Podcast S3E54: Rita McGrath – Seeing inflection points of innovation

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. See the full episode at https://wp.me/p6pllj-1sJ  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: Rita's website: https://www.ritamcgrath.com/ Book: Seeing around corners: https://amzn.to/2wnPPQc Bonus: This episode was made possible by our premium innovation and creativity training. Take your innovation and creativity capabilities to the next level by investing in yourself now, at https://www.ideatovalue.com/all-access-pass-insider-secrets/ * Subscribe on iTunes to the Idea to Value Podcast: https://itunes.apple.com/gb/podcast/idea-to-value-creativity-innovation/id1199964981?mt=2 * Subscribe on Stitcher to the Idea to Value Podcast: http://www.stitcher.com/s?fid=129437&refid=stpr * Subscribe on Google Play to the Idea to Value Podcast: https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ifjlz5o2w27yr4wn7belsne26oq?t%3DIdea_to_Value_-_Creativity_and_Innovation%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 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): * The best email management and campaigns system: ActiveCampaign (Free Trial) http://www.activecampaign.com/?_r=M17NLG2X  * Best value web hosting: BlueHost WordPress http://www.activecampaign.com/?_r=M17NLG2X  * Landing pages, Sales Pages and Lead collection: LeadPages (Free Trial) http://leadpages.pxf.io/c/1385771/390538/5673  * Sharing & List building: Sumo (Free) https://sumo.com/?src=partner_ideatovalue  * Payments, Shopping Cart, affiliate management and Upsell generator: ThriveCart https://improvides--checkout.thrivecart.com/thrivecart-standard-account/  * Video Webinars for sales: WebinarJam and Everwebinar ($1 Trial) https://nickskillicorn.krtra.com/t/lwIBaKzMP1oQ  * Membership for protecting content: Membermouse (Free Trial) http://affiliates.membermouse.com/idevaffiliate.php?id=735  * eLearning System for students: WP Courseware https://flyplugins.com/?fly=293  * Video Editing: Techsmith Camtasia http://techsmith.z6rjha.net/vvGPv  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. Copyright https://www.ideatovalue.com