Innovate Like a Pro: Unlocking Secrets with Dan Toma
In this conversation, Dan discusses the mindset shift needed for innovation success, emphasizing the importance of managing innovation as a portfolio rather than picking winners. He also explains the difference between financial accounting and innovation accounting, highlighting the need for innovation metrics in the early stages of a venture. Dan shares insights on designing an innovation accounting framework and the impact of abstraction on providing innovation insights to different layers of an organization. He addresses objections to innovation and the role of innovation labs, as well as the importance of measuring innovation progress at the team level. Dan also discusses vanity metrics, the impact of blame on innovation culture, and his favorite travel destinations.
Takeaways
The biggest mindset shift for organizations to succeed with innovation is to move from picking winners to managing innovation as a portfolio.
Innovation accounting complements financial accounting by providing metrics for the early stages of a venture when traditional financial indicators are not applicable.
When designing an innovation accounting framework, it is important to avoid relying on a single metric and consider indicators at different layers of the organization.
Vanity metrics, such as revenue or number of ideas, can undermine effective innovation measurement.
Taking blame out of the system and focusing on improving the process and environment fosters a culture of innovation.
Chapters
00:00 Introduction
00:24 The Biggest Mindset Shift for Innovation Success
03:05 Managing Innovation as a Portfolio
04:29 Pioneering Next Generation Innovation
05:38 Difference Between Financial Accounting and Innovation Accounting
06:07 Designing an Innovation Accounting Framework
09:11 Assessing R&D Spending and Early Stage Innovation Investments
11:25 Outsourcing Innovation Process
14:09 The Role of Innovation Labs
19:54 Measuring Innovation Progress at the Team Level
22:27 Vanity Metrics in Innovation Measurement
25:43 Using Abstraction to Provide Innovation Insights
27:37 Taking Blame Out of the System and Impact on Innovation Culture
28:49 Funny or Bizarre Objections to Innovation
29:35 Books that Have Influenced Thinking on Innovation
31:00 Podcasts and Blogs for Staying Updated on Innovation Insights
32:29 Conferences for Corporate Innovators
33:42 Advice to Younger Self Starting Consulting with Large Companies
35:16 Favorite Travel Destinations
36:20 Fun Facts About Dan
38:03 Conclusion
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