Innovating Amid Economic Volatility
Please see detailed show notes at the end.
Summary
In this episode, Joselle and Shujaat discuss the criticality of innovation amidst economic volatility, and how to lead it during such uncertain times. They explore three key strategies for leaders:
- dreaming big while starting small,
- thinking like a scientist through experimentation,
- and crowdsourcing innovation from within the organization.
The conversation emphasizes the importance of leadership in fostering a culture of innovation and the need to challenge common myths about leadership and decision-making. Through practical examples and insights, they provide actionable advice for leaders looking to drive meaningful change in their organizations.
Key Takeaways
- Innovation is crucial for business survival in volatile times.
- Leaders must foster a culture of experimentation.
- Dreaming big while starting small allows for manageable progress.
- Thinking like a scientist helps in validating ideas through testing.
- Crowdsourcing innovation leverages internal talent and collaboration.
- Leaders should be the last to speak in meetings to encourage input.
- Assuming leaders have all the answers is a common myth.
- Cultural change is essential for sustainable innovation.
- Data-driven decision-making should not become decision-driven data making.
- Building diverse networks enhances innovation and career growth.
Chapters
00:00 Introduction
01:56 Topic: Innovation Amid Economic Volatility
08:25 Chapter 1: Dream Big, Start Small
16:23 Chapter 2: Think Like a Scientist
28:55 Chapter 3: Crowdsourcing Innovation
38:22 Chapter 4: Creating a Culture of Innovation
44:37 Chapter 5: Practical Application in Team Meetings
References Discussed
- Ex Google Leader: Shujaat was referencing Sukhinder Singh Cassidy who gave a brilliant talk on taking risks, experimenting, and how your behavior as leaders drives the right culture for that in your team. Her publicly available talk can be found here https://www.youtube.com/watch?v=N4-7UZZ8M1Q
- Correction: Blockbuster operated 9,094 stores at its peak.
Keywords
innovation, economic volatility, leadership strategies, crowdsourcing, experimentation, business transformation, digital transformation, purposeful leadership, career development, organizational culture