Building a Culture of Innovation with Nick Jain

Why do some companies continuously innovate while others struggle to keep up? Also, as an entrepreneur, how can you foster innovation within your business? Nick Jain, CEO of IdeaScale, is a leading innovator and business leader with a passion for helping organizations build a culture of innovation. With experience working with clients like NASA, Comcast, and Doctors Without Borders, Nick brings a wealth of knowledge to the table. Join Scott and Nick as they explore: * The three types of innovation: doing something better, doing it in a dramatically different way, and orthogonal innovation.  * Building a culture of innovation in a company.  * The challenges large organizations face in fostering innovation.  * The importance of an idea meritocracy, where the best ideas win regardless of their source.  * Practical strategies for implementing and incentivizing innovation.  * Measuring the success of innovation efforts.  * The impact of innovation on employee engagement and company culture.  Chapters for this episode: 03:59 Nick Jain's Journey to IdeaScale11:50 The Three Types of Innovation18:26 Why Big Companies Struggle with Innovation25:28 Building a Culture of Innovation33:56 Idea Meritocracy and Continuous Improvement39:02 Understanding Finance in Innovation43:38 Practical Steps to Improve InnovationThanks to Nick Jain for being on Business, Bourbon & Cigars. Connect with Nick on LinkedIn: https://www.linkedin.com/in/nickjain Learn about IdeaScale: https://ideascale.com/ BUSINESS, BOURBON & CIGARSBe sure to subscribe so you don’t miss any episodes. * Apple Podcasts: https://apple.co/3SN2fHn * Spotify: https://spoti.fi/49EwtTo * YouTube: https://www.youtube.com/@MePlusUltraNetwork/podcasts Business, Bourbon & Cigars is the preeminent resource for ambitious leaders who want a backstage pass to the top. Each episode, we sit down with ultra-successful executives and industry leaders who share their insider strategies for growth and success. And of course, we may even sip on some of the finest bourbon and light up our favorite cigars while we chat.Each week, we bring you in-depth interviews with high-level executives and industry leaders who have a proven track record and in-depth understanding of what it takes to grow a business. They’ll share their no-nonsense approach, the challenges they faced on their journey to the top, and the strategies that helped them overcome obstacles and forge their own path to ultra-success.ME PLUS ULTRA Transform your business and redefine your world with Me Plus Ultra virtual masterminds and leadership retreats: https://MePlusUltra.com Me Plus Ultra is a place where visionary entrepreneurs come together, not just to network, but to forge lasting connections, inspire one another, and grow their businesses with confidence and purpose. With exclusive access to industry-leading knowledge, personalized growth strategies, and high-impact events, we empower you to transcend traditional business barriers. To elevate your business, join our Me Plus Ultra virtual masterminds and leadership retreats to surround yourself with peers who share your drive and passion.* Me Plus Ultra Instagram: https://www.facebook.com/MePlusUltra/ * Me Plus Ultra Facebook page: https://www.instagram.com/me_plus_ultra/ * Me Plus Ultra Facebook group: https://www.facebook.com/groups/1011061052968028/ * Me Plus Ultra X/Twitter: https://twitter.com/Me_Plus_Ultra/ SCOTT JOSEPH * Scott Joseph LinkedIn: https://www.linkedin.com/in/ScottJoseph * Scott Joseph X/Twitter: https://twitter.com/ScottTJoseph1 * Scott Joseph Instagram: https://www.instagram.com/scotttjoseph/ * Scott Joseph Facebook: https://www.facebook.com/ScottTJoseph/ This episode was produced by Story On Media & Marketing: https://www.SuccessWithStories.com