BROADCASTS.com

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, \u201cMaking Stone Soup: How to Jumpstart Innovation Teams\u201d and how it can help you succeed in your business venture.\xa0

\xa0

Key Takeaways:\xa0

1:35 \u2013 Companies are struggling with innovation on a team level and his new book, Making Stone Soup, talks about some of these challenges and how they can over come it.\xa0

4:25 \u2013 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.\xa0

7:15 \u2013 Forget the 80/20 rule. Innovation uses the 20/80 rule.\xa0

11:25 \u2013 When you look at the patent timeline, it is more incremental than ever before. Jason asks, \u201cIs it because everything has already been invented?\u201d\xa0

15:00 \u2013 Remember, you're catering to a completely new generation. Millennials experience the world in a completely different way now.\xa0

20:00 \u2013\xa0 DeGraff breaks down the four important elements that make innovation happen.\xa0

23:00 \u2013 Tip: Focus on something that works. Do not focus on trying to fix something that's broken.\xa0

27:00 \u2013 You can not start something new unless you give up something you're currently doing. We simply can't do it all at once.\xa0

\xa0

28:15 \u2013 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.\xa0