Last week at Leaders Connect, Professor Len Middleton of the University of Michigan, continued our theme of innovation and presented on “Innovation in a Rapidly Changing World”. Len challenged and awed the standing room only crowd.
The implications of his talk are so critical to leaders in our country that I am devoting today’s column. If you missed his presentation you can watch the video HERE, or see the power point HERE.
Here are some of his key points:
- The challenge for Michigan is to once again become the innovation capital of the world, as it was with the auto industry beginning 100 years ago. Even after WWII, Willow Run Labs was one of only six existing national research and development labs and spawned such businesses as: Irwin Magnetic’s, Merit Systems, KMS Fusions, etc., all of which brought thousands of jobs to Michigan.
- Today, we have the ingredients to once again become a great innovation center. These ingredients include world class universities, venture capital funding, government and foundation support, medical innovation centers, incubator programs, and world class private research institutions. The challenge is to get these entities to work collaboratively, rather than competitively.
- The US today faces critical challenges as a result of global competition.
- The technology world is moving away from apps, software, and circuit hardware to data collection devices, learning tools, and medical solutions.
Here are some practices Len suggests you can implement as leaders to better foster innovation:
- Create an innovation culture in work settings.
- Set goals which can only be achieved using innovation.
- An innovation culture needs to start with innovation leadership.
- Provide resources, talent, cash, and time, to support innovation.
- Provide training in an innovation framework.
- Define and measure innovation metrics.
In addition, here are a few suggestions I would add:
- Hire bright college grads, who are especially creative- and encourage them to take risks.
- Encourage experimentation, which includes celebrating failure as well as success (as long as we learn from our failures).
- Devote part of your budget to R&D, and stick with it no matter what the CFOs say.
- Read widely in topics which will stimulate your imagination.
- Support the arts and participate in artistic endeavors.
- Think of yourself as not only a leader, but also as a pioneer and scientist.
- Participate in groups where you hear new ideas and your old ideas are challenged.
- Don’t let your “can’t be done” part of yourself trump your “I can and I will” part of yourself.
- Bring in lots of ideas from the outside.
- Reward, on a regular basis, the best innovation projects in your company.
“Don’t just talk about innovation, be about it.”
-Innovation To The Core by Pete Skarzynski and Rowan Gibson
Reminder: Tomorrow morning I am holding an introductory meeting for my upcoming Leaders Connect Roundtable Group. If you are interested, you can find out more information and register, HERE.
Please share your thoughts and feedback with me in the comments section below!