Key Takeaways: The State of Innovation
During the recent Executive Briefing on "The State of Innovation," we discussed the business challenges and opportunities businesses face. The conversation covered regulatory challenges, risk tolerance and mitigation, and fostering an innovation culture. Larger companies are more risk averse and often favor acquisitions over internal innovation. Starting small and learning from experimentation was highlighted as well as aligning customer needs with business strategies.
The event featured industry experts including Jerry Uffner (LinkedIn) Robert Berris (LinkedIn) - Brightwell's Chief Innovation Officer and Sean Wood (LinkedIn) - Founder of Human Pilots AI.
Key takeaways from our panel discussion were the following:
Strategic planning doesn’t yield a five year plan, rather the initial set of hypothesis to test over the next five years.
Big companies acquire, smaller companies innovate.
Fear is the innovation killer. Defining organization risk tolerance is crucial.
A simple framework for risk tolerance is the “dog house” “poor house” or “jail house”. The "dog house" can get you in trouble, the "poor house" has financial risks and the "jail house" has legal consequences.
Quick innovation strategies target the "who", "what", and "how". What are we really trying to solve for? How does that affect our go to market? How does that affect our sales conversations and where time and energy are spent?
If you would like to discuss the topic further, please reach out to the Lewis Manning team;
we would be happy to connect you with one of the panelists.
Executive Briefing Series
The Executive Briefing Series was created for C-Level Executives and Investors to share emerging topics of interest. The platform facilitates the exchange of diverse ideas and perspectives and offers a unique opportunity for individuals to connect, collaborate, and learn from one another. Learn more about Lewis Manning at LewisManning.com