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Showing posts with label innovation. Show all posts
Showing posts with label innovation. Show all posts

Tuesday, February 16, 2016

Your Web Browser Might Just Reveal How Creative You Are!

Overview: My personal bias—I love the work that Adam Grant does. So, read no further if that Originals, Grant teaches us how to develop new ideas and how to vet them; how to pitch those ideas to others; when to trust our gut and when not to; the difference between power and status and so much more! He also busts some interesting myths like how successful entrepreneurs are not hyper-risk takers—rather, they hedge their bets; how the creative problem solvers are often not experts in their fields; and, how procrastination can be your friend—every writer in the world should now rejoice!  Grant uses academic studies, stats and stories from unexpected places to punctuate a well-orchestrated text. For example, he tells about how the show “Seinfeld” barely made it to TV and how it took a very special NBC executive with broad, varied experience to have the courage to put his reputation on the line. And as a huge Seinfeld fan, I personally salute him! Finally, I would encourage you to read Sheryl Sandberg’s foreword, because not only does she do a very good overview of the book while praising the author for his talent, but she also praises Grant for his empathetic heart. When Sandberg’s husband suddenly died, Grant dropped what he was doing and flew across the country to be with her in her darkest hours. Grant, like his book, is an Original!
bothers you about my objectivity as a reviewer. Grant, a young, uber-smart and engaging professor at Wharton, might just be the latter-day Peter Drucker, only much cooler!  In
1.     Generating Original Ideas: Grant warns us to question the default—the status quo. He urges us to remember that people write rules and we can rewrite them when necessary. To get more good ideas, we need to increase the odds by taking more “swings,” like a baseball player who takes more at-bats hoping to increase his batting average. Also, by broadening your base of knowledge and widening your perspective, you can be far more creative. He notes that Nobel Prize winners were more likely to paint, dance, and play music than their peers. Grant also suggests using peers to get accurate feedback. Bosses give too many false negatives, and we give ourselves too many false positives.
2.     Championing Original Ideas: Grant offers some unusual but useful insights about creativity. For example, when you take risk in one area but have another area of more stability in your life, you‘re more likely to be successful in the new endeavor. Successful entrepreneurs take this bet-hedging approach. Next, as counterintuitive as it might seem, when pitching ideas, it’s best to point out first several reasons why people might NOT support your idea. This has a leveling effect and puts you more on the audience’s side, making you seems much less like a con artist. To get people used to your idea, repeat it often (10 to 20 times) but in short bursts. Also, connect it to other ideas that are already known and accepted. Often, analogies and comparisons help.  If your ideas are radical or you’re known as a radical, try to temper your approach. Start lower and slower on the emotional scale to not upset or antagonize. Connect to group values and customs.
3.     Manage Emotions: When motivated or committed, focus on the future goal. However, when uncertain, focus on your progress. Trying to use your will to calm yourself down is difficult, if not impossible; so divert anxiety into positive enthusiasm. Also, when you see an unjust/unfair situation of another person, focus on helping the victim, not punishing the perpetrator—more good than bad will happen. Finally, whether in a difficult job or relationship situation, the four responses to dissatisfaction are exit, voice, persistence and neglect. Based on their level of commitment and feeling of control, people tend to respond in one of these four ways.
4.     Creating Original Ideas: Grant offers some help in this arena. Run innovation tournaments—employees come up with ideas, develop proposals and evaluate them. Winners get a budget and help implementing their ideas. Play “kill the company” by getting in groups and planning how to attack your own products or services—then take the threats and address them. It’s like opposition research—taking the other side of a debate to figure out your opponent’s attack. Use all employees (including accountants, lawyers, and other less traditional operations types) to propose new products and services—builds a culture of creativity and innovation. Do the opposite! Take a widely held assumption or truth and ask, what if or when is the opposite true? A perspective change helps us all look at an idea in a new way.
5.     Building a Culture of Originality: Don’t just hire for cultural fit, but cultural contribution. Oftentimes fit means conformity—the opposite of originality. Find complementary and necessary strengths, not similarity. Have entry interviews (not just exit interviews) to find out what new employees like to do, why they chose the company, and their unique perspective. Seeking problems, not solutions, creates inquiry, not advocacy. Invite and extol the contrary voice in meetings; it adds to the originality. And it encourage dissent.
6.     Miscellaneous Gold: There’s a ton of content in this book. To be effective, a leader has to have both positional power and earned status or credibility of those around her/him. Stand for something, not just against the status quo. When pitching a product or idea, start off with flaws—it actually builds credibility! Women and men are treated differently when they speak up due to stereotyping. But when women speak up for others (being communal) they’re more likely to get respect. Grant challenges assumptions and shows when it’s good to procrastinate, why and when older innovators outperform younger ones.  The kind of web browser you select may predict how creative/original you are! 

