Squeezing the Juice from Innovation: Maximizing the value of creativity

Episode #270 // Innovation is key to sustained performance. Whether we look at it from a company perspective, or at the level of countries and global economies, innovation fuels productivity and growth. We’ve seen this over and over throughout the centuries, where a technological or scientific breakthrough has driven new levels of prosperity that were previously unimagined. We now live in the most affluent times in human history. Our life expectancy and our standard of living is massively higher than it’s ever been.Innovation, at the market level, drives much of this prosperity. And at the level of the individual firm, innovation is an essential ingredient of competitive advantage. Squeezing every last drop out of the innovation lemon requires trade-offs, and if you don’t make these trade-offs consciously, they’ll be made for you. This episode explores some of the key trade-offs that leaders need to make when trying to stimulate innovation, while still maintaining control, including:Long-term v short-term valueProcess control v creative adaptationCentralized v decentralized decision makingAccountability v collaborationSource Material: United Nations Poverty StatisticsMillennium Development GoalsChange to Life Expectancy (50 Years)Macrotrends ResearchPatent FilingsRanking for Top CompaniesNo Bullsh!t Leadership episodes:Ep.115: Does Innovation Create Value?Ep.203: Defending Against Disruptive Innovation————————FREE QUIZ: I’ve developed a 3-question quiz that’ll give you a free personalized podcast playlist tailored to where you are right now in your leadership career!Click here to take the 30-second quiz now to get your on-the-go playlist————————You can connect with me at:Website: https://www.yourceomentor.comFacebook: https://www.facebook.com/yourceomentorInstagram: https://www.instagram.com/yourceomentorLinkedin: https://www.linkedin.com/in/martin-moore-075b001/Youtube: https://www.youtube.com/@YourCEOMentor————————Our mission here at Your CEO Mentor is to improve the quality of leaders, globally.  Hosted on Acast. See acast.com/privacy for more information.