The Innovation Mindset — The Proven Plan for Successful Transformation — Lorraine Marchand

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Theodore Levitt once said “Creativity is thinking up new things. Innovation is doing new things.” Not everyone can turn that creativity into transformation — yet.

Professor Lorraine Marchand is bringing forth the key to innovation in her upcoming book ‘The Innovation Mindset’.

A life sciences consultant, speaker, writer and professor — Professor Marchand is an expert at showing entrepreneurs how to communicate the value of their innovations to investors.

We are in an ongoing conversation with Lorraine to discuss her upcoming book The Innovation Mindset. Our monthly conversations with her will give readers a sneak-peak into what’s to come, and how to obtain an innovation mindset — stay tuned!

You can watch the intro to the concept of the book here, or read it below.

Lorraine, we are discussing your upcoming book — the Innovation Mindset. Let me start with a very simple question — what really is an innovation mindset?

“First, we need to answer the question ‘does innovation even matter?’
I believe it does — now more than ever. We need creative solutions to the challenges impacting every aspect of our society. Our experiences during the global COVID-19 pandemic highlight our need for creativity, problem solving, adaptability, and the ability to make transformational changes. Over the past months, we have seen innovations in the design and manufacturing of personal protective equipment, mobile battery operating ventilators, digital healthcare delivery, virtual classrooms, and conference rooms, and a novel approach to vaccine development. These new ideas, products and services, grew out of a desire to solve problems. These examples underscore that successful innovation involves more than just a good idea — more than that ‘eureka’ moment. The critical inflection point in the journey to finding that creative solution, that you can take to market, lies in addressing a real problem. It’s not easy, but its key.

“To answer your question, my definition of an innovation mindset relies on a problem-solving orientation, a deep understanding of customer and market needs, risk management skills and the courage to pivot. This outlook helps business leaders, corporations and start-ups, avoid all too common pitfalls. In my book I lay out a step-by-step program which is comprised of a tool kit of strategic frameworks, planning templates, exercises and innovation must-haves. This practical guide is punctuated by real case studies from my own work with clients, entrepreneurs and students.”

What made you want to embark on the long, and sometimes complicated journey, of writing this book?

“This book represents my experiences and learnings from my first innovation when I was 13 working with my late father to solve a problem, to founding several start-ups, to working with Fortune 500 companies, to teaching innovation and entrepreneurship at Princeton and Columbia Universities.

“My approach is based around my eight Laws of Innovation, which can spark transformation for any organization. The tone of my book is authoritative, yet conversational, and it is filled with stories and anecdotes. I provide a plan and helpful insights for seasoned innovators, and first timers alike. The book is a guide — to turn your inspiring ideas into reality.

“I look forward to sharing more about The Innovation Mindset,including insights from the case studies and interviews I conducted over the coming months.”

Thank you for sharing, Lorraine. Looking forward to more!

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