Balancing Short-term Gains with Long-term Innovation

Balancing Short-term Gains with Long-term Innovation

GUEST POST from Art Inteligencia

In today’s fast-paced business environment, companies are often torn between pursuing immediate profits and investing in future innovations. Many leaders grapple with the challenge of balancing these competing priorities to ensure both short-term performance and long-term sustainability. This article explores strategies for achieving this balance through effective leadership, corporate culture, and strategic decision-making.

The Importance of a Balanced Approach

Short-term financial gains are crucial for maintaining shareholder confidence and funding daily operations. However, an excessive focus on immediate returns can stifle innovation, hinder adaptability, and ultimately jeopardize long-term success. Striking the right balance allows an organization to remain competitive in the present while positioning itself for future growth.

Case Study 1: Kodak’s Innovation Myopia

Once a dominant force in the photography industry, Kodak fell from grace due to its reluctance to embrace digital innovation. Despite inventing the first digital camera in 1975, Kodak was reluctant to pursue this technology aggressively, fearing it would cannibalize its highly profitable film business. This short-term mindedness led to Kodak filing for bankruptcy in 2012.

The lesson here is clear: organizations must not allow the pursuit of immediate profits to blind them to the possibilities of transformative innovation. Strategic foresight and a willingness to disrupt one’s own business model are critical in avoiding the pitfalls of innovation myopia.

Building a Culture of Innovation

To maintain a balance between short-term gains and long-term innovation, organizations must cultivate a culture that encourages experimentation and embraces change. Encouraging open communication and fostering an inclusive environment where all ideas are welcome can drive creative thinking and innovation.

“Innovation is not just about creating new products; it’s about cultivating a mindset that embraces change and values learning.” – Braden Kelley

Empowering teams to take calculated risks and learn from failures can significantly boost innovation. Leaders play a pivotal role in setting the tone for this culture by recognizing and rewarding innovative efforts and providing resources for continuous learning and development.

Case Study 2: Amazon’s Disruption Strategy

Amazon exemplifies a company that has successfully balanced short-term gains with long-term innovation. By continuously reinvesting profits into research and development, Amazon has managed to disrupt multiple industries, from retail to cloud computing.

Amazon’s willingness to take risks on new ventures such as AWS and Kindle shows a commitment to long-term innovation. The company prioritizes customer experience and long-term value creation over immediate profits, allowing it to maintain a competitive edge in diverse markets.

This approach underscores the importance of vision-driven leadership and strategic planning in ensuring sustained innovation and growth, without sacrificing performance.

Strategic Decision-Making for Sustainable Growth

Balancing short-term and long-term priorities requires a strategic approach to decision-making. Organizations should implement frameworks that integrate both short-term performance metrics and long-term innovation goals.

This involves setting clear objectives, aligning team efforts with the organization’s vision, and continuously monitoring the market landscape to adapt strategies as needed. Scenario planning and innovation roadmaps can help leaders anticipate future trends and make informed decisions that align with both immediate needs and broader innovation goals.

Conclusion

Balancing short-term gains with long-term innovation is a delicate yet vital endeavor for any organization looking to thrive in today’s competitive landscape. By fostering a culture of innovation, learning from examples like Kodak and Amazon, and employing strategic decision-making frameworks, businesses can ensure they remain agile and competitive.

Ultimately, success lies in embracing the dual imperatives of immediate performance and future potential, thus positioning the organization for sustained growth and impact.

Extra Extra: Futurology is not fortune telling. Futurists use a scientific approach to create their deliverables, but a methodology and tools like those in FutureHacking™ can empower anyone to engage in futurology themselves.

Image credit: Pixabay

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Can You Ever Be a Truly Independent Thinker?

Can You Ever Be a Truly Independent Thinker?

GUEST POST from Tom Stafford, University of Sheffield

‘It’s important to me that I make my own decisions, but I often wonder how much they are actually influenced by cultural and societal norms, by advertising, the media and those around me. We all feel the need to fit in, but does this prevent us from making decisions for ourselves? In short, can I ever be a truly free thinker?’ Richard, Yorkshire.

There’s good news and bad news on this one. In his poem Invictus, William Ernest Henley wrote: “It matters not how strait the gate, How charged with punishments the scroll, I am the master of my fate, I am the captain of my soul.”

While being the lone “captain of your soul” is a reassuring idea, the truth is rather more nuanced. The reality is that we are social beings driven by a profound need to fit in – and as a consequence, we are all hugely influenced by cultural norms.

But to get to the specifics of your question, advertising, at least, may not influence you as much as you imagine. Both advertisers and the critics of advertising like us to think that ads can make us dance any way they want, especially now everything is digital and personalised ad targeting is possible in a way it never was before.


This article is part of Life’s Big Questions

The Conversation’s new series, co-published with BBC Future, seeks to answer our readers’ nagging questions about life, love, death and the universe. We work with professional researchers who have dedicated their lives to uncovering new perspectives on the questions that shape our lives.


