Innovation – Creating New Value
When is the last time that you and your team truly created new value for your customers? Today, I share three ways that you can take the concept of innovation and apply an innovative thinking mindset to your daily activities. I welcome dead guest, Leonardo da Vinci, to talk about the importance of observation while innovating, and using a technique called domain jumping to turbo charge your business and escape the mental ruts. You will also learn how to apply the Value Mining Matrix to your business to create new value by exploring customers and their needs in unique ways.
What You’ll Hear in This Episode:
- When we hear the term innovation, we tend to think of a cool new product or technology that’s going to change the world. But that isn’t really what most innovation entails. A recent three-year study on innovation found that only 13% of consumer product companies introduced a breakthrough innovation.
- Most innovation tends to come in incremental doses, even for companies known for innovation.
- When was the last time you and your team truly created new value for your customers?
- What is domain jumping, and how did a company called Sharklet jump domains?
- Technique #1: Solve their challenge.
- Technique #2: Jump the domain.
- Technique #3: Use an Innovative Mindset to deviate from the norm.
- The Norm Deviation Matrix provides a methodical way to separate yourself from the pack and innovate to generate better results.
- “To not innovate is to die.” – Tim Cook, CEO, Apple
- “In order to innovate, it’s important to not only cross domains at a higher vantage point but to also look at things from a granular level to observe the nuances.” – Rich
- “Learning is the only thing the mind never gets exhausted from, never fears and never regrets.”
– dead guest Leonardo da Vinci
- “When we realize that excellence is described as a deviation from the norm, we know that it’s required to innovate.” – Rich
- “Iron rusts from disuse; water loses its purity from stagnation… even so does inaction sap the vigor of the mind.” dead guest Leonardo da Vinci
- “If we’re doing the same normal things in the same normal ways as everyone else in our space, then mediocrity is to be expected.” – Rich
Value Mining Matrix
Norm Deviation Matrix