Limited Resources: Westeron lacks a dedicated innovation team and budget, hindering its ability to explore new ideas and develop them into viable products and services.
- Cultural Barriers: A risk-averse culture and a lack of trust in employees to take initiative have created barriers to innovation.
To address these challenges, we will use a strategic framework that considers both internal and external factors:
- Internal Analysis: Westeron?s strengths lie in its financial expertise, strong brand reputation, and existing customer base. However, the company needs to address its weaknesses in innovation culture, employee engagement, and resource allocation.
- External Analysis: The financial services industry is undergoing rapid transformation, driven by technology and analytics, emerging markets, and fintech. Westeron needs to adapt to these changes and leverage them to its advantage.
4. Recommendations
Westeron should implement a two-pronged approach to innovation:
1. Centralized Innovation Hub:
- Establish a dedicated innovation team: This team should be responsible for identifying and evaluating new ideas, developing prototypes, and piloting new products and services.
- Allocate dedicated resources: Westeron should commit to a budget for innovation and provide the team with the necessary resources to succeed.
- Foster a culture of experimentation: The innovation team should encourage employees to take risks and experiment with new ideas, even if they fail.
- Develop a structured innovation process: This process should include clear stages for idea generation, evaluation, development, and implementation.
2. Decentralized Crowd-Sourced Initiatives:
- Launch a company-wide innovation platform: This platform should allow employees to submit ideas, vote on others? ideas, and collaborate on projects.
- Provide incentives for participation: Westeron should reward employees for their contributions to the innovation platform, both financially and through recognition.
- Create a culture of innovation: Encourage employees to think outside the box and share their ideas, regardless of their role or seniority.
- Integrate crowd-sourced ideas into existing business processes: Westeron should actively consider and implement ideas generated through the platform, demonstrating the value of employee contributions.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The hybrid approach leverages Westeron?s existing strengths in financial analysis, capital budgeting, and risk assessment while fostering a culture of innovation that aligns with the company?s mission.
- External customers and internal clients: The recommendations address the needs of both external customers seeking innovative financial solutions and internal clients seeking opportunities for growth and development.
- Competitors: The hybrid approach allows Westeron to compete with fintech startups and other established financial institutions by combining the agility of a smaller company with the resources and expertise of a larger organization.
- Attractiveness ? quantitative measures if applicable (e.g., NPV, ROI, break-even, payback): Implementing the recommendations will require an initial investment, but the potential return on investment (ROI) is significant. By leveraging technology and analytics, Westeron can streamline its operations, reduce costs, and increase efficiency, leading to improved profitability and a stronger market position.
- Assumptions: The success of this strategy depends on several key assumptions, including:
- Employee buy-in: Employees are willing to participate in the innovation platform and contribute their ideas.
- Leadership support: The CEO and senior management are committed to fostering a culture of innovation and providing the necessary resources.
- Technological advancements: Westeron can effectively leverage technology and analytics to support its innovation efforts.
6. Conclusion
By adopting a hybrid approach to innovation, Westeron can tap into the collective intelligence of its employees, leverage its existing strengths, and adapt to the rapidly changing financial services landscape. This will enable the company to remain competitive, achieve sustainable growth, and create long-term value for its stakeholders.
7. Discussion
Other alternatives not selected include:
- Outsourcing innovation: This option would involve partnering with external firms to develop new products and services. However, this approach could lead to a loss of control over intellectual property and a lack of alignment with Westeron?s core values.
- Acquiring innovative startups: This option would allow Westeron to quickly gain access to new technologies and talent. However, this approach can be expensive and risky, and it may not be feasible for all companies.
The key risks associated with the recommended approach include:
- Lack of employee engagement: If employees are not motivated to participate in the innovation platform, the initiative will fail to achieve its objectives.
- Resistance to change: Some employees may resist the shift towards a more collaborative and innovative culture.
- Technological challenges: Westeron may face difficulties in implementing and integrating new technologies effectively.
8. Next Steps
To implement the recommendations, Westeron should take the following steps:
- Phase 1 (Months 1-6):
- Establish the innovation team and define its responsibilities.
- Develop the innovation platform and launch it to employees.
- Conduct training sessions on innovation and encourage participation.
- Pilot new ideas and gather feedback.
- Phase 2 (Months 7-12):
- Analyze the results of the pilot programs and refine the innovation process.
- Integrate successful ideas into existing business processes.
- Expand the innovation platform to include external partners and customers.
- Monitor the impact of the innovation initiatives on key performance indicators (KPIs) such as profitability, customer satisfaction, and employee engagement.
By taking these steps, Westeron can successfully implement its hybrid innovation strategy and achieve its goals of sustainable growth and long-term success.
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Case Description
Westeron, a well-known kitchen, bath and home products retailer, created the "Takeoff" program in 2015 to enhance its product pipeline by connecting emerging entrepreneurs-including college students-to Westeron's innovation team. The Takeoff program offered entrepreneurs powerful resources, including manufacturing, marketing, and legal support. Westeron seeks to capitalize on this corporate entrepreneurship program as it seeks to bolster its financial performance and brand after a bankruptcy.
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