In reality, there is no precise science of advertising. Most new products fail, despite the advertising they receive. And even when sales go up, nobody is exactly sure of the role advertising played. As the marketing pioneer John Wanamaker said:

Half the money I spend on advertising is wasted; the trouble is I don’t know which half.

You’d expect advertisers to exaggerate the effectiveness of advertising, and scholars of advertising have typically made more modest claims. Even these, though, may be overestimates. Recent studies have claimed that both online and offline, the methods commonly used to study advertising effectiveness vastly exaggerate the power of advertising to change our beliefs and behaviour.

This has led some to claim that not just half, but perhaps nearly all advertising money is wasted, at least online.

When the ads don’t work…
Shutterstock

There are similar results outside of commerce. One review of field experiments in political campaigning argued “the best estimate of the effects of campaign contact and advertising on Americans’ candidates choices in general elections is zero”. Zero!

In other words, although we like to blame the media for how people vote, it is surprisingly hard to find solid evidence of when and how people are swayed by the media. One professor of political science, Kenneth Newton, went so far as to claim “It’s Not the Media, Stupid”.

But although advertising is a weak force, and although hard evidence on how the media influences specific choices is elusive, every one of us is undoubtedly influenced by the culture in which we live.

Followers of fashion

Fashions exist both for superficial things, such as buying clothes and opting for a particular hairstyle, but also for more profound behaviour like murder and even suicide. Indeed, we all borrow so much from those we grow up around, and those around us now, that it seems impossible to put a clear line between our individual selves and the selves society forges for us.

Two examples: I don’t have any facial tattoos, and I don’t want any. If I wanted a facial tattoo my family would think I’d gone mad. But if I was born in some cultures, where these tattoos were common and conveyed high status, such as traditional Māori culture, people would think I was unusual if I didn’t want facial tattoos.

Similarly, if I had been born a Viking, I can assume that my highest ambition would have been to die in battle, axe or sword in hand. In their belief system, after all, that was surest way to Valhalla and a glorious afterlife. Instead, I am a liberal academic whose highest ambition is to die peacefully in bed, a long way away from any bloodshed. Promises of Valhalla have no influence over me.

Vikings had different beliefs to most modern liberal academics.
Shutterstock

Ultimately, I’d argue that all of our desires are patterned by the culture we happen to be born in.

But it gets worse. Even if we could somehow free ourselves from cultural expectations, other forces impinge on our thoughts. Your genes can affect your personality and so they must also, indirectly, have a knock-on effect on your beliefs.

Sigmund Freud, the founder of psychoanalysis, famously talked about the influence of parents and upbringing on behaviour, and he probably wasn’t 100% wrong. Even just psychologically, how can you ever think freely, separate from the twin influences of prior experience and other people?

From this perspective, all of our behaviours and our desires are profoundly influenced by outside forces. But does this mean they aren’t also our own?

The answer to this dilemma, I think, is not to free yourself from outside influences. This is impossible. Instead, you should see yourself and your ideas as the intersection of all the forces that come to play on you.

Some of these are shared – like our culture – and some are unique to you – your unique experience, your unique history and biology. Being a free thinker, from this perspective, means working out exactly what makes sense to you, from where you are now.

You can’t – and shouldn’t – ignore outside influences, but the good news is that these influences are not some kind of overwhelming force. All the evidence is compatible with the view that each of us, choice by choice, belief by belief, can make reasonable decisions for ourselves, not unshackled from the influences of others and the past, but free to chart our own unique paths forward into the future.

After all, the captain of a ship doesn’t sail while ignoring the wind – sometimes they go with it, sometimes against it, but they always account for it. Similarly, we think and make our choices in the context of all our circumstances, not by ignoring them.

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Image Credits: Pixabay, Shutterstock (via theconversation)

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Diversity as a Catalyst for Innovation

GUEST POST from Chateau G Pato

In today’s hyper-competitive global market, organizations are continuously striving for innovative solutions to complex challenges. With the world growing more interconnected, the concept of diversity and inclusion has become not just a moral obligation but also a strategic advantage for innovation. A diversified workforce brings varied perspectives and skills, fueling creativity and driving transformation. In this article, I explore how embracing diversity serves as a catalyst for innovation through insightful case studies and evidence-based practices.

The Power of Diverse Perspectives

Diversity comes in many forms, including but not limited to race, gender, age, cultural background, and professional experience. Each aspect of diversity contributes unique lenses through which problems can be viewed, thus sparking fresh ideas and innovative solutions. It allows organizations to empathize with a wider array of customers and respond to their needs in nuanced ways.

Case Study 1: IBM’s Diversity Initiative

IBM is a leading example of how diversity can drive innovation. Recognizing the wealth of different perspectives afforded by a diverse workforce, IBM instituted “Diversity 3.0.” This initiative aimed not just to hire diverse talent but to embed inclusion into the very fabric of its operations.

By creating diverse teams tasked with innovation projects, IBM discovered that such groups were able to solve problems more effectively and create products that resonated globally. For instance, the formation of a multicultural team led to the development of IBM Watson’s language translation services. Through the team’s varied backgrounds and insights, IBM was able to refine Watson’s capabilities, making it a powerful tool across different languages and cultures.

