May 14 2024 55 mins 3
Jeffrey and Dan dive deep into creativity, innovation, and the intricate dance between good business and exciting innovation. Inspired by Dan's quarterly book, Everything Is Created Backward, they discuss how integrating existing technologies and ideas to create something entirely new can completely disrupt the market and lead to record-breaking profit.
In This Episode:
- There’s a permanent tension between creative people and organizational people (business executives).
- Most creative people are not good organizational people.
- Creatives are focused on innovation, while executives are focused on finances and risk aversion—and furthering their careers.
- This approach often stifles innovation.
- Creatives are also subject to immediate public scrutiny. Their work is usually under the critical eye of audiences and critics.
- Executives, by contrast, are evaluated based on stock market performance and long-term organizational success. Their reviews are reflected in corporate outcomes.
- Successful partnerships, like that of Brian Grazer and Ron Howard, showcase how creative and organizational individuals can collaborate effectively to create engaging content.
- In order to bridge the gap, creatives need to better package their ideas to highlight the business potential to financially-minded decision makers.
- Businesses, on the other hand, need to be more open to creative, potentially risky ideas that could pay off big time.
- Recognizing your core business focus is what drives long-term success.
- Major business innovations often come from combining three existing components in a new way rather than from creating something entirely new from scratch.
- Large companies sometimes buy promising start-ups, not to integrate their innovation, but to shut down potential future competition.
Resources:
Personality: The Lloyd Price Musical
Learn more about Jeffrey Madoff
