What's Next! with Tiffani Bova

RELOAD: Innovation and Continuous Connection with Christian Terwiesch

Feb 20, 2025

Christian Terwiesch, a Professor at Wharton’s Operations and Information Management department, dives into the dynamics of innovation and customer engagement. He discusses the concept of innovation tournaments, likening them to talent shows, and emphasizes the need for structured creativity in organizations. The conversation also highlights the crucial role of trust in customer relationships, especially around data sharing. Additionally, Terwiesch explores emerging business models in sectors like healthcare and education, advocating for continuous connection with customers to enhance their experiences.

30:48

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Christian Terwiesch

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Quick takeaways

Innovation can be structured and managed through innovation tournaments, enabling organizations to cultivate a culture of creativity and engagement.

Transitioning from transactional interactions to continuous, predictive engagement fosters deeper customer relationships and enhances overall experiences.

Deep dives

Understanding Innovation Tournaments

Innovation is viewed as a process that can be managed, rather than a whimsical act of creativity. The concept of innovation tournaments, likened to a structured competition like American Idol, facilitates the generation and refinement of ideas by allowing participants to experience the innovation process firsthand. This approach demonstrates that even large, traditional organizations can embrace innovation through structured frameworks, moving beyond mere cultural shifts. By implementing these tournaments, companies can gradually cultivate an innovative culture, as the structured nature of the process makes it both actionable and engaging.

Intro

2min

Exploring Perspectives on Trust and Technological Innovations

2min

Structuring Innovation: The American Idol Approach

10min

Innovating Through Customer Insights

7min

The Trust Factor in Customer Engagement

8min

Embracing Continuous Connection and Innovation in Business

3min

Welcome to the What's Next! Podcast with Tiffani Bova.

This week I’m giving another listen to a conversation I shared with Professor Christian Terwiesch and I'm eager to share it with you! Christian is a Professor in Wharton’s Operations and Information Management department, co-director of Penn’s Mack Institute for Innovation Management, and also holds a faculty appointment at Penn’s Perelman School of Medicine. He is the co-author of Matching Supply with Demand, a widely used textbook in Operations Management. He launched the first Massive Open Online Course (MOOC) in business on Coursera based on the book and since its inception, more than half a million students have enrolled. His first management book, Innovation Tournaments, details a new process-based approach to innovation and has inspired innovation tournaments around the world. His latest book, Connected Strategies, combines his expertise in the fields of operations, innovation, and strategy to help companies take advantage of digital technology leading to new business models. In addition to his teaching and his research, Professor Terwiesch is the host of “Work of Tomorrow,” a national radio show on Sirius XM 132.

THIS EPISODE IS PERFECT FOR… anyone wanting to become more innovative or bring a culture of innovation to their organization, as well as those wanting to get a pulse on new business models shaping how organizations interact with customers today.

TODAY’S MAIN MESSAGE… we have to find different ways of delighting our customers. How do we do that? Through innovation and continuous connection. Professor Terwiesch maintains that innovation is a cultural process that can be managed. That is the power of the Innovation Tournament, it leaves room for that magic spark to fly while giving it direction and structure. Beyond Innovation Tournaments, it’s about becoming continuously connected. This connection enables new ways of delighting the customer and also allows organizations to provide more value to the customer, potentially at a lower cost. The purpose of a connected strategy and a continuous relationship is not only to get data but also to do a better job for the customer.

WHAT I LOVE MOST… I love that Christian has identified these new business models that are fundamentally changing the way organizations interact with their customers.

Running Time: 30:47

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Find Christian Online:

Connected-Strategy Website

Work of Tomorrow Podcast

Christian’s Book:

Connected Strategy Book