Case Study 2: The LEGO Group’s Diverse User Base

The LEGO Group showcases how embracing diversity can influence product development and innovation. Traditionally, LEGO had focused on a narrow demographic. However, by engaging with a more inclusive user base, LEGO discovered untapped potential in diverse customer insights.

LEGO’s creation of the “LEGO Ideas” platform, where fans of all ages and backgrounds could submit and vote on designs, allowed the company to leverage this diversity. It resulted in innovative sets that appealed to a wider audience, such as the “Women of NASA” set. This initiative not only boosted creativity and market reach but also reinforced the brand’s commitment to inclusion.

Strategies for Harnessing Diversity

  • Inclusive Leadership: Leaders must create a culture where diversity is valued and where different voices are heard. This involves not only recruiting diverse talent but also ensuring they feel empowered to contribute.
  • Cross-Cultural Collaboration: Encouraging collaboration among teams from different cultural backgrounds can foster creative problem-solving and lead to innovative breakthroughs.
  • Training and Education: Providing continuous learning opportunities about the benefits of diversity and developing skills to manage diverse teams can pave the way for sustained innovation.

Conclusion

Diversity is no longer just a metric to be achieved, but a critical driver of innovation. By fostering an inclusive culture, organizations can draw on a broader spectrum of ideas and perspectives, leading to groundbreaking innovations. As the world continues to change at a rapid pace, those who embrace diversity as a catalyst for innovation will not only survive but thrive.

Let us commit to weaving diversity into the strategic fabric of our organizations and unlock the full potential of our collective creativity.

Extra Extra: Because innovation is all about change, Braden Kelley’s human-centered change methodology and tools are the best way to plan and execute the changes necessary to support your innovation and transformation efforts — all while literally getting everyone all on the same page for change. Find out more about the methodology and tools, including the book Charting Change by following the link. Be sure and download the TEN FREE TOOLS while you’re here.

Image credit: Pexels

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Selling To Generation Z

This is What They Want

Selling to Generation Z

GUEST POST from Shep Hyken

Gen-Z is not your typical generation. By the way, neither was the Millennial generation … or Gen-X, etc. Each new generation has interesting differences, desires, likes and dislikes. Each generation poses its own problems and opportunities, depending on how you view the challenge. A recent report created by Gongos (part of InSites Consulting) shared some interesting information relevant to companies that do business with Gen-Z.

Gongos surveyed more than 1,000 U.S. consumers and compared Gen-Z to older generations. Gen-Z’s were born between 1997 and 2011, and their habits, views and behaviors are quite different than the older Gen-X and Baby Boomers. The oldest Gen-Z’s are about 24 years old, and they are quickly becoming an important consumer group that will change the way brands market and sell. Here are some of the findings, followed by my commentary and additional stats and facts.

Gen-Z Wants Brands to Challenge Social Issues – Forty-three percent of Gen-Z appreciates brands that take a stand, especially in the areas of sustainability, inclusiveness and racial transparency. And they put their money where their mouth is:

  • 69% will pay more if employees and suppliers are treated fairly.
  • 66% will pay more if the brand tries to have a positive impact on society.
  • 61% will pay more if the brands use inclusive practices.
  • 60% will pay more for a business that practices sustainability.

Gen-Z Loves Personalization – For all of the marketers reading this article, note that Gen-Z will pay for personalization—not always with money, but instead with their personal data. They aren’t nearly as protective of their personal data as Gen-X and Baby Boomers. Gen-Z pays more attention to brands that create a personalized experience or allow them to create a custom product. Consider the shoe manufacturer that lets its customers design their own shoes. Or the cosmetic company that allows its customers to create their own formulas. Offer them a personalized experience, and they will go out of their way to do business with you. More stats to consider:

  • 50% pay attention to brands that offer personalization and co-creation.
  • 52% look for brands that understand them.
  • 51% allow brands to create products that reflect their identity.

Gen-Z Fights Injustice Through “Click-Tivism” – Social media has made it easy for anyone to have a megaphone that is heard by the world. Older generations (Boomers) might protest with sit-ins and picket signs. The younger generation has embraced social media as the place to call attention to what is important to them. “Gen-Z is clicking for change.”

  • 29% follow social media accounts on social justice.
  • 26% use social media to voice their opinions.
  • 15% participate in online protests.

Gen-Z Fights for Social Inequality – Gen-Z is, according to the study, the most ethnically diverse generation in history. Diversity and inclusion are not just hot topics in the HR department, but some of the hottest topics for this younger generation.

  • 59% consider racial and ethnic diversity as beneficial for society.
  • 48% consider racism a top global issue.
  • 49% recognize that gender identity can change over time.
  • 48% know someone who prefers to be addressed with gender-neutral pronouns (they, them, their, etc.)

