Summary of How to Innovate and Create the Future

How to Innovate and Create the Future summary
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No business was fully prepared for the COVID-19 pandemic or lockdown. The disruption was sudden and global, and the threat isn’t over yet. As most businesses scramble to find a new “business as usual,” consider that now might actually be the most opportune moment to innovate. Jacob Morgan, host of The Future of Work podcast talks with Trendhunter.com CEO and author Jeremy Gutsche about the ways that innovation is born out of chaos. Gutsche offers practical advice for changing perspective to see opportunities. Some of the most successful companies in the United States started up during recessions, including Burger King, Disney and Fortune magazine. Now might be the turning point for smaller but daring companies to make their mark.

About the Podcast

Jacob Morgan hosts The Future of Work podcast. Jeremy Gutsche is CEO of Trendhunter.com and author of Exploiting Chaos: 150 Ways to Spark Innovation During Times of Change and Create the Future: Tactics for Disruptive Thinking.

 

Summary

Chaos is an opportunity to innovate.

The COVID-19 pandemic has disrupted business as usual and forced companies to innovate. They’re rethinking workplace practices, trying out new technologies and learning to manage remote teams. When disruption happens, in those first chaotic weeks, the first reaction is to do what’s necessary to keep functioning. Then you start to figure out how people’s needs have changed. This is when disruption accelerates, driven by those companies taking advantage of chaos to innovate change.

Only 1% of companies that are at the top of their market dedicate themselves to staying in their spot. Companies like Amazon and Google build innovation into their DNA “because they’re paranoid to stay number one.” But about 80% of companies that consider themselves successful are most vulnerable to disruption. The remaining companies, the ones that are afraid they won’t make it, will try new things that end up disrupting the status quo.

Disruption happens over three phases. First, when new companies try out new ideas and established companies don’t worry much about it. In phase two, these ideas catch on and those companies expand their market share...


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