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Innovation Inside LaunchStreet: Leading Innovators | Business Growth | Improve Your Innovation Game

Inside Launch Street is the innovation podcast where we interview top innovators out there shaking things up so YOU can innovate and differentiate and get further, faster in this crazy cluttered world. When you are ready to take your game to the next level, join the thousands of others that are upping their innovation edge on gotoLaunchStreet.com, the top online education, resource and community platform for innovators looking to use innovation to get measurable results.
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Now displaying: January, 2019
Jan 29, 2019

Why do so many innovations fail? The most recent stat I read claims that 97% of new product ideas fail before they hit the one-year mark. Those are pretty low odds. But, not for Taylor Dawson, co-founder of GEs First Build Innovation Lab. They had a high rate of success, especially given they were operating inside a large system with lots of processes and bureaucracies. Taylor stopped by Inside LaunchStreet to share with us how to increase your success rates and drive innovation that sticks in the marketplace. Taylor's Innovator Archetype is Risk Taker Tweaker.

 

Key Takeaways:

[2:30] You might be surprised to know that Taylor loves to learn new ways to cook. He’s building an outside pizza oven on his deck.

[4:25] Taylor discusses how GE’s FirstBuild Appliances was born.

[7:16] The first refrigerator trial wasn’t successful. Listen in as Taylor shares some of the roadblocks they had to overcome.

[10:20] The key insight from the lean startup was that we need to get to the consumer interaction as quickly as possible.

[13:29] FirstBuild launched 12 products in 15 months. How was this possible? How did changing the way they looked at launch help accelerate the process?

[16:56] Tamara reminds listeners that launching means launched for testing. It’s not launched for the manageability and sustainability of the product. Taylor and Tamara discuss why focus groups fail.

[19:08] Taylor now applies the concepts he learned from GE and applies it to other situations. There are a lot of interesting projects going on. Only a small percentage get to the end product. Taylor discusses why this is the case. Taylor and team at Giddy, help get investors launched in a hundred days.

[23:27] What do the first ten days look like in the hundred-day plan? Tamara reminds listeners that the consumer is there from day one. Get introduced to the term, “customer discovery.”

[28:43] What happened if you get to the hundred days and it isn’t going to be a success? You congratulate yourself for doing something that was innovative and not spending $100,000.

[29:39] Tamara shares an experience when she was working with a consumer packing goods product. The company attached a milestone to a new product similar to their legacy products. Tamara asks Taylor where milestones fit in.

[33:55] Taylor talks about why he wrote an article called, The Only Ideas Left are the Stupid Ones. Why are the only ideas left the stupid ones? Tamara talks about the success of Tough Mudder.

[37:06] Taylor has learned to completely isolate his opinion of the success or failure from other people’s opinions. He discusses the launch of a $500 nugget ice maker on crowdfunding. You really don’t know until you get out there and try it.

[40:46] Taylor’s app, Giddy, is a design community to help develop products. The community can help you explore the solution space completely.

[43:53] Connect with Taylor on LinkedIn and get your product launched.

[44:20] Taylor’s final piece of advice for LaunchStreeters looking to excel their innovation efforts is to get an education. The only way to move forward is to stand on the shoulders of the people that have gone before you.

[45:22] What are you going to do to mimic some of Taylor’s success? Taylor’s innovator archetype is a risk taker tweaker. Tamara challenges listeners to take the IQE Assessment and identify your archetype.

 

If you are ready to:

  • get buy-in from key decision makers on your next big idea

  • be a high-impact, high-value member that ignites change

  • foster a culture of innovation where everyone on your team is bringing innovative ideas that tackle challenges and seize opportunities...