Gen-Z Engages in Metaverse Activities – Many people still don’t understand the metaverse, which is blending the physical and digital worlds we live in. According to the study, “No generation will embrace and shape the metaverse more than Gen-Z.” Eighty-three percent of Gen-Z engages in metaverse activities. They hang out with friends in virtual worlds and spend money on virtual merchandise. They also are looking for brands that are “seamlessly integrating the online and offline worlds.” If you do not understand the opportunities the metaverse is offering Gen-Z (and other generations), you might find yourself playing catch-up with a competitor who does. Some metaverse findings:

  • 48% participate in online gaming.
  • 29% created an avatar to use on the metaverse.
  • 20% have paid for digital products.

There are approximately 65 million Gen-Z’s in the U.S., which accounts for almost 20% of the U.S. population. These are your up-and-coming consumers and financial decision-makers. They have expectations that are quite different than older generations. While many of today’s Gen-Z’s are still very young (as young as 11 years old), don’t think they aren’t making a major impact on companies’ current and future plans. The customer experience will have to change to reflect the values of Gen-Z. Their opinions and habits are going to cross over to older generations, especially with their parents, who support this young generation’s ideals. Are you ready for a new generation’s expectations? If not, it’s not too late to start to change.

This article originally appeared on Forbes

Image Credit: Shep Hyken

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We Must Break Free of the Engineering Mindset

We Must Break Free of the Engineering Mindset

GUEST POST from Greg Satell

In 2014, when Silicon Valley was still largely seen as purely a force for good, George Packer wrote in The New Yorker how tech entrepreneurs tended to see politics through the lens of an engineering mindset. Their first instinct was to treat every problem as if it could be reduced down to discrete variables and solved like an equation.

Despite its romantic illusions, the digital zeitgeist merely echoed more than a century of failed attempts to generalize engineering approaches, such as scientific management, financial engineering, six sigma and shareholder value. All showed initial promise and then disappointed, in some cases catastrophically.

Proponents of the engineering mindset tend to blame its failures on poor execution. Surely, logic would suggest that as long as a set of principles are internally consistent, they should be externally relevant. Yet the problem is that reality is not simple and clear-cut, but complex and nonlinear, which is why we need be ready to adapt to the unexpected and nonsensical.

The Rise of the Engineering Mindset

In the 1920s, a group of intellectuals in Berlin and Vienna, much like many of the Silicon Valley digerati today, became enamored with the engineering mindset. By this time electricity and internal combustion had begun to reshape the world and Einstein’s theory of relativity, confirmed in 1919, had reshaped our conception of the universe. It seemed that there was nothing that scientific precision couldn’t achieve.

Yet human affairs were just as messy as always. Just a decade before Europe had blundered its way into the most horrible war in history. Social scientists still seemed no more advanced than voodoo doctors and philosophers were still making essentially the same arguments the ancient Greeks used two thousand years before.

It seemed obvious to them that human endeavors could be built on a more logical basis and saw a savior in Ludwig Wittgenstein and his Tractatus, which described a world made up of “atomic facts” that could be combined to create “states of affairs.” He concluded, famously, that “Whereof one cannot speak, thereof one must remain silent,” meaning that whatever could not be proved logically must be disregarded.

The intellectuals branded their movement logical positivism and based it on the principle of verificationism. Only verifiable propositions would be taken as meaningful. All other statements would be treated as silly talk and gobbledygook. Essentially, if it didn’t fit in an algorithm, it didn’t exist.

A Foundational Crisis

Unfortunately, and again much like Silicon Valley denizens of today, the exuberant confidence of the logical positivists belied serious trouble underfoot. In fact, while the intellectuals in Berlin and Vienna were trying to put social sciences on a more logical footing, logic itself was undergoing a foundational crisis.

At the root of the crisis was a strange paradox, which can be illustrated by the sentence, “The barber shaves every man who does not shave himself.” Notice the problem? If the barber shaves every man who doesn’t shave himself, then who shaves the Barber? If he shaves himself, he violates the statement and if he does not shave himself, he also violates it.

It seems a bit silly, but the Barber’s Paradox is actually a simplified version of Russell’s Paradox involving sets that are members of themselves, which had baffled mathematicians and logicians for decades. Clearly, for a logical system to be valid and verifiable, statements need to be provably true or false. 2+2 for example, needs to always equal four. Yet the paradox exposed a hole that no one seemed able to close.

Eventually, the situation came to a head when David Hilbert, one of the most prominent logical positivists, proposed a program that rested on three pillars. First, mathematics needed to be shown to be complete in that it worked for all statements. Second, mathematics needed to be shown to be consistent, no contradictions or paradoxes allowed. Finally, all statements need to be computable, meaning they yielded a clear answer.

The hope was that the foundational crisis would be resolved, the hole at the center of logic could be closed and the logical positivists could move along with their project.

The System Crashes

Hilbert and his colleagues received and answer faster than most had expected. In 1931, just 11 years after Hilbert proposed his foundational problems, 25-year-old Kurt Gödel published his incompleteness theorems. It wasn’t the answer anyone was expecting. Gödel showed that any logical system could be either complete or consistent, but not both,

Put more simply, Gödel proved that every logical system will always crash. It’s only a matter of time. Logic would remain broken forever and the positivists hopes were dashed. Obviously, you can’t engineer a society based on a logical system that itself is hopelessly flawed. For better or for worse, the world would remain a messy place.

