MASTERING FORESIGHT and ANALYSIS to CULTURE INNOVATION with DAVE KNOX

Alloutcoach

As a long-time fan and supporter of the author of the best-selling book "Predicting the Turn", Dave Knox, I enjoyed the opportunity to sit down with Dave to discuss the journey of businesses that incorporate a culture of innovation in a systematic manner and the results that follow. Dave Knox is a brand builder, venture investor, international keynote speaker, digital innovator, business coach, and award winning author. He was the leading digital voice and advocate at Procter and Gamble, Chief Marketing Officer at Rockfish, a leading digital marketing agency, after which he had built a non-profit start-up business / accelerator "The Brandery" which transformed 85 startups. Here are some of the highlights from our conversation: 02:50 - How did you develop the instinct of observation of innovation early in your career? 3:04 - Why Dave pursued "Brand Building" 4:47 - Views on Entreprenurship 7:10 - The concept behind "The Brandery" authentic to the city of brands, Cincinnati 7:46 - Why Brands are often misunderstood 9:14 - Examples of startups "The Brandery" helped transform 10:32 - The end result of "The Brandery" was receiving an endowment that today is funding the next generation of entrepreneurs. It allows businesses in Cincinnati to receive grants to grow their organizations and keep them going. 11:32 - Q: At what point do you stop making observations and start implementing and making decisions as a startup? 11:47 - Dave Knox's "Continuous Beta" concept 12:51 - Dave's Innovation Matrix from his book - Core Innovation, Adjacent Innovation, and Transformational Innovation. 13:03 - Devote 70% to Core Innovation, 20% to Adjacent Innovation, 10% to Transformational Innovation 13:43 - Q: What is the formula to innovation that leads to companies taking out their competitors completely in the brutal business environment today? 14:07 - Uber's extension of its Total Addressable Market (TAM) size 15:46 - Innovation Case Studies from Dave's book 16:05 - Spotify's transition from music streaming alone to "share of ear" audio company and Under Armour's journey in consumer data 20:19 - Q: What is the subtle difference between adjacent and transformational innovation according to your definition? Procter & Gamble and Tesla examples 25:02 - Q: Are there certain Innovation strategies that are more successful than others according to your research? Contrast in innovation approaches between Venture Capitalists and Corporations 26:17 - Why you should consider a combination of approaches to innovation: 1) direct or strategic investments; 2) being an LP into other venture funds; 3) partnerships / individuals helping you engage with the ecosystem 27:26 Q: Metrics - How do you inspire and evaluate the quality of innovation that benefits society? 27:49 - Ben Franklin anecdote on editing a marketing billboard 31:42 - Coca-Cola acquiring insight into new selling operations from Dirty Lemon case study 34:49 - Q: What does "predicting the turn" mean to you in light of the pandemic and the last two years? How has its definition become relevant or changed? 35:44 - Alcohol Industry's transformation and new laws after the pandemic 38:01 - Evolution of Autonomous Cars Technology, future use cases and predictions 46:13 - Views of the role of technology on social responsibility