In truly innovative companies, experimentation and growth are everybody’s business. A great way to harness these collective efforts is to form a dedicated “growth board”—a kind of venture capital incubator within the company whose purpose is to identify new ideas, weigh them against organizational priorities, and bring different departments together to test them. And like VCs, growth boards often have budgetary control, deciding which ideas are worth funding and developing further.
(upbeat instrumental music) … - I'm really big on this notion of … creating a growth board as a way of … vetting ideas and funding ideas … and green lighting ideas in any organization. … I think, one of the things I learned, … frankly a little late in my career, … and I think in the company I work for. … Culture is everything. … I mean we all know culture is really important, … but you need the whole culture to feel they're part of … invention and reinvention and change. … And so that means you're giving people … permission to test things, to learn. … I believe everybody needs to be a bit of this lab of change. … And growth board is a very formalized process of doing it. … You're basically creating a team that's … kind of like an in-house venture capital team. … You're giving them a certain amount of money or funding. … And it could be just simply a portion of … your budget that you already have. … So I'm not suggesting you have to go find the money. … You probably have it. … Maybe it's just time. …
This course includes videos from:
John Cleese, actor, director, and film producer
Bob Kulhan, CEO, Business Improvisations
Dave Evans, co-founder of Electronic Arts, lecturer, and co-author of Designing Your Life: How to Build a Well-Lived, Joyful Life
Bill Burnett, executive director of the Stanford University design program and co-author of Designing Your Life: How to Build a Well-Lived, Joyful Life
Beth Comstock, business executive and author (Imagine It Forward: Courage, Creativity, and the Power of Change)
Note: This course was produced by Big Think. We are pleased to host this content in our library.