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Lessons in Innovation Strategy from Conrad Hilton and Tom Peters

Explore the most important lessons in innovation strategy, including embracing failure, learning from mistakes, and the power of small improvements. Discover how these strategies can lead to success in business.

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Lessons in Innovation Strategy from Conrad Hilton and Tom Peters

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  1. CONRADHILTON, at a gala celebrating his career, was called to the podium and asked,“What were the most important lessons you learned in your long and distinguished career?”His answer …

  2. “Remember to tuck the shower curtain inside the bathtub.”

  3. Tom Peters’ Racing Up the Value-Added Ladder No Option: Innovate or Die! World Business Forum Hong Kong/02 June 2015 (Slides at tompeters.com; and our fully annotated 23-part Master Compendium at excellencenow.com)

  4. Innovation Strategy #1A Numbers Game WTTMTW/49

  5. WHOEVER TRIES THE MOST THINGS WINS

  6. READY.FIRE!AIM.H. Ross Perot (vs “Aim! Aim! Aim!”/EDS vs GM/1985)

  7. “We made mistakes, of course. Most of them were omissions we didn’t think of when we initially wrote the software. We fixed them by doing it over and over, again and again. We do the same today. While our competitors are still sucking their thumbs trying to make the design perfect, we’re already on prototype version#5.By the time our rivals are ready with wires and screws, we are on version #10.It gets back to planning versus acting: We act from day one; others plan how toplan—for months.” —Bloomberg by Bloomberg

  8. Innovation Strategy #2Most Failures Wins

  9. “FAIL. FORWARD. FAST.”—High Tech CEO, Pennsylvania“FAIL FASTER. SUCCEED SOONER.”—David Kelley/IDEO“MOVE FAST. BREAK THINGS.”—Facebook“REWARD EXCELLENT FAILURES. PUNISH MEDIOCRE SUCCESSES.”—Phil Daniels

  10. Richard Farson & Ralph Keyes:Whoever Makes the Most Mistakes Wins: The Paradox of Innovation* (*Book title)

  11. “ ‘Success,’ Honda said, ‘can only be achieved through repeated failure and introspection. Success represents one percent of your work, which results only from the ninety-nine percent that is called failure.’ ”—Jeffrey Rothfeder, Driving Honda: Inside the World’s Most Innovative Car Company

  12. “The difference between Bach and his forgotten peers isn’t necessarily that he had a better ratio of hits to misses. The difference is that the mediocre might have a dozen ideas, while Bach, in his lifetime,created more than a thousand full-fledged musical compositions. A genius is a genius, psychologist Paul Simonton maintains, because he can put together such a staggering number of insights, ideas, theories, random observations, and unexpected connections that he almost inevitably ends up with something great.‘Quality,’Simonton writes,‘is a probabilistic function of quantity.’”*—Malcolm Gladwell, “Creation Myth,” New Yorker*Joe Murray: “We did more surgeries.

  13. “What really matters is that companies that don’t continue to experiment— COMPANIES THAT DON’T EMBRACEFAILURE — eventually get in a desperate position, where the only thing they can do is make a ‘Hail Mary’ bet at the end.”—Jeff Bezos

  14. “In business, youREWARDpeople for taking RISKS.WHEN IT DOESN’T WORK OUT YOU PROMOTE THEM -BECAUSE THEY WERE WILLING TO TRY NEW THINGS. If people tell me they skied all day and never fell down, I tell them to try a different mountain.”—Michael Bloomberg

  15. WTTMTAMTMMW

  16. WHOEVER TRIES THE MOST THINGS AND MAKES THE MOST MISTAKES WINS

  17. Innovation Strategy #3LBTs(Little BIG Things)

  18. Big carts = 1.5X Source: Walmart

  19. Bag sizes = New markets: $B Source: PepsiCo

  20. 2X:“When Friedmanslightly curvedthe right angle of an entrance corridor to one property, he was ‘amazed at the magnitude of change in pedestrians’ behavior’—the percentage who entered increased from one-third to nearly two-thirds.” —Natasha Dow Schull, Addiction By Design: Machine Gambling in Las Vegas

  21. Innovation Strategy #4TGRs(Things Gone RIGHT)

  22. Customers describing their service experience as “superior”: 8% Companies describing the service experience they provide as “superior”: 80% —Source: Bain & Company survey of 362 companies, reported in John DiJulius, What's the Secret to Providing a World-class Customer Experience?

  23. Conveyance: Kingfisher Air Location: Approach to New Delhi

  24. “May I clean your glasses, sir?”

