Tag Archives: Innovation

The BOLD Awards

THE BOLD AWARDS celebrate industry’s boldest bets, daring strategies, innovative approaches, and collaborative leaders and teams.  This event recognized finalists and winners for their imagination and extraordinary efforts to grow Minnesota.

This was a gala celebration where inspiring stories were shared.  All of the organizations vying for the title of BOLDEST OF THE BOLD were here because they had created new business models, partnerships or services.  The energy in the room was palpable as the onsite voting results of the 300 in attendance were tallied.

The 2018 BOLD Award finalists and winners by category were:

Non-Profit

  • Bunker Labs Minneapolis
  • Cookie Cart
  • Cornerstone (winner!)

Early Stage

  • Autonomous Tractor Corporation (winner!)
  • Foreverence
  • Roosevelt Energy

Corporate Small

  • Duke Cannon Supply Co.
  • HED Cycling Products (winner!)
  • Inspire Medical Systems

Middle Market

  • Bite Squad
  • Perforce Software
  • Ralco Agriculture (winner!)

Corporate Large

  • Kraus-Anderson
  • Restaurant Technologies (winner!)

The 6th annual BOLD Awards were hosted by ACG Minnesota and held at the Muse Event Center in Minneapolis.  Association for Corporate Growth (ACG) has chapters worldwide representing 14,500 members.  ACG serves 90,000 investors owners, executives, lenders and advisors to growing middle-market companies.  ACG’s mission is to drive middle-market growth.  Elements Group is a proud member of ACG.

 

 

 

 

 

Innovation at Optum

INNOVATION AT OPTUM

Optum hosted the most recent Product Management and Development Association (PDMA) meeting. The event was well attended by product development and management practitioners, academics and service providers in a variety of industries and knowledge areas, including new product process, strategy innovation, market research, tools & metrics, organizational issues and portfolio management.

The evening began with a tour of the impressive Optum® Experience Center in Eden Prairie.  The high-tech space is used to highlighted the changing health care landscape while demonstrating new partner and customer-focused products and services. Some of the Center’s features included: (1)  a media wall using multi-touchscreen technology, (2) the Showcase, featuring 270-degree projected imagery and video, (3) an Optum Operations Center providing real-time access to Optum activity worldwide, and (4) a range of collaboration spaces.

Next, a panel of product development professionals shared the essential need for the convergence of product development and data analytics in order to improve the customer experience, and in turn, the acceptance and profitability of a new product in the marketplace.

The Product Development and Management Association (PDMA) is a community of more than 2,000 members whose skills, expertise and experience power the most recognized and respected innovative companies in the world.  It specifically focuses on the unique set of integrated activities involved in the full lifecycle of product development and management, including innovation.

Target Startup Accelerator

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TARGET ACCELERATOR
TARGET STARTUP ACCELERATOR
One of the ways Target has chosen to pursue innovation is through the development of startups. This is a common strategy employed by companies looking to find the next technology, products and services to advance their initiatives and give them an competitive edge.  Accelerators by definition provide startups with mentorship, office space and often capital.
Today I had the opportunity to tour Target’s Startup Accelerator and meet Kirsten Nielson, director of innovation.  When asked why Target had chosen this path, reasons included:
  • Maintaining the pulse on retail innovations and innovators
  • Exposure to startups
  • An opportunity create the future of retail
PARTNER
Target selected Techstars Retail as their partner to drive the three-month intensive startup accelerator focused on bringing new technology, experiences, products, and solutions to retail. Techstars provides startup companies with funding, mentoring, office space, exposure and access to their worldwide network of entrepreneurs.  According to their website, this includes more than 2,700 investors, 1,200 alumni companies and 180 staff.
SELECTION PROCESS
The Target Accelerator began in October when the application process opened.  In this case, Target cast a wide net.  They wanted to reach out to retail technology companies to see what they could attract.  Areas of particular interest were consumer products and consumer internet.  What they were not interested in selecting were companies just looking for distribution through Target.  The search efforts paid off with over 500 applications received from 45 countries.  The interview process ran from November to March and 10 companies were selected by June.  Companies that did make the cut, were provided feedback and in particular those that ranked 11-20.
PROGRAM
The accelerator ran 13 weeks from June to September.  There are three phases of the program: (1) mentor and engagement feedback, (2) guidance on product and market fit and (3) preparation for fundraising.  Entrepreneurs were encouraged to share their biggest challenges so they can be connected to the right mentors.  Alignment of resources is a strategic priority.
SPACE
The 8,000 square foot space dedicated to the accelerator initiative is located on the skyway level of 33 S 6th Street, connected to the Minneapolis City Center.  Work and meeting areas, internet and whiteboards are provided.
SUCCESS STORY
Atif Siddiqi shared the story of his company, Branch Messenger, and how he used the Target & Techstars program to build a business case. He leveraged the network to get feedback at every level at Target.  He then piloted his product in 10 Target stores to get key metrics.  Solving a problem for Target, they are now in 133 stores. Branch Messengers is an employee self-service platform that empowers hourly shift workers to manage their work lives in real-time and enterprises to instantly address staffing and operational needs at scale.
EVENT
Speakers at this Product Development & Management Association (PDMA) sponsored event included:
  • Ryan Broshar, Techstars, managing director
  • Atif Siddiqi, Branch Messenger, founder and ceo
  • Kirstin Nielson, Target, director of innovation
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