Yet the implications of the downfall of logic turned out to be far different, and far more strange, than anyone had expected. In 1937, building on Gödel’s proof, Alan Turing published his own paper on Hilbert’s computability problem. Much like the Austrian, he found that all problems are not computable, but with a silver lining. As part of his proof, he included a description of a simple machine that could compute every computable number.

Ironically, Turing’s machine would usher in a new era of digital computing. These machines, constructed on the basis that they would all eventually crash, have proven to be incredibly useful, as long as we accept them for what they are — flawed machines. As it turns out, to solve big, important problems, we often need to discard up our illusions first.

We Need to Think Less Like Engineers and More Like Gardeners

The 20th century ushered in a new era of science. We conquered infectious diseases, explored space and unlocked the genetic code. So, it was not at all unreasonable to want to build on that success by applying an engineering mindset to other fields of human endeavor. However, at this point, it should be clear that the approach is far past the point of saving.

It would be nice if the general well-being could be reduced to a single metric like GDP or the success of an enterprise could be fully encapsulated in a stock price. Yet today we live, as Danny Hillis has put it, in an age of the entanglement, where even a limited set of variables can lead to the emergence of a new and unexpected order.

We need to take a more biological view in which we think less like engineers and more like gardeners that grow and nurture ecosystems. The logical positivists had no idea what they were growing, but somehow what emerged from the soil they tilled turned out to be far more wondrous—not to mention exponentially more useful—than what they had originally intended.

As I wrote at the beginning of this crazy year, the time has come to rediscover our humanity. We are, in so many ways, at a crossroads. Technology will not save us. Markets will not save us. We simply need to make better choices.

— Article courtesy of the Digital Tonto blog
— Image credit: Pixabay

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The Role of Leadership in Cultivating Creativity

The Role of Leadership in Cultivating Creativity

GUEST POST from Art Inteligencia

In today’s fast-paced, competitive landscape, the ability to innovate is more critical than ever. Creativity is the engine of innovation, and leadership plays a pivotal role in fostering a culture where creativity can flourish. But what exactly can leaders do to cultivate creativity within their organizations?

Creating a Culture of Experimentation

Leaders must create an environment where experimentation is encouraged and failure is not stigmatized. This involves not only providing the resources and freedom needed for experimentation but also showing support when experiments don’t go as planned.

A culture of experimentation promotes risk-taking, which is essential for creativity. Employees must feel confident that their innovative ideas will be heard and respected, and that they will not be penalized for thinking outside the box.

Case Study: Google’s “20% Time”

Google has long been hailed as a leader in fostering a creative workplace culture. One of their groundbreaking policies was the “20% Time” initiative, where employees were allowed to spend 20% of their work time on projects that interested them, even if they were unrelated to their normal duties.

This policy led to the creation of successful products such as Gmail and AdSense. By empowering employees to explore their creative ideas without traditional constraints, Google harnessed the collective inventive potential of its workforce.

Empowering Diverse Voices

Diversity in thought and experience is a powerful driver of creativity. Leaders should actively cultivate a diverse and inclusive environment, encouraging participation and input from people of different backgrounds, disciplines, and perspectives.

By valuing diverse voices, organizations can enhance their problem-solving capabilities and drive more innovative solutions. Leaders must demonstrate a commitment to diversity not just in policy, but in practice.

Case Study: IBM’s Diversity Initiatives

IBM has long been at the forefront of diversity and inclusion, recognizing its importance to creativity and innovation. Their commitment to diversity is exemplified by their focused recruiting efforts and the establishment of programs that support women and minority groups.

IBM’s embrace of diversity has proven beneficial in creating innovation clusters within the company and has enabled the development of solutions that cater to a wider global audience.

Encouraging Continuous Learning

Leaders should promote a culture of continuous learning, where employees have the opportunity to develop their skills and knowledge. Providing access to learning resources and opportunities encourages employees to stay curious and capable, laying the groundwork for creativity and innovation.

Investing in employee development signals to the workforce that leadership values their growth, and it helps retain creative talent within the company.

The Leadership Mindset

Ultimately, the role of leadership in cultivating creativity goes beyond implementing policies and initiatives. It requires a mindset that values open communication, embraces uncertainty, and relentlessly supports the creative endeavors of its people.

Leaders must inspire trust and lead by example, consistently demonstrating a commitment to innovation. They need to be mentors and coaches, guiding individuals and teams toward creative breakthroughs.

In conclusion, by cultivating a culture of experimentation, empowering diverse voices, encouraging continuous learning, and embodying a supportive leadership mindset, leaders can unlock the creative potential of their organizations. Creativity is not just a function of individual brilliance; it’s the result of a thriving ecosystem nurtured by effective leadership.

