Eight Essential Steps to Transform Any Industry
by Lorraine H. Marchand with John Hanc
Columbia Business School Publishing
Innovation requires more than a eureka moment. The vast majority of new product ideas never make it to market. Typically, this is because of the failure to address a real problem that a customer has experienced and is willing to pay to have solved. What do people and businesses need to know about the realities of innovating in order to develop products successfully?
Lorraine Marchand—a seasoned practitioner who has guided Fortune 500 companies and start-ups on developing and launching new ideas—lays out a step-by-step framework for spurring success. She shares her eight laws of innovation, a formula for driving significant and lasting transformation in any organization. Marchand emphasizes the frame of mind needed to spark the innovation process, underscoring the importance of creating a problem-solving culture and supporting personal curiosity, passion, and talent. She pinpoints the strengths shared by the big ideas that break through and debunks the myths that hold back aspiring creators. Drawing on her experience as a woman in a male-dominated field, Marchand discusses how to support entrepreneurship by women and highlights the contributions of underrepresented innovators.
Marchand’s how-to program for innovation is clear and easy to follow, featuring a toolkit of strategic templates and planning frameworks that are illustrated by helpful case studies. Written in authoritative but conversational language, The Innovation Mindset offers a practical plan for both the veteran with another great idea and the first-timer with a big dream.
The myth surrounding innovation is that it’s a spark of genius that hits people out of the blue. Nothing could be further from the truth. Innovation is a skill that can be taught, which is exactly what Lorraine Marchand does in the pages of The Innovation Mindset.
What Lorraine Marchand has written in this book is nothing short of, well, innovative. The detailed roadmap that follows, packed with engaging anecdotes and practical planning processes from companies of every size and scale, will provide any individual or team the tools needed to create the perfect environment for innovation. Discussing notables and novices alike, Lorraine’s examples and commentaries are relevant and fascinating.
Marchand’s Innovation Mindset is a practical guide with case studies examining how we approach issues and how we can benefit from understanding best practices in implementing an innovative mindset in our everyday world—something you can apply in all aspects of your life.
Through personal and highly relatable stories, Lorraine Marchand takes the oftentimes opaque innovation process and makes it transparent and accessible. And in her important chapter on Women Innovators–and why there aren’t more, especially given the data highlighting the economic benefits of women-led companies–Marchand outlines a much needed set of powerful and concrete suggestions to ameliorate this important challenge.
Innovate or die is my mantra as an expert in marketing strategies for new technologies. Marchand is one of the most skillful innovators and communicators I’ve had the pleasure of working with. Her approach works and I’ve experienced it firsthand. Her book should be required reading for students and corporate executives alike striving to stay relevant in a very dynamic business environment.
In her inspiring and enjoyable book filled with case studies, personal stories and insightful anecdotes, Lorraine Marchand demystifies the term `innovation’ and provides practical steps to stimulate creativity and new product development productivity within organizations. The Innovation Mindset, provides a framework and tools to foster creativity for seasoned executives and first-time entrepreneurs alike.
There has never been a more critical time to adapt to change and use a problem-solving approach to the challenges society faces. In this important book, Lorraine Marchand covers these topics and provides practical tools and case studies. Her experience and credentials as a serial innovator and corporate executive come through in the stories and case studies.
Lorraine’s experience as an innovation leader is apparent in this book. She understands the need to set the culture and at the same time outlines a practical step-by-step approach to implementing new ideas and taking products and services to market. A must-read for anyone who considers herself an innovator or wants to learn how to get started.
The ability to generate new ideas, products, and services is the key determinant for success in almost every twenty-first-century industry. Which is why The Innovation Mindset by Lorraine Marchand is so timely and so important. Hers is unquestionably one of the most effective methods for fostering a culture of change in your organization. If you’re not already an innovator, you will be inspired to become one after reading this book!
About the Authors
Lorraine Marchand is general manager of IBM Watson Health and has three decades of experience in new product development. She has held leadership positions at Bristol Myers Squibb, Covance, Cognizant, and IQVIA, and she cofounded four companies. Marchand is an adjunct professor of management and serves on the Healthcare and Pharmaceutical Management Program Advisory Board at Columbia Business School.
John Hanc writes for the New York Times, Smithsonian, Newsday, and Brain & Life. The author or cowriter of more than twenty books, he also teaches writing at New York Institute of Technology.