Jeff DeGraff joins the show today with Jason Hartman. DeGraff is a professor for the University of Michigan’s Ross Business school and has worked extensively in teaching innovation. Today, he joins the show to talk a little bit about his new book called, “Making Stone Soup: How to Jumpstart Innovation Teams” and how it can help you succeed in your business venture.
Key Takeaways: 
1:25 – Companies are struggling with innovation on a team level and Jeff DeGraff’s new book, Making Stone Soup, talks about some of these challenges and how they can overcome it.
4:25 – When you look at the history of innovation, most of these come from conflicting ideas or completely new hybrid ideas to try and make something better.
7:05 – Forget the 80/20 rule. Innovation uses the 20/80 rule.
11:40 – When you look at the patent timeline, it is more incremental than ever before. Jason asks, “Is it because everything has already been invented?”
14:30 – Remember, you’re catering to a completely new generation. Millennials experience the world in a completely different way now.
20:30 –  DeGraff breaks down the four important elements that make innovation happen.
23:35 – Failure is not a problem. Failure is good and we can learn from it.
26:15 – You cannot start something new unless you give up something you’re currently doing. We simply can’t do it all at once.
27:45 – As you are trying to build or invent something for the first time, remember that you need multiple versions of it before you can truly succeed.
 
Mentioned In This Episode:
http://jeffdegraff.com/
Jeff DeGraff’s boosk – Innovation You, Four Steps to Becoming New and Improved, Leading Innovation,  and Making Stone Soup: How to Jumpstart Innovation Teams.
 
Good to Great by James C. Collins

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