   Originals: How Non-Conformists Move the World by Adam Grant (Viking Press, 2016), reviewed by Steve Gladis, February 2016.


Wednesday, January 18, 2012

Jobs War: Post #6--Innovation and Entrepreneurship

Innovation and Entrepreneurship
a. We have a lot of innovation in America. Ideas proliferate. What’s lacking are great new business models that allow us to monetize those ideas.
b. Innovation must be bridged to the customer by the entrepreneur. And the entrepreneur builds that bridge by using a sustainable business model. Worldwide, the U.S. has commercialized 30-40% of the business breakthroughs for about as long as it’s been around as a nation. Henry Ford did not invent the car; rather, he commercialized and mass produced it. He created the business model to make it work. However, entrepreneurs are rare birds and need to be supported and developed because they create the all important jobs that people want and need.

Saturday, January 30, 2010

Harvard Business Review's 10 Breakthrough Ideas for 2010: Innovation

#6 Innovation: A Faster Path from Lab to Market: Removing the technology licensing obstacle (by Litan and Mitchell). To make sure that researchers at universities got their inventions to the marketplace faster, Congress passed a bill that set up technology licensing offices on university campuses. Ironically, these intended facilitators have in some cases become obstacles and bottlenecks and have inhibited the very research-to-market goals originally intended.

The Breakthrough Idea: Simply amend the Bayh-Dole Act and allow professors to chose the technical help they need to bring their inventions to market as soon as possible.

Thursday, January 28, 2010

HBR's 10 Breakthrough Ideas for 2010 from: Pharma


#4 Idea: Pharmaceuticals. Getting the Drugs We Need: Simple standards would spur innovation (by Bonabeau, Bingham, and Schacht).

As big pharma hunts down the next blockbuster drugs like Lipitor, the cost of bringing such a drug to market is staggering. Also, generic drugs are coming to market faster. And while this is going on, more boutique pharma companies are producing drugs targeted at smaller more focused markets.

The Breakthrough Idea: One way to make a difference: Create a common standard for sharing drug asset data that would unleash tremendous innovation. The reason: Such data is important and each company has idiosyncratic ways of collecting, storing, and using this information. Thus, any standardization could lead to large scale leveraging for all pharma.

Saturday, April 25, 2009

Managing Risk and Reward in an Innovation Portfolio (Part 2)

This is part of a long series in a number of postings based on the Spring 2009 Issue of OnPoint (from the Harvard Business Press) dedicated to Risk Management.

Specifically, this particular post is the 2nd and final of my review of the article: Is it Real? Can We Win? Is it Worth Doing? Managing risk and Reward in an Innovation Portfolio by George S. Day

The authors offer a two step process to help filter big potential and larger risk projects to ensure success and impact. The Risk Matrix: This tool subjects an innovation to a two-step process so that the use gets a clear vision of how all projects fall within a “probability of failure” matrix.

1. First Step, projects are subjected to a inquiry on the intended market (customer behavior, bran promise, competition, ect.) and product/technology (technology competency, manufacturing and delivery systems, quality standards, etc.).

2.From this analysis a score is derived and subjected to a graph. The score of the Intended Market becomes the X-axis score on the matrix. And the Product/Technology score provides the Y-axis plot point on the matrix.

Finally, each score for all innovative products gets plotted to provide the company with a meta-analysis to assess its overall portfolio risk.

R-W-W: Is it Real? Can we win? Is it worth doing? This test is a series of triage kind of questions based on the original three designated by its code R-W-W. the next step in the inquire is breaks each of these three down into six deeper questions (two for each element in R-W-W).
For example, under "Is it Real," the authors pose two clarifying questions:

Is the market real? And Is the product real?

Then those questions are further subdivided. For example, under Is the market real, follow several defining questions like: Is there a need or desire for the product? Is the size of the potential market adequate? And, Will the customer buy it?

My Advice: A worthy article to read. And worth tracking your innovations to move ahead, while understanding the necessary risk involved.

Thursday, April 23, 2009

Managing Risk and Reward in an Innovation Portfolio

This is the 1st in a number of postings based on the Spring 2009 Issue of OnPoint (from the Harvard Business Press) dedicated to Risk Management. Specifically, this particular post is the first of several on my review of the article:

Is it Real? Can We Win? Is it Worth Doing? Managing risk and Reward in an Innovation Portfolio by George S. Day

In a changing economy, it makes sense, even more, to innovate. However most innovation is small, risk averse and largely not impactful. This article notes that from 1990 to 2004 the percentage of major (impactful) innovations in portfolios dropped from 20.4 to 11.5. However, only 14% of new-product innovations are large and substantial, but resulted 61% of all innovation profits in companies studied. In short, most people avoid risk, go for the low-hanging innovation fruit, and deny themselves real impact.

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