Ten Type of Innovation Principles For Meaningful and Sustainable Growth feat. Larry Keeley

Innovation is all about shifting focus. Most successful companies usually begin innovating by looking within--finding stale patterns of operating and new ways to streamlining operations. Using a list of more than 2,000 successful companies and organizations, world-renowned speaker and innovation scientist, Larry Keeley used a proprietary algorithm to determine ten meaningful categories of innovation. His book Ten Types Of Innovation shows us data, insights, and patterns on innovation to help companies find opportunities and understand their performance against competitors. 

In this episode, Larry shares details on how you can use these innovation principles to bring about meaningful and sustainable growth within your organization. Find out how the Ten Types of Innovation concept has influenced thousands of decision-makers and companies around the world, plus get the insider look on how to actually implement it.

Episode Quotes:

Is the definition of innovation too abstract for people in the field? And how do people doing the leg work experience innovation?

I've talked to a gazillion engineers and trained some of the best ones. And they are the first to say, “I really don't mind if I have a lot of failures if my handful of successes are so wildly successful that it pays for all my sins”. 

What do venture capitalists look for when reviewing a startup’s innovation capability?

In a venture capital firm, they listen for the opposite. They don't listen for the low-hanging fruit. They listen for the hardest bit you have to get right. And then they're relentless and driven about trying to determine whether that hard bit you have to get right is, in fact, going to be cracked by this team or not. If it will not be cracked by this team, the first thing they do is they change the team. And if they can't find a team that can crack it, then they kill it. And that is great. That's how you focus on something that's a true breakthrough.

What are the comparative advantages between large companies and startups, and are there specific types of innovation for which they are better suited?

[Larry] You tell me. You teach an awful lot of talented graduate students. If I said, “How many of you think big companies are more innovative than little companies”? What percentage of the hands would go up? [Greg] Oh none! [Larry] And if I said, “How many of you think little companies are more innovative than big companies? [Greg] Oh, that, they'd all raised their hand. [Larry] Okay, so here's the right answer. Again, this is so important, Greg. This is why I like to call myself an innovation scientist. These kinds of bullshit answers to bullshit questions need to be rooted out and understood with greater precision. The right answer, the technically correct answer, is that it's an unfair question. 

Why do you think big design firms are unstable, and why it's important to invest in innovation during a recession?

This is the time to innovate. When everybody around you is losing their head and scared and all the resources are effervescing away. For God's sake, think about how to reinvent your category. It's the perfect time to do it.

Time Code Guide

00:02:02 What is an innovation scientist and understanding it as an interdisciplinary science

00:04:49 Is the way we talk about innovation too abstract and unrealistic to be really understood by practitioners on the ground?

00:11:47 Startups: the importance of rigor and setting up systems

00:23:14 Is there a way to lessen the risks of testing a hypothesis?

00:26:42 Are there industries where velocity is not as important when testing and innovating?

00:29:48 Is there a way that you can learn both an organization and as an individual so that your capacity for learning continues to get better and better?

00:36:08 Do you think universities are really teaching students to be innovative?

00:43:29 How do you overcome silos without giving up the reason they exist, in the first place?

00:49:36 Role of outsourced consultants when it comes to innovating

00:55:37 Taking advantage of the pandemic and grabbing the opportunity to innovate

Show Links:

Guest Profile

• Professional Profile on Sterns Speakers 
• Academic Profile at the Institute of Design
• Larry Keeley on LinkedIn
• Professional Profile on Doblin

His Work

• TEDx Academy featuring Larry Keeley: Flipping Adversity to Advantage
• TEDx Chicago featuring Larry Keeley: Design for the Opportunity Society: the 21st Century Plan of Chicago
• SingularityU featuring Larry Keeley: Australia Summit 2018 (Corporate Innovation)
• SingularityU featuring Larry Keeley: Indian Summit 2017 (Forcing Secrets out of Innovation)
• SingularityU featuring Larry Keeley: Brazil Summit 2018 (Organization of Innovation)
• Ten Types of Innovation: The Discipline of Building Breakthroughs