It’s an old story–a new company with a new product and a new way of looking at things dislodges established business that can’t keep up. A few years later, this same company that so nimbly entered the market stops growing and starts falling prey to new competitors. Why is sustained growth so elusive? And why do some companies seem immune to this sort of cycle? The answer: the most successful companies understand that they need to continually recreate themselves by building innovation into their business models. I call this process Creativizing. (more…)
Jason Hartman sits down and talks with Jeff DeGraff, professor for the University of Michigan’s Ross Business school and an expert in innovation. He has a new book coming out called, Making Stone Soup: How to Jumpstart Innovation Teams and has helped grow world leading corporations such as American Airlines, General Electric, and Coca Cola by using his Competing Values Framework system.
Listen to the full interview here.
Innovation isn’t change. It may seem like a minor difference but this is actually a huge distinction. Change is moving away from something; innovation is moving towards something.
Moving away from something is always traumatic while moving towards something is almost always a euphoric experience. Consider the following two examples of friends of mine who lost their positions during the Great Recession. Both are remarkable men with sterling credentials and prodigious ambition. Each is the primary earner in their household and takes their obligations to their families seriously. These kinds of people are seldom unemployed even in the worst circumstances. (more…)