Join us on LaunchStreet — gotolaunchstreet.com

 

Mentioned in This Episode:

Giddy Homepage

IQE Assessment

Jan 22, 2019

Ideas that come from birds of a feather tend to die. Having the same people, with the same background, all looking at the same information isn't going to make that magical innovation genie appear. But, ideas that come from diversity in thinking, thrive. Marketing, consumer trends, and business expert Kelly McDonald shares with Inside LaunchStreet how to build a real culture around diversity. We all know the ‘why’ but Kelly digs into the ‘how’ and the business impact of the how.

 

Key Takeaways:

[2:01] Kelly’s IQE assessment revealed she's an inquisitive risk taker. Listen in as Tamara explains how Kelly leverages her trigger points.

[3:46] Get introduced to Kelly Mcdonald.

[4:33] You might be surprised to know that Kelly was part of a water skiing show in her youth. She was a pyramid skier and then she started to MC the program.

[6;36] Kelly’s book, How to Work with and Lead People Not like you, helps answer the question: Why is diversity in thinking so important to innovation? She believes that innovation starts with people thinking differently than you. The diversity of thought and experience shape the way that you solve problems and move the business forward.

[8:23] Ideas that come from birds of a feather tend to die. How do you think about getting diversity within your company? Why is it so hard to do? Kelly shares an exercise to help with diversity. The assignment is for everyone to go around the room and share something about themselves. Learning something personal changes the way you see people, fosters better communication and the coming together of the team.

[13:26] Kelly shares how diversity went wrong with Skinny Girl Cocktails. It proved to be wildly successful after being turned down at the beginning. Tamara reminds listeners that ideas are often shot down because the listener isn’t understanding your perspective.

[18:30] What’s in a number? 606 versus 909. People can be looking at the same thing yet see things very differently. This is where the power of innovation lies.

[19:36] Find out how businesses are like cities.

[21:15] People are going to say the wrong things. We all say the wrong things sometimes. Kelly shares two stories where people could have chosen to be offended. Kelly shares the valuable advice that we should always assume good will.

[28:22] Kelly and Tamara discuss how to respectfully see thing differently. Listen in to find out whether HOW or WHY is more powerful in understanding differing points of view.

[36:12] What’s the one thing people love most about Kelly’s book?

[41:18] Tamara reminds listeners that hard doesn’t mean wrong. She tells about how one of her advertising professors met with her to discuss a situation. His students were having a hard time seeing other’s perspectives. Find out why the teacher sent his students to Walmart and how some of their perspectives changed.

[44:44] Kelly talks about the ROI of diversity. Kelly shares a success story about a struggling funeral home becoming a wedding venue. Two things happened. The young girl came up with a bizarre idea. And, the older owner took the time to listen and agreed to try it. It’s important to not dismiss what on the surface might strike us as odd. Tamara shares the success of Dollar Shave Club. Sometimes diversity is as simple as connecting with people outside of your world.

[49:34] The birds of a feather flocking together cost Pepsi some money. They learned a valuable lesson about the diversity of thoughts.

[51:58] Connect with Kelly at mcdonaldmarketing.com. Tamara suggests that listeners subscribe to Kelly’s newsletter.

[53:12] What’s Kelly’s advice to team leaders to improve diversity?

[57:53] Tamara encourages the inquisitive risk takers to pull back the layers and figure things out. Go to LaunchStreet and take the free portion of the IQE Assessment. Then, when you’re ready, subscribe and unlock the remainder of your power triggers. This will put you at the top of your innovation game.

 

If you are ready to:

  • get buy-in from key decision makers on your next big idea

  • be a high-impact, high-value member that ignites change

  • foster a culture of innovation where everyone on your team is bringing innovative ideas that tackle challenges and seize opportunities...

Join us on LaunchStreet — gotolaunchstreet.com

 

Mentioned in This Episode:

Kellys books

 

Jan 15, 2019

Want to know what it’s like to push the boundaries of an industry? To do what others are afraid to do? And to see the payoff a willingness to change and innovate? Me too! That’s why I had Brian Benstock of Paragon Honda on Inside LaunchStreet. He’s in the auto sales field, which hasn’t changed in longer than I can remember. But his business has and customers are flocking to him and competitors are trying to catch up. This is a great lesson in what’s possible, even in legacy industries.