  25. <TGWand …>TGR[Things Gone WRONG-Things Gone RIGHT]

  26. “Courtesies of a small and trivial character are the ones which strike deepest in the grateful and appreciating heart.”—Henry Clay

  27. Innovation Strategy #5SERIOIUS PLAY(Culture of)

  28. “You can’t be a serious innovator unless and until you are ready, willing and able to seriously play.‘Serious play’is not an oxymoron; it is the essence of innovation.”—Michael Schrage,Serious Play

  29. WSJ/0910.13: “What matters most to a company over time? Strategy or culture? Dominic Barton, Managing Director, McKinsey & Co.:“Culture.”

  30. “LEARN NOT TO BE CAREFUL.”—Photographer Diane Arbus to her students (Careful = The sidelines, fromHarriet Rubin in The Princessa)

  31. “EXPERIMENT FEARLESSLY”Source: BusinessWeek, “Type A Organization Strategies: How to Hit a Moving Target”—Tactic #1“RELENTLESS TRIAL AND ERROR” Source: Wall Street Journal, cornerstone of effective approach to “rebalancing” company portfolios in the face of changing and uncertain global economic conditions (11.08.10)

  32. “If things seem under control, you’re just not going fast enough.” —Mario Andretti, race driver “I’m not comfortable unless I’m uncomfortable.” —Jay Chiat “If it works, it’s obsolete.” —Marshall McLuhan

  33. WTTMTAMTMMTFW

  34. WHOEVER TRIES THE MOST THINGS AND MAKES THE MOST MISTAKES THE FASTEST WINS

  35. Innovation Strategy #6We Are What We Eat.We Are Who We Spend Time With.

  36. “You will become like the five people you associate with the most—this can be either a blessing or a curse.”—Billy Cox

  37. The “We are what we eat”/ “We are who we hang out with” Axiom:At its core, every (!!!) relationship-partnership decision (employee, vendor, customer, etc., etc.) is a strategic decision about:“Innovate, ‘Yes’ or‘No’ ”

  38. Diversity: “IT IS HARDLY POSSIBLE TO OVERRATE THE VALUE OF PLACING HUMAN BEINGS IN CONTACT WITH PERSONS DIS-SIMILAR TO THEMSELVES, AND WITH MODES OF THOUGHT AND ACTION UNLIKE THOSE WITH WHICH THEY ARE FAMILIAR. SUCH COMMUNICATION HAS ALWAYS BEEN, AND IS PECULIARLY IN THE PRESENT AGE, ONE OF THE PRIMARY SOURCES OF PROGRESS.”—John Stuart Mill

  39. Crowd Source: EVERYTHING CxQ/Connectional Intelligence: “Connectional Intelligence is the ability to combine the world’s diversity of people, networks, disciplines and resources, forging connections that create value, meaning, and breakthrough results.” Source: Erica Dhawan and Saj-Nicole Joni, Get BIG Things Done: The Power of Connectional Intelligence* (*Superb book!)

  40. Innovation Strategy #7 Social Business/ Customer Engagement

  41. “Customer engagement is moving from relatively isolated market transactions to deeply connected and sustained social relationships.This basic change in how we do business will make an impact on just about everything we do.” Social Business By Design: Transformative Social Media Strategies For the Connected Company —Dion Hinchcliffe & Peter Kim

  42. Welcome to the Age of Social Media:“It takes 20years to build a reputation and 5 minutes to ruin it. Also, the Internet and technology have made customers more demanding., and they expect information, answers, products, responses, and resolutions sooner than ASAP.” —John DiJulius, The Customer Service Revolution: Overthrow Conventional Business, Inspire Employees, and Change the World

  43. “What used to be “word of mouth” is now “word of mouse.” You are either creating brand ambassadors or brand terrorists doing brand assassination.” —John DiJulius, The Customer Service Revolution: Overthrow Conventional Business, Inspire Employees, and Change the World

  44. Innovation Strategy #8DESIGN!

  45. Design Rules!APPLE market cap > Exxon Mobil**August 2011

  46. “Only one company can be the cheapest. All others must use design.”—Rodney Fitch, Fitch & Co.Source: Insights, definitions of design, the Design Council [UK]

  47. Apple design:“Huge degree of care.” —Ian Parker, New Yorker, 23 March 2015, on Apple design chief Jony Ives

  48. Innovation Strategy #9 Women BUY [Everything]!

  49. “Forget CHINA, INDIA and the INTERNET: Economic Growth Is Driven by WOMEN.” Source: Headline, Economist

  50. W > 2X (C + I)* • *“Women now drive the global economy. Globally, they control about $20 trillion in consumer spending, and that figure could climb as high as $28 trillion in the next five years. Their $13 trillion in total yearly earnings could reach $18 trillion in the same period. In aggregate, women represent a growth market bigger than China and India combined—more than twice as big in fact. Given those numbers, it would be foolish to ignore or underestimate the female consumer. And yet many companies do just that—even ones that are confidant that they have a winning strategy when it comes to women. Consider Dell’s …” • Source: Michael Silverstein and Kate Sayre, “The Female Economy,” HBR, 09.09

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