Extra Extra: Futurology is not fortune telling. Futurists use a scientific approach to create their deliverables, but a methodology and tools like those in FutureHacking™ can empower anyone to engage in futurology themselves.

Image credit: Unsplash

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17 Reasons Not to Be a Physician Entrepreneur

17 Reasons Not to Be a Physician Entrepreneur

GUEST POST from Arlen Meyers, M.D.

Judging by the headlines on their LinkedIn profile and their presence on social media, more and more MD/DOs are innovators, coaches, entrepreneurs and non-clinical consultants. Many are starting or working with biomedical and clinical startups, including a group of medical school graduates, who don’t do a residency or starting their own company.. But:

  • They are not trained to do so
  • Entrepreneurship in the US has been in a downward spiral in the US for the past 40 years.
  • Most startups will fail
  • Most startups don’t have money to pay people
  • There is an innovation bubble.
  • Job security is low
  • You have to deal with people who have entrepreneurial psychopathologies are simply untrustworthy.
  • Students loan burdens are rising
  • Many are not in it for the long run
  • There are unrealistic expectations on both the consultant/employee and employer side.
  • Most MD/MBA programs should be terminated
  • Innovation theater is pervasive.

What is physician entrepreneurship? Entrepreneurship is the pursuit of opportunity under volatile, uncertain, complex and ambibuous conditions (VUCA).. The goal of physician entrepreneurs, is to create user defined value through the deployment of innovation using a VAST business model to accomplish the quintuple aim. There are many ways to do that other than creating a company.

Here are some reasons why you should think twice about being a physician entrepreneur:

  1. You are not ready to innovate
  2. You do not have the courage to innovate
  3. You do not have the mindset to innovate
  4. You think that your clinical mindset and your medical degree and training is enough to succeed
  5. You are not in a financial position to take the risk
  6. You are doing it to get away from someone of some job instead of towards something that is a better fit
  7. You do not have a career transition strategy
  8. You or your family are not willing to pay the price of successive failure
  9. You are unwilling to come down off the mountain
  10. It’s not personal
  11. You are not ready to quit your day job
  12. If you decide to create a company, or work for one, making money for the company is not that important to you.
  13. You don’t have the knowledge, skills, abilities and competencies to add value to a business
  14. You don’t have entrepreneurial DNA
  15. You don’t have a big enough network or know how to manage it as part of building your personal brand
  16. You don’t know how to sell things
  17. You are a problem solver, not a problem seeker.

Think twice about telling someone to take your white coat and shove it. You will save yourself and lots of other people heartburn and other people’s time, effort and money.

Image Credit: Pixabay

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The Link Between Engagement and Productivity

The Link Between Engagement and Productivity

GUEST POST from Chateau G Pato

In today’s fast-paced business environment, understanding the fundamental relationship between employee engagement and organizational productivity is paramount. As human-centered change and innovation thought leaders, we recognize that tackling productivity challenges isn’t about squeezing more output from workers but rather about unlocking their intrinsic motivations. This article explores the linkage between engagement and productivity, supplemented by two enlightening case studies.

The Engagement-Productivity Nexus

Employee engagement refers to the emotional commitment employees have towards their organization and its goals. Engaged employees tend to expend discretionary effort, driving innovation and propelling productivity. Conversely, disengaged employees may only fulfill the minimum requirements, stymie innovation, and harbor dissatisfaction.

The nexus between engagement and productivity is complex but demonstrably significant. Engaged employees are more likely to be aligned with company objectives, leading to enhanced collaborative efforts, reduced turnover, and increased profitability.

Case Study 1: Tech Innovators Inc.

Company Overview

Tech Innovators Inc., a global leader in software development, faced a major challenge two years ago when productivity metrics began declining across several departments. Employee engagement surveys indicated waning interest and rising burnout levels.

Intervention Strategy

The company’s leadership rolled out an initiative called “Engage for Change,” aimed at enhancing employee engagement through inclusive leadership practices. Key actions included:

  • Implementing a “Flexible Work Hours” policy to promote work-life balance.
  • Facilitating monthly “Innovation Days,” allowing teams to focus on passion projects outside their usual scope.
  • Establishing a transparent feedback channel with bi-weekly one-on-one sessions.

Results

Within six months, employee engagement scores rose by 35%, with productivity metrics following suit with a 20% increase. Employees reported feeling more valued and empowered, fostering a culture of innovation and dedication.

“The shift was palpable; when people feel heard and valued, they perform at their best,” noted the HR Director, Lisa Chen.

Case Study 2: GreenFuture Industries

Company Overview

GreenFuture Industries, a company committed to sustainable solutions, struggled with high turnover rates and lackluster performance. Internal assessments pointed to a lack of meaningful connection between employees’ roles and the company’s mission.

Intervention Strategy

To rejuvenate their workforce, GreenFuture introduced the “Mission Engagement Program.” Steps included:

  • Embedding sustainability goals in personal KPIs for all employees.
  • Hosting quarterly “Vision and Values” workshops to reiterate the organization’s objectives and how every role contributes.
  • Launching a mentorship program linking new hires with seasoned sustainability advocates within the company.

