In today’s episode of the Idea to Value podcast, we speak with Professor Rita McGrath, one of the world’s most respected experts on the intersection between strategy and innovation.

One of the interesting points we cover is the concept of Inflection Points in innovation, and the management structures and governance from leadership required for innovation to thrive in a company.

Topics covered in today’s episode:

  • 00:02:00 – Competitive advantages are no longer sustainable, and innovation is needed to replace these constantly
  • 00:03:00 – Resource allocation is really at the core of strategy, and innovation requires these investments as well
  • 00:04:30 – Major inflection points (a 10x change) at the time don’t look like huge shifts, it is only afterwards that they become apparent
  • 00:07:00 – The recipe of previous success is baked into the working practices of a company, but was once true will not always be true
  • 00:09:30 – Many leaders can get into their positions without ever touching innovation, which makes them averse of it
  • 00:11:30 – Example of leadership choices and decision making from a Virtual Bank
  • 00:13:00 – Reducing the risk and fear of failure
  • 00:15:30 – How you allocate your innovate portfolio will depend on which industry you are in
  • 00:16:30 – Innovation management is something most companies need assistance with
  • 00:18:00 – Governance structure and resource allocation is vital. Leaders need to focus 50% of their time on innovation

Links mentioned in today’s episode:

Subscribe to the Podcast

Listen and Subscribe to the Idea to Value Podcast. The best expert insights on Creativity and Innovation. If you like them, please leave us a review as well.

Apple Podcasts
Google Podcasts
Spotify
Stitcher

Want to rapidly validate new ideas and innovative products and GROW your online business?

These are the tools I actually use to run my online businesses (and you can too): I have used all of the above products myself to build IdeatoValue and Improvides, which is why I can confidently recommend them. I may also receive affiliate payments for any business I bring to them using the links above.

Did you know that scientific evidence shows your creativity decreases over time
The following two tabs change content below.
My Twitter profileMy Facebook profileMy LinkedIn profileMy YouTube channel

Nick Skillicorn

Chief Editor, Founder & CEO at Improvides Innovation Consulting
Chief Editor of Ideatovalue.com and Founder / CEO of Improvides Innovation Consulting. Coach / Speaker / Author / TEDx Speaker / Voted as the world's #5 Innovation blogger in 2016, I help individuals and companies build their creativity and innovation capabilities, so you can develop the next breakthrough idea which customers love.