Season 2, Episode 31. The Cautionary Tale of Innovation with Natalie Born
In this episode, I will be discussing the case study of practicing innovation for growth in organizations and the ideal methods to sustain the culture of productive ideation.
[00:28] Digesting the Principles of the Cautionary Tales of Innovation
- Acknowledging the growth of the podcast community - reached over 45 countries!
- Case analysis from the Harvard Business Review Article on funding innovation
- First principle of innovation: It is freedom within a framework
- Boundaries help people innovate, not huge sums of money.
- The idea is to narrow down the focus on a couple of ideas, not infinite ideas
- Second principle of innovation: It must be tied to ROI.
- Utilize stage gates to track progress
- Constantly reassess the value of the product
- First principle of innovation: It is freedom within a framework
[08:00] Emphasizing the Danger of “Mind’s Made Up”
- Delving into the Nokia case on leadership and focus
- Businesses should not only focus on who they are today, but also in the future.
- Competition is intense and can appear at unexpected times.
- Don’t miss the door for improvement.
[10:22] Thinking Beyond the Realms of the Organization for Development
- Idea behind funding Corporate Venture Capital Programs
- Consider investing on projects that complement the organization’s goals.
- Innovation doesn’t have to be done alone.
- Implications of joint venture partnerships
- Don’t just create a product. Create an ecosystem.
[11:16] Kickstarting Ideation through Innovation Incentive Programs
- Design an effective system that promotes innovative thinking
- It’s not just about financial rewards, but also recognition.
- Provide an avenue for innovators to express their ideas and be in the position to run those ideas.
- Craft a culture of innovation in the workplace
[12:59] Final Thoughts
- Don’t focus on how processes have always been done. Think ahead. Creating the future is your survival.
Key Quotes:
“A critical point of innovation is that you don't have to do it all alone. You can create the platform and have people build on your platform .” - Natalie Born
“Don't just create products, create an ecosystem. ” - Natalie Born
“Whatever you do, don't create and build in a silo. Look up, look out, read the room, and read the industry. It builds things that are not just about today, but about seeing the future. ” - Natalie Born
“Creating the future is your survival. So don't pull from that very thing that's going to get you into the future. Don't pull away to focus insular and say we're just going to focus on what we've always done.” - Natalie Born
“Innovation is freedom within a framework. Some people think that innovation is just a free for all and people can do whatever they want and go wherever they want to go. And I would disagree because oftentimes, it’s boundaries that actually help us innovate. Not endless pools of money.” - Natalie Born
Resources Mentioned:
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