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Paul Sloane is the author of The Leader's Guide to Lateral Thinking Skills: Unlock the Creativity and Innovation in You and Your Team (see my book review here). His earlier bestsellers include How to Be a Brilliant Thinker and The Innovative Leader.
A leadership and innovation consultant, he was earlier at IBM, Ashton-Tate, MathSoft, and Monactive, and today advises dozens of companies.
See also YourStory’s Book Review section with takeaways from over 315 titles on creativity, entrepreneurship, innovation, social enterprise, and digital transformation.
In a conversation, Paul Sloane discusses challenges in the entrepreneurial journey, the spirit of creativity, and frugal innovators.
Edited excerpts from the interview:
Paul Sloane [PS]: I have been impressed by the way that many companies pivoted during COVID-19 and adapted to or even exploited the opportunities. Challenging times encourage innovation and fresh thinking.
There have been many fine examples of innovations during the pandemic. Here are some I came across — a hackathon in Mexico using AI to help find missing persons, high-performance supplements made from discarded food waste, and a hand stamp for kids, which disappears only when the hands are properly washed.
PS: The book has proved popular and is now in its third edition.
My next book is Lateral Life Skills for Everyone. We should be open-minded and receptive to new ideas, but increasingly, it seems that people are retreating into their own closed view of the world. How can we challenge people to be more open-minded and to listen to contrarian points of view?
PS: In my experience, government agencies tend to be risk-averse and see innovation mainly in terms of big IT projects. Charities are often innovative as they have to find creative ways to raise money.
PS: I am interested in how we can make people more open-minded and creative in their everyday lives.
I am working with pharmaceutical and healthcare companies to find ways to improve trials and other processes. I am working with finance companies to find new routes to market.
I am giving talks and workshops on leading innovation. Most of these are on Zoom or Teams, but some are now face-to-face.
PS: Many entrepreneurs try to do too much themselves or they recruit people who do as they are told. They should hire the very best people they can get and then delegate more to them. They have to let go in order to grow.
Innovators and entrepreneurs have to be constant adapters – as they learn from experience, they change things. The vision should be a high-level goal and not a detailed plan.
PS: People can start their own businesses at any age. Ray Kroc became the CEO of McDonald’s at the age of 59 and spent the next 22 years growing the company into a world leader in fast food.
PS: Elon Musk and Jeff Bezos spring to mind for their adventure, enterprise, and lateral ideas. They both think big – really big.
PS: I admire frugal innovation and see it as an opportunity for many businesses. I wrote a blog post about IKEA, where I describe founder Ingvar Feodor Kamprad as the master of frugal innovation.
His austere upbringing instilled a spirit of thrift. He began by selling matches as a child, and then eventually furniture. He came up with the concept of flat-pack kits that were simple and affordable for customers and less expensive for IKEA to store and transport. Customers enjoy the low prices and even the challenge of assembling the units.
PS: Failure with new products is quite normal. Even with the best planning, innovative ideas can often fail for unforeseen reasons.
Companies fail too and that is part of capitalism – old or ineffective models are replaced by new ones. It is to be expected. The key thing is to learn from each failure and move on.
PS:
PS: Keep experimenting, keep learning, keep adapting.