Practical steps for business innovation and growth, with Steve Wunker

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July 19, 2024 • 39 mins

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When people talk about business innovation, the top of their minds is new tech or new products.

However, small business innovation particularly, is so much more than that.

It's also about fresh ideas, seeing things from a different perspective - including how you use your products, making smart choices, and strategic growth.

So what does innovation look like in small businesses?

Are there any tools or techniques that can enhance innovation?

How does it drive success?

And how can you, as a leader, build a culture of innovation in your business?

In this episode, Steve Wunker and I talk about innovation, specifically in businesses. What it is, what it looks like, and real-world examples of innovative businesses. He shares practical strategies and informative insights on how you can foster innovation and stay ahead of the market regardless if you are a small or large business.

Steve Wunker is the Managing Director of New Markets Advisors, a global consulting firm focused on innovation. He was responsible for one of the world’s first smartphones, pioneered the mobile marketing and commerce industries, and partnered with a longtime colleague, Harvard Business School’s Clayton Christensen, in building the consulting firm Innosight. He’s also the author of three award-winning business books and the co-author of the new book: The Innovative Leader: Step-by-Step Lessons from Top Innovators for You and Your Organization.

We discuss: (timestamps)

02:08 Exploring innovation in small businesses

03:06 The innovation process for small businesses

04:06 Managing customer expectations in innovation

09:16 Innovation as an evolutionary process

11:10 Identifying opportunities for innovation

13:02 Rebranding as a strategy for innovation

17:13 Different types of innovation beyond products and services

18:40 Questions and frameworks to jumpstart innovative thinking

20:31 Building and cultivating innovation in your business

27:05 Balancing financial prudence and innovation

31:30 Real-world example: laundromat innovation