Results

The initiative resulted in a 40% decline in turnover and a 25% increase in productivity. Employees developed a renewed sense of purpose, aligning personal values with corporate goals.

“Our work started to feel like a personal mission, not just a job,” shared Senior Ecologist, Marcus Lee.

Conclusion

The evidence from these case studies underscores a compelling truth: engagement is the catalyst for productivity. Organizations that foster environments where employees feel valued, connected, and empowered are the ones that thrive. By understanding and deliberately enhancing the engagement-productivity link, companies can drive meaningful organizational change and innovate more effectively.

Leaders who prioritize engagement reap benefits far beyond productivity. They cultivate resilient cultures that adapt to change, promote creative problem-solving, and build lasting success. As we navigate the complexities of modern business, let us remain steadfast in our commitment to human-centric strategies that bridge the gap between engagement and productivity.

Extra Extra: Because innovation is all about change, Braden Kelley’s human-centered change methodology and tools are the best way to plan and execute the changes necessary to support your innovation and transformation efforts — all while literally getting everyone all on the same page for change. Find out more about the methodology and tools, including the book Charting Change by following the link. Be sure and download the TEN FREE TOOLS while you’re here.

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Navigating Industry Disruptions with Confidence

Navigating Industry Disruptions with Confidence

GUEST POST from Art Inteligencia

In today’s rapidly evolving business environment, disruption is the new normal. Companies that manage to thrive amidst continuous change aren’t necessarily those with the most resources but those that are agile, innovative, and prepared. As we navigate industry disruptions, understanding how to adapt and innovate becomes crucial.

The Essence of Disruption

Disruption can arise from various avenues—technological breakthroughs, regulatory shifts, market dynamics, or global events. The key to navigating these disruptions lies not only in responding to them effectively but anticipating them and embedding adaptability into the organizational fabric.

Case Study 1: Netflix – From DVDs to Streaming

Netflix’s journey is perhaps the quintessential case study of strategic adaptability and innovation. Originally a DVD rental service, Netflix faced significant challenges as technology favored streaming over physical discs. The impending obsolescence of its original business model didn’t deter Netflix; instead, it served as a catalyst for transformation.

By investing heavily in streaming technology and content production, Netflix successfully pivoted to a digital-first model. This shift not only retained its customer base but expanded it exponentially across the globe, making it a leader in content streaming. The company’s commitment to innovation didn’t stop at distribution; Netflix then disrupted the industry again by producing original content, winning numerous accolades, and setting new standards in the entertainment sector.

Lessons Learned

  • Anticipate shifts in consumer behavior to stay ahead.
  • Invest in technology to support scalable change.
  • Don’t just adapt; innovate to define new industry standards.

Case Study 2: LEGO – Reinventing Through Innovation

LEGO’s story reflects a different, yet equally powerful narrative of navigating industry disruption. In the early 2000s, LEGO faced a significant crisis—falling sales, high debts, and the growing allure of digital games threatened its core business model based on physical play.

LEGO’s response to this disruption was multi-faceted. They realigned their product strategies focusing on core themes that resonated with their customer base like City, Star Wars, and Technic. More importantly, LEGO embraced digitalization, launching video games, movies, and interactive experiences that extended its brand universe beyond physical bricks.

The introduction of the LEGO Ideas platform also marked a pivotal innovation, allowing fans to design new sets with the potential for actual production. This not only sparked greater brand engagement but harnessed the creativity of its community, reinforcing customer loyalty and market relevance.

Lessons Learned

  • Engage with your customer community for insights and innovation.
  • Diversify offerings to stay relevant across changing consumer preferences.
  • Leverage your brand’s strengths while exploring new growth avenues.

Strategies for Confidence in Disruption

Based on the insights from the case studies above, the following strategies can help organizations confidently navigate disruptions:

Build an Agile Culture

Cultivate a culture that embraces change. This means encouraging experimentation, tolerating failures, and iterating quickly. When employees are empowered to innovate and adapt, the organization becomes inherently more resilient.

Continuous Learning and Development

Equip your workforce with the skills needed to address future challenges. Investing in employee development fosters a dynamic environment ready to tackle new technologies and methodologies.

Customer-Centric Innovation

Your customers are your greatest source of feedback and inspiration. Design your products and services around their evolving needs to stay relevant. Use data analytics to glean insights and mold your strategies.

Conclusion

Navigating industry disruptions requires confidence, foresight, and an innovative spirit. Organizations that understand and implement these principles can not only survive disruptive forces but thrive in them. By embedding adaptability into your DNA, like Netflix and LEGO, you can pivot strategically and emerge stronger in any competitive landscape.

