Paint & Pipette: The Art & Science of Innovation S3E15: Unleashing Innovation with Rita McGrath
The likelihood is that the tactics that were effective for businesses just a few years ago may no longer yield the results needed. Profound shifts in the business landscape have exposed a significant disparity between conventional strategic approaches and the evolving dynamics of the contemporary real-world environment. In this episode, we sit down with Rita McGrath, a celebrated author and captivating speaker, to discuss how leaders can navigate the complexity of cultural shifts in modern business practices. Rita is a renowned expert in steering innovation and growth through uncertain times, and she consistently ranks among the world’s Top 10 management thinkers. As a Columbia Business School professor, advisor to Fortune 500 CEOs, and author of bestsellers like Seeing Around Corners and The End of Competitive Advantage, her work has had a lasting impact on the business world. In our conversation, we unpack the strategies managers can employ to secure investments in innovation, the reasons behind organizational resistance to innovation, and the challenges of traditional hierarchical structures. We explore her Stepping-Stone Strategy for innovation, the value of a call option, the potent concept of level-skipping, and the steps for identifying debilitating assumptions. Gain insights into how innovators can advance their careers, effectively allocating resources, crafting the perfect project, and much more! Tune in and discover how to redefine traditional career pathways and drive innovation in your organization with strategy guru Rita McGrath!
Key Points From This Episode:
- Accomplishments Rita is most proud of and the role of Twitter in her life.
- What managers can do to ensure investment in innovation is not undercut.
- Unpacking why the concept of innovation is not adopted by organizations.
- Advice for people in the innovation space to safeguard their careers.
- Why hierarchy is the enemy of the truth and level skipping is explained.
- Steps for implementing level-skipping within an organization.
- The role of expertise and when it can become a liability to innovation.
- Getting real about how the landscape of industry has changed.
- Pragmatic ways of identifying the assumptions limiting your potential.
- Maintaining a balance between planning and taking action.
- Human capital and deploying resources against an opportunity.
- Allocating resources for exploration, research, and development.
- Discover the differences between funding and budget models.
- Learn the fundamentals of managing a diverse team.
- Rita shares her approach to writing a book and how she decides on a project.
- Redefining career pathways to align with the new era of business.
- She offers some final words of wisdom for listeners.
Links Mentioned in Today’s Episode: