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:

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Nick Skillicorn

Chief Editor, Founder & CEO at Improvides Innovation Consulting
Creativity & Innovation expert: I help individuals and companies build their creativity and innovation capabilities, so you can develop the next breakthrough idea which customers love. Chief Editor of Ideatovalue.com and Founder / CEO of Improvides Innovation Consulting. Coach / Speaker / Author / TEDx Speaker / Voted as one of the most influential innovation bloggers.