 

Key Takeaways:

[2:12] You might be surprised to know that Brian is a competitive runner. He loves the runner’s high. He compares running to managing a business.

[4:06] Brian started selling cars in 1982. He has become known as a disrupter in the car selling industry.

[5:19] How has Brian approached the clash of change versus legacy in the auto industry?

[7:21] Did Brian set out to change the rules or did he set out to find the loopholes? Elon Musk pierced the franchise law by using electrification. Tamara points out that change is being forced on you. You can either create change, accept change, or fight against it. Brian discusses Uber and how that impacted both auto sales and the taxi system. In NYC, if you drive less than 11,000 miles, it’s cheaper to use Uber than to own or lease a car. Uber has given the consumer shared control over the process. You can pick the car you want, the drive you want, your destination and the price point.

[10:59] Tamara thinks that shared control is the thing that is really going to force change. Brian talks about Netflix and how it’s changed TV watching.

[12:19] Tamara discusses how most people want to force the way we’ve always done it. Tamara shares how she was involved with a newspaper and they just didn’t get that the consumers wanted other outlets rather than the traditional newspaper. She reminds us that we often look too myopic, not wide enough.

[14:56] Listen in to find out what Brian meant when he said he wanted to be the Apple of Honda. Get introduced to the gang of four.

[17:03] Google studies of North America showed 49 percent of people are willing to buy online. Tamara shares her experience about visiting the busy Peloton store. She asked the salesman if he sold a ton of bikes. The answer was no, they come here for the experience. They buy bikes online.

[19:14] Brian has done some transformative things at his Honda shop. Brian shares how forty boxes of coffee arriving at his door made a powerful influence on his business. He’s a firm believer that the person who creates the least friction wins. Brian coined a term, the future is frictionless. He turned to Google to find out how to accomplish less friction. Google Voice Command is involved in making service appointments and getting the car to and from the dealership.

[24:48] How has Google Voice Command impacted sales? Have other dealerships followed suit?

[29:42] Brian and Tamara discuss Kodak’s fear of going online. They talk about making the process easy for the customer.

[30:59] Why is there so much friction in business? Tamara shares that she was trying on dresses at the mall. She needed a smaller size. Instead of asking the store clerk for help, she went online and purchased it while in the dressing room.

[33:30] Brian believes the car dealership will need to become a boutique. Currently, the franchise laws won’t allow much variation. Dealerships will have to change how cars are distributed. The dealers and the manufacturers have to start thinking as one.

[36:31] Tamara reminds Inside LaunchStreet listeners that the rules and the regulations are often at odds with where the marketplace has gone. Brian talks about voice recognition and how the choices show up. The successful ones will begin to develop those phrases and adverbs that will show up and really dominate.

[38:52] What trends and patterns should we be watching? Brian believes that voice technology is laying the infrastructure to make everything voice controlled. The next part of that is the car will be autonomous. On the horizon.is a car with no driver.

[42:45] Connect with Brian on Brianbenstock.com or at Paragon Honda.

[43:44] Brian encourages listeners to look outside of your business for answers. You need to think like a disrupter. Tamara and Brian discussed the fall of Blockbuster and Sears. When they quit adapting, they failed.

[45:34] Tamara appreciated that Brian discussed innovation and the changes consumers are expecting. She encourages the listener to drive innovation. That starts with having an innovation toolkit at your fingertips. Go to LaunchStreet and pick up the IQE pro toolkit. It has the Innovation Quotient Edge Assessment and all the tools you need to put innovation into action daily.

 

If you are ready to:

  • get buy-in from key decision makers on your next big idea

  • be a high-impact, high-value member that ignites change

  • foster a culture of innovation where everyone on your team is bringing innovative ideas that tackle challenges and seize opportunities...

