Jeff DeGraff joins the show today with Jason Hartman. DeGraff is a professor for the University of Michigan’s Ross Business school and has worked extensively in teaching innovation. Today, he joins the show to talk a little bit about his new book called, “Making Stone Soup: How to Jumpstart Innovation Teams” and how it can help you succeed in your business venture.

Key Takeaways: 

1:25 – Companies are struggling with innovation on a team level and Jeff DeGraff’s new book, Making Stone Soup, talks about some of these challenges and how they can overcome it.

4:25 – When you look at the history of innovation, most of these come from conflicting ideas or completely new hybrid ideas to try and make something better.

7:05 – Forget the 80/20 rule. Innovation uses the 20/80 rule.

11:40 – When you look at the patent timeline, it is more incremental than ever before. Jason asks, “Is it because everything has already been invented?”

14:30 – Remember, you’re catering to a completely new generation. Millennials experience the world in a completely different way now.

20:30 –  DeGraff breaks down the four important elements that make innovation happen.

23:35 – Failure is not a problem. Failure is good and we can learn from it.

26:15 – You cannot start something new unless you give up something you’re currently doing. We simply can’t do it all at once.

27:45 – As you are trying to build or invent something for the first time, remember that you need multiple versions of it before you can truly succeed.

Mentioned In This Episode:

http://jeffdegraff.com/

Jeff DeGraff’s boosk – Innovation You, Four Steps to Becoming New and Improved, Leading Innovation,  and Making Stone Soup: How to Jumpstart Innovation Teams.

Good to Great by James C. Collins