Innovation is often talked about but hard to make happen, especially in large companies. Whatever you think of Google, there’s no doubt it’s an innovation powerhouse.
A presentation “How Google Works” by Eric Schmidt and others prompts fresh insights by asking, “What has changed? Which assumptions do people make that are no longer true? What could be true in 5 years?” In turn, these questions set the stage for creating an innovative company.
My key takeaways:
1. Every incumbent business is vulnerable to competition and disruption.
2. Within companies the power has shifted to small teams and “smart creatives” who can have a massive impact.
3. The only way for businesses to consistently succeed is to attract these smart creatives and build a supportive environment in which they can thrive at scale.
4. Base your planning on a strategic foundation, not business plans.
5. Innovation can’t be owned or ordained, it needs to be allowed.
6. Big bets can sometimes be easier to achieve than small ones.