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 value
- Process control v creative adaptation
- Centralized v decentralized decision making
- Accountability v collaboration
United Nations Poverty Statistics
Change to Life Expectancy (50 Years)
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