IDEA Collider

Creativity & Innovation In Corporate Venture With Rita McGrath

Episode Notes

Welcome to another incredible episode of the IDEA Collider│Pharma Book Club series with your host Mike Rea. Today we are joined by a consultant, best-selling author, and one of the world’s top experts on strategy and innovation, Rita McGrath.

In the episode, Rita talks to us about her transition from a political science career to innovation in the corporate venture, how to build an innovation program, challenges in implementation, and why you need multiple funding sources while championing an idea. Additionally, we delve into making that 10x shift in a company, discovery-driven planning, strategic inflection points & best books she would recommend.

Tune in for more innovation insights!

[02:01] About Rita McGrath

[05:10] Rita’s books

[11:55] Tips for building an innovation program

[16:10] Why do companies have one innovation process

[18:45] Reasons companies prefer false confidence instead of the uncertain approach

[27:40] How to get an organization to make a shift to a big place

[34:11] Rita’s thoughts on creativity

[37:25] Why you should have multiple sources of funding & approval

[37:54] Being future forward on failure & interrogating failure

[43:48] Problems related to assumptions in planning

[49:39] Discovery-driven planning