Welcome to another incredible episode of the IDEA Collider series with your host Mike Rea. Today we are joined by a consultant, best-selling author, and one of the world’s top experts on strategy and innovation, Rita McGrath.
In the episode, Rita talks to us about her transition from a political science career to innovation in the corporate venture, how to build an innovation program, challenges in implementation, and why you need multiple funding sources while championing an idea. Additionally, we delve into making that 10x shift in a company, discovery-driven planning, strategic inflection points & best books she would recommend.
Tune in for more innovation insights!
[02:01] About Rita McGrath
[05:10] Rita’s books
[11:55] Tips for building an innovation program
[16:10] Why do companies have one innovation process
[18:45] Reasons companies prefer false confidence instead of the uncertain approach
[27:40] How to get an organization to make a shift to a big place
[34:11] Rita’s thoughts on creativity
[37:25] Why you should have multiple sources of funding & approval
[37:54] Being future forward on failure & interrogating failure
[43:48] Problems related to assumptions in planning
[49:39] Discovery-driven planning
[51:01] Strategic inflection points
[55:05] Books Rita would recommend
[57:16] This or that question (Disruption or innovation)
[58:13] To connect with McGrath
Quotes
“People that are in the innovation area and see what’s coming, don’t have that power. If you don’t have power, the decision will be made by people who have power.” (08:44-08:54)
“Our brain leap into making decisions in the most simplest grit-free, convenient way possible and, so the easy, quick decisions are the ones we gravitate to.” (17:53-18:06)
“Innovation is a numbers game. We know that you get one or two really smart breakthrough ideas that are material enough for a large organization.” (24:32-24:41)
“ If you present highly creative people with a visual film, they actually see more objects than people who have not embraced the desire or need to be creative.” (33:37-33:45)
“Creativity is a product of a wandering mind.” (34:51-34:53)
Mentioned Books
Seeing Around the Corners By Rita McGrath
Market Busters By Rita McGrath
The End of Competitive Advantage By Rita McGrath
Discovery-Driven Growth By Rita McGrath
Seven Rules of Power By Jeffrey Pfeffer
Thinking Fast & Slow by Daniel Kahneman
Humor Seriously By Jennifer A Aker & Naomi Bagdonas
Let’s Connect!
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