Join us on LaunchStreet — gotolaunchstreet.com

 

Mentioned in This Episode:

Paragon Honda

Jan 8, 2019

Do you ever wonder why some people succeed and some don’t — especially when they seem to start out on an even playing field? Well, that’s exactly what our Inside LaunchStreet guest, Angela Duckworth, wondered and took the time to research. She studies everyone from CEOs to West Point cadets. Can you guess the factor that led to those that made it and those that didn’t? It’s not intelligence, resources or skill. It’s grit. Turns out it’s more important that we think. What a great way to kick off 2019!

 

Key Takeaways:

[1:24] Tamara opens the show by letting listeners know that the most important ingredient to success is grit. It’s not skill, talent, or resources that help you achieve your goals. That means that we all have it! Angela digs deep into this topic, in her book, Grit: The Power of Passion and Perseverance.

[4:03] You might be surprised to know that Angela could be a chef and not a psychologist. Her passion is cooking.

[5:20] Angela defines grit as the combination of being really passionate at what you’re doing as well as persevering over extended periods of time. How can we attain grit?

[9:10] Angela shares an experience about the quarterback, Steve Young. His dad was nicknamed Grit. He taught Steve the power of working really hard. Steve threw ten thousand practice spirals into the net to improve his passing game. His story included talent but also an enormous effort that’s hidden from view.

[11:01] Tamara shares that we often put emphasis and admiration on what we think is a natural talent. But, it’s real grit that gets us to the end. Angela believes there are two reasons why it is dazzling to watch someone perform well — One: It truly is awesome to watch; Two: It is motivational to watch someone perform well. Angela and Tamara talk about Steve Jobs and Thomas Edison.

[15:06] Angela speaks to the young people listening. She reminds them that excellence is not a gift, it’s earned.

[15:50] Angela shares the story that opens her book. She talks about the competitive admissions at West Point. She embarked on a study to find out why candidates drop out in the first two months. She believes that they dropped out because, for the first time in their lives, they weren't the star of the team. She believes a lot of grit is not quitting on a bad day. Tamara discusses having the end in mind, and not getting wrapped up in the moment.

[19:26] How do you measure grit in yourself? Angela developed a Grit Scale for research studies. But, anyone can take the grit scale for personal reflection.

[23:08] If you’re a leader of a team, how do you apply grit to your team?

[25:40] Change is so rapid, Tamara believes you have to have grit to adapt to the change. Angela points out the importance of encouraging the change but it’s also important to keep in mind the steadiness of the ship.

[29:06] Find out if Angela was surprised to find out exactly how big of a player grit really is. She has learned that the story of success isn’t the one she thought of as a little girl.

[31:46] Tamara challengers listeners to do one thing that would make each of us a little grittier. Come in a bit early, stay late, put a little extra effort in, give it a little more oomph.

[32;03] Tamara talks about an article that discussed kids who are rewarded for the effort they put into their grades actually do better long term. Angela discusses growth mindset research done by Carol Dweck. When you praise the effort versus the outcome, you get a more effective resilient motivation. Get introduced to the term ‘process praise’ and the importance of it.

[34:52] Angela reminds listeners to go out of your way to praise. Tamara rewards behaviors and not outcomes at Inside LaunchStreet. She talks about the importance of praising the risk.

[36:54] Learn more and connect with Angela on Characterlab.org. It’s a nonprofit website, so everything is free on the site.

[37:18] Is grit contagious?

[39;28] Tamara reminds listeners that we don’t have to be on our A game all the time. We all have our good times and bad times.

[42:20] Order Angela’s book today.

[42:41] Angela’s final piece of advice for listeners is to always be working on your motivation.

[43:22] Tamara loves that there’s something inside each of us to help make us better. Grit is important to innovation. It helps us push through and overcome the noes and obstacles. Tamara asks listeners to apply grit daily.

