Is the approach to innovation we are teaching all wrong? Yes! We are still believing that the industrial economy approach of thinking that organizational design, strategy, planning and process development will win in the new creative/innovation economy.
We need to transform to the approach of “agile”, experimentation” and “fail fast”.
In this video, you will hear Diana Kander's view on what we as coaches, teachers and leaders need to do differently if we are to prepare future generations for the innovation economy. We need to change our approach to innovation or risk failure.
Video, Our approach to innovation is dead wrong, outline:
- We lack real-world input/experiences that prepare us (1:40)
- Old way to teach people how to start new businesses (2:15)
- Decreasing number of new companies being started (2:45)
- Increasing number of companies that fail (2:50)
- The old method (e.g. business plan) is broken (3:14)
- Everyone has a plan until they get punched in the face (3:35)
- Trying the predict the future will get you punched in the face (3:46)
- Marshmallow challenge (4:01)
- MBA's are always worst than others (4:25)
- Why? How they allocate their time (4:50)
- Over confident in their plan (5:27)
- Kindergartners play to figure it out (5:30)
- The longer you work on your plan in a vacuum, the more likely you are to fail (6:02)
- A personal failure (6:12)
- We executed perfectly on a flawed plan (6:40)
- Failure hurts but not as much as regret (6:54)
- Rather than building a plan, experiment like a kindergartner (7:00)
- Experiment: Give away five $1.00 bills (7:40)
- Convince innovators that they don't need to be fortune tellers. They don't/can't predice the future (8:48)
- Teach innovators how to be detectives (8:59)
Who is Diana Kander?
Diana Kander is a bestselling author, serial entrepreneur, and acclaimed keynote speaker on innovation and value creation. She helps senior executives and Fortune 1000 organizations create a culture of experimentation and value creation. Diana’s NY Times Bestseller, All In Startup, has been used in over 70 colleges to teach entrepreneurship and innovation.