innovation

Innovation Broken Down

Workplace innovation is a necessity. Businesses have to keep coming up with new ideas in order to stay ahead of competition, keep up with trends, and keep turnover rates at a minimum. Unfortunately, the idea can also be highly intimidating for some. Most businesses fall back on brainstorming, a process that is in no way guaranteed to work, or sometimes even outsource their creative thinking, costing money that could be better spent elsewhere. So how then, does a leader make the idea of innovation and creative thinking accessible to everyone? Well, the geniuses over at Wharton have published another one of their brilliant Nano Tools for Leaders that outlines the best way to do just that.

Wharton’s Ethan Mollick presents a concise set of seven steps that will spark creative thinking and help overcome hurdles. Based on The Breakthrough Game, which Mollick co-created with game developer Justin Gary, this nano tool is a fun approach to something that not everyone is inherently good at.

First, says Mollick, frame the question. When relying on team-think to come up with creative ideas, open-ended questions lead to more inventive solutions and new ideas. Second, build the team. Get as many diverse opinions and backgrounds as possible for the best outcome. Third, generate raw ideas individually. While this may seem counterintuitive, research shows that many ideas discussed as a group get shot down before their time to conform with the hive-mind mentality. If everyone takes time to come up with a list of ideas before coming together as a group, the more creative ideas get a chance to shine. Fourth, add constraints. Whether time constraints or boundaries about the types of ideas, studies show that these can lead to better ideas. Fifth (which gets back to the third tip), recombine as a group and watch ideas flourish. Sixth, vote! Mollick suggests voting along more than just yes and no lines. Give awards for which ideas stand out as most efficient, most cost effective, etc. And lastly, commit. Without protocols to follow up, and dedicated team member accountability to each step in the process, ideas will eventually fall flat.

Innovation can be intimidating, and having steps can greatly help teams and businesses achieve goals and solve problems. Sometimes it just helps to have it broken down in a seven-step path before we can really get into the meat of the ideas. Check out the full article here for a deeper dive and see what your team can come up with!

Acquiring Obsession

What defines success to a small startup? Is it creating a unique and life-altering product? Or is it creating something that is just similar enough to an established corporate product so that the offers to buy come soaring in? These days, it seems that the latter may be the benchmark more often than not.

Of course, this does not apply to ALL startups; there are absolutely those out there producing new and unique creations that will change the world. When we start to look at recent trends, however, we see more and more that acquisitions are defining the space. Facebook bought WhatsApp, Instagram, Oculus, etc. Amazon bought Zappos, Audible, ThredUp, etc. This is great news for those executives who sold with a cash windfall, but according to two researchers at Kellogg, bad news for innovation.

Kellogg’s own Steven Callender and Niko Matouschek have written a new article detailing their research on startup acquisitions relating to innovation in the industry. Their research demonstrates that not only are these cash outs stifling innovation, but it’s also sparking new discussions in antitrust debates. Where this discussion takes the world of start ups is anyone’s guess, but this article is a VERY fascinating place to start. Take a few minutes to read the research and see where you land on the issue.

Uncomfortable Innovations

Recently I saw a quote from American author John A. Shedd that said: “A ship in harbor is safe, but that is not what ships are built for.”

We’d all like to stay in safe and comfortable situations, but historically that’s not how innovations are made. This past week at the Northeastern University graduation ceremony, Chobani founder Hamdi Ulukaya spoke passionately to students about the beauty of discomfort.

Ulukaya himself understands this from first-hand experience. As a refugee to the US from Turkey, he faced countless obstacles, only to go on and found Chobani, and start a coalition of more than 200 global companies that work together to find employment for refugees.

Ulukaya urged the graduates to not turn away from the things that make them uncomfortable. To face them head-on, and work tirelessly to change them. "Innovation doesn't happen when you're comfortable. Progress doesn't happen when you're comfortable. Change doesn't happen when you're comfortable," Check out Inc.com’s article and the brief video highlights of his recent speech, and get inspired to tackle the issues that challenge you.

Innovation vs. Coronavirus

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Few people have had a greater impact on the tools we use in our jobs than Microsoft founder Bill Gates.  After retiring from Microsoft, he has deployed millions of dollars through the Gates Foundation into fighting disease in developing countries.  Several years ago in a TED talk he warned about the challenge of a pandemic. He’s now backing up his warning with the recent major investments he has made to produce a vaccine to fight COVID-19.

Mr. Gates has a new post on his blog that is worth your time to increase your Corona IQ. Check out “Innovation vs The Coronavirus: The First Modern Pandemic.”  At 13 pages it’s a long read (you can download the pdf) but worth the time.  If you’re short on time, he has graciously published an executive summary of the longer article in the Washington Post.