 

If you are ready to:

  • get buy-in from key decision makers on your next big idea

  • be a high-impact, high-value member that ignites change

  • foster a culture of innovation where everyone on your team is bringing innovative ideas that tackle challenges and seize opportunities...

Join us on LaunchStreet — gotolaunchstreet.com

 

Mentioned in This Episode:

Grit: The Power of Passion and Perseverance

Mans Search for Meaning

 

Jan 1, 2019

Learning from failure is integral to innovation. And it’s best if it’s someone else’s. It’s a free lesson. And that’s exactly what Kyle Murray did with the epic failure back in the day of Crystal Pepsi. He dug deep to understand why it failed and how we can learn the most valuable lessons from their experience. We talked about how you should never assume customers understand the why behind your innovation, why out-innovating your customer is one the biggest traps you can fall into and what behavioral economics has to do with innovation. Kyle Murray is the Vice Dean at the Alberta School of Business and a Professor of Marketing and today he’s on Inside LaunchStreet.

 

Key Takeaways:

[2:50] You might be surprised to know that Kyle is a big fan of opera and mixed martial arts.

[4:32] Kyle shares why Crystal Pepsi was a failure shortly after the launch in 1983. He believes it failed because the consumer just didn’t see the need.

[8:23] Tamara points out that it’s important to be careful with information coming from the groupthink within a small group. Kyle discusses a bit of behavioral science and identifies the scheme of congruity problems with new products.

[10:28] Tamara shares that the dairy product is working to protect the name milk. They don’t believe that flax milk should be labeled milk.

[12:12] Crystal Pepsi was pulled from the market within about three years. From the failure, the investors learned about scheme congruency. If you can enable understanding, people will be more accepting and less anxious about the product. Kyle talks about creating a green vitamin coffee. If you're going to do something radical, you have to give the consumer a good reason for why you are doing it.

[17:54] The enabler is much better if it’s true.

[18:46] Kyle wrote an article, Enabling innovation: Lessons from Crystal Pepsi, about the demise of Crystal Pepsi. Kyle points out that we tend to focus too much on the early adopters. Psychologically, we don’t like change. Tamara discusses the “er” trap.

[21:22] How do we avoid the pitfall of out-innovating our customers? The disconnect is connecting to customers. The enablers will help the customer understand that the new product is something better. Kyle shares that there was a carbonated milk product, Spider Milk, that was being sold in New Zealand and Australia. The innovator created a new scheme to help the product break out.

[24:25] Tamara and Kyle talk about setting expectations right. Tamara talks about an apple juice with bits of apple. The brand team refused to own the differences with the bits. If they could have found the weirdness, it could have helped set them apart. Kyle talks about the unveiling of chickpea cookie dough.

[27:26] Kyle explains what behavioral economics is and how experimental psychology helps us understand why people do what they do.

[29:59] Consumers are not rational creatures. Tamara shares an experience about lululemon changing their bags. Tamara’s friend wouldn’t shop there because she didn’t support the new bag change.

[32:15] How does understanding the emotional approach help us become better innovators?

[34:09] Tamara asks Kyle his feelings on the Colin Kaepernick Nike ads. Find out how Nike was able to take the emotion of the movement and connect it to their brand.

[37:42] Connect with Kyle on kylemurray.com. Read his articles and view his books.

[38:08] What should innovators think about to end up at the right place on the scheme? Tamara reminds listeners that the idea is only as good as people opening up their wallets to buy it.

[44:30] Tamara asks listeners to think about what failure is out there that you can learn from. Then, do some research and apply the lessons to your world. And also apply the lessons outside of your category.

 

If you are ready to:

  • get buy-in from key decision makers on your next big idea

  • be a high-impact, high-value member that ignites change

  • foster a culture of innovation where everyone on your team is bringing innovative ideas that tackle challenges and seize opportunities...

Join us on LaunchStreet — gotolaunchstreet.com

Mentioned in This Episode:

Enabling innovation: Lessons from Crystal Pepsi

Alberta School of Business

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