Image credit: Pexels

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Sustainable Business Practices Require Eco-Innovation

Sustainable Business Practices Require Eco-Innovation

GUEST POST from Chateau G Pato

In today’s world, the intersection of innovation and sustainability is no longer optional; it is a necessity. Businesses are increasingly expected to adopt eco-friendly practices not just for compliance, but as a core component of their operations. The concept of eco-innovation, which refers to the development of products and processes that contribute to sustainable development, plays a pivotal role in redefining how businesses operate while minimizing their environmental impact. This article delves into the essence of eco-innovation and examines two insightful case studies of companies that have carved out a niche in sustainable business practices.

Understanding Eco-Innovation

Eco-innovation is the amalgamation of new approaches, ideas, products, and services that lead to both improved economic performance and reduced environmental footprint. It involves redesigning traditional business operations, adopting circular economy principles, and leveraging technology to create sustainable solutions. The key to successful eco-innovation lies in embedding sustainability into the very DNA of business strategies, rather than treating it as an add-on.

The Benefits of Eco-Innovation

  • Economic Growth: Eco-innovative companies can tap into new markets and create job opportunities by developing green products and services.
  • Resource Efficiency: By optimizing the use of natural resources, businesses can reduce waste and lower operational costs.
  • Competitive Advantage: Companies that lead in sustainability often enjoy enhanced brand reputation and customer loyalty.
  • Risk Management: Eco-innovation helps in mitigating the risks associated with regulatory changes and resource scarcity.

Case Study 1: Patagonia—Taking the Lead with Responsible Retail

Patagonia, the outdoor apparel company, exemplifies how eco-innovation can be seamlessly integrated into business operations. With a strong commitment to environmental stewardship, Patagonia leads by example in the retail industry, demonstrating that profitability and sustainability can coexist.

Sustainable Practices

  • Worn Wear Program: Patagonia encourages customers to buy used apparel through its Worn Wear program, which promotes recycling and reduces clothing waste. This initiative not only reduces the need for new resources but also strengthens customer relationships by fostering a community focused on sustainability.
  • Material Innovations: The company invests heavily in researching and developing sustainable materials, such as organic cotton and recycled polyester. Patagonia was one of the first to adopt Yulex pure—a sustainable alternative to neoprene—for wetsuits.
  • Supply Chain Transparency: Patagonia maintains a high level of transparency in its supply chain, ensuring fair labor practices and environmental standards. It shares comprehensive details about the factories, materials, and environmental impacts involved in its products.

Impact

Patagonia’s initiatives have significantly reduced its carbon footprint while also inspiring the wider industry to follow suit. It consistently invests 1% of its sales in environmental causes, showcasing a deep commitment to social responsibility. This has resulted in a loyal customer base that values the company’s dedication to making a positive impact on the planet.

Case Study 2: IKEA—Building a Circular Business Model

IKEA’s journey toward sustainability involves rethinking the traditional linear business model in favor of a circular approach. As one of the world’s leading furniture retailers, IKEA has set ambitious goals to embrace eco-innovation and influence consumer behavior globally.

Circular Economy Initiatives

  • Circular Product Design: IKEA designs products with the end in mind, emphasizing durability, reparability, and recyclability. The company’s goal is for all products to be made from renewable or recycled materials by 2030.
  • Take-Back Programs: Through initiatives like the furniture take-back and resell program, IKEA encourages customers to return used furniture. This program aims to extend product life cycles and reduce waste.
  • Sustainable Supply Chain: IKEA has partnered with suppliers to implement sustainable forestry practices and improve raw material sourcing. By adopting responsible sourcing standards, the company ensures that its wood and cotton are sourced sustainably.

Impact

IKEA’s dedication to sustainability has led to significant waste reduction and resource efficiency. The circular strategies have not only decreased the environmental impact but also opened up new revenue streams. By 2025, IKEA aims to become a fully climate-positive company, setting a benchmark for the retail industry.

The Road Ahead

As we witness the rise of eco-innovation, it is crucial for businesses to embrace change and leverage innovation for sustainable development. The transformation requires an organization-wide commitment to rethink business operations and prioritize the planet alongside profits.

Steps to Foster Eco-Innovation:

  • Culture of Innovation: Cultivate an organizational culture that encourages experimentation, sustainability-focused thinking, and cross-functional collaboration.
  • Collaboration with Stakeholders: Partner with suppliers, customers, and communities to co-create sustainable solutions and drive system-wide changes.
  • Investment in R&D: Allocate resources to research and development of sustainable technologies and materials.
  • Commitment to Education: Educate employees, customers, and other stakeholders about the importance of sustainable practices to drive widespread adoption.

In conclusion, eco-innovation is not just about doing less harm; it’s about doing more good. Companies like Patagonia and IKEA demonstrate that sustainable business practices can lead to significant positive impacts for both the environment and the bottom line. As leaders and change-makers, it is our responsibility to champion eco-innovation and pave the way for a sustainable future.

Extra Extra: Because innovation is all about change, Braden Kelley’s human-centered change methodology and tools are the best way to plan and execute the changes necessary to support your innovation and transformation efforts — all while literally getting everyone all on the same page for change. Find out more about the methodology and tools, including the book Charting Change by following the link. Be sure and download the TEN FREE TOOLS while you’re here.

Image credit: Unsplash

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