Harnessing the transformative power of the Innovation Mindset

Successful innovation requires more than a “eureka” moment. You know, the scientist-in-a-lab, triumphantly-raising-a-test-tube scene you’ve seen in all too many films and TV shows.

While such breakthrough inventions can happen, the notion that they occur through a split second, burst of inspiration is a Hollywood invention. In order to create meaningful change, in order to be innovative, we have to first adopt the right posture, the right attitude. An Innovation Mindset is what author Lorraine Marchand calls it. “Successful innovation begins with a problem,” she says, followed by the single minded, passionate pursuit of a solution – one that a customer is willing to pay for.

In her new book, The Innovation Mindset: Eight Steps to Transform Any Industry’ (Columbia Business School Publishing) Marchand, former General Manager of Life Sciences at IBM Watson Health and a Columbia University Business School professor, lays out a step-by-step framework for spurring and achieving success as an entrepreneur, a forward-thinker, a change maker…an innovator.

In the book, Marchand shares her principles – or Laws – of innovation, a formula for driving significant and lasting transformation in any organisation. She emphasises the frame of mind needed to spark the innovation process, underscoring the importance of creating a problem-solving culture and supporting personal curiosity, passion, and talent. She pinpoints the strengths shared by the big ideas that break through and debunks the myths that hold back aspiring creators. Drawing on her experience as a woman in a male-dominated field, she also discusses how to support entrepreneurship by women and highlights the contributions of underrepresented innovators.

Marchand brings long years of experience to the table. In addition to IBM Watson Health, she has worked for organisations such as the National Institutes of Health, Bristol-Meyers Squibb, and IQVIA, to help foster a culture of innovation. She has also helped launch four life science-related start-ups, so she also understands about fomenting change in the entrepreneurial as well as corporate culture.

Her book offers lessons not just applicable to would-be innovators in sciences or high tech. Laura Maness, the Global CEO of Grey and former North American director of Havas, talks about the value of Marchand’s approach to those in marketing communications. She understands from her own experience in the advertising business, how critical innovation is to success. “I have spent the majority of my career fostering a culture of meaningful innovation in agencies,” she writes. “All the while, trying to breaking the tired, old “Mad Men”-era traditions that no longer serve the advertising business.”

Maness believes that creative…yes, innovative…communications is very much the product of the kind of mindset Marchand describes in her book and encapsulates in her eight Laws of Innovation.

Law 1. A successful innovation must offer a solution. Ask yourself, “What’s the problem I am trying to solve?”

Law 2. One great innovation starts with at least three good ideas.  You need to explore multiple solutions before you narrow it down to three, and then one.

Law 3. Innovators are dreamers, but they are also realists. Keep your idea as simple as possible and identify your MVP – minimum viable product.

Law 4. One hundred customers can’t be wrong. “And I insist on one hundred,” Marchand says. “You need to ask them…all of them…about their needs, and whether your idea can meet them.”

Law 5. Because conditions are constantly changing, follow the 3-P Law.  Be ready to Pivot at any Point in the Process!

Law 6. A successful innovation flows from a sound business model and plan. Write it down!

Law 7. The odds are against you, but you can improve the odds. Take the steps needed to de-risk your business model.

Law 8. There is no innovation without persuasion. So, your pitch must be perfect!

Professionals in advertising, marketing, media and PR have to be innovative in their approach to developing creative solutions to their clients’ problems; but also in their own organisations, as well. While at Havas, Maness won awards for creating a forward-thing, compassionate and creative work environment. “An Innovation Mindset is the starting point for all meaningful change in your business and career, no matter what industry or field you are in,” she writes. “Marchand’s book offers loads of practical advice and a tested-and-true, step-by step approach on how to make your brainstorm a reality. Whether it’s a business, a service, or an idea – and maybe one that can change the world!”

Lorraine Marchand is Executive Managing Director of Merative (formerly IBM Watson Health) and has three decades of experience in new product development.

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