Squeezing the Juice from Innovation: Maximizing the value of creativity

<p>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.&nbsp;</p><br><p>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.&nbsp;</p><br><p>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.</p><br><p>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.&nbsp;</p><br><p>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.</p><p>&nbsp;</p><p>This episode explores some of the key trade-offs that leaders need to make when trying to stimulate innovation, while still maintaining control, including:</p><p><br></p><ul><li>Long-term v short-term value</li><li>Process control v creative adaptation</li><li>Centralized v decentralized decision making</li><li>Accountability v collaboration</li></ul><p><br></p><p><strong>Source Material:&nbsp;</strong></p><p><strong>United Nations Poverty Statistics</strong></p><p><a href="https://www.un.org/millenniumgoals/poverty.shtml" rel="noopener noreferrer" target="_blank">Millennium Development Goals</a></p><p><strong>Change to Life Expectancy (50 Years)</strong></p><p><a href="https://www.macrotrends.net/countries/WLD/world/life-expectancy" rel="noopener noreferrer" target="_blank">Macrotrends Research</a></p><p><strong>Patent Filings</strong></p><p><a href="https://www.patentbots.com/patentverse/company" rel="noopener noreferrer" target="_blank">Ranking for Top Companies</a></p><p><strong><em>No Bullsh!t Leadership</em> episodes:</strong></p><p><a href="https://www.yourceomentor.com/episode115" rel="noopener nore