Lessons in Innovation and Longevity from Hollywood

Lessons in Innovation and Longevity from Hollywood

Movie-making, one of the few American industries to dominate the global market over an extended period, faced threats from TV, the internet, and digital piracy. However, understanding the customers, innovation, and restructuring helped them survive. Failure is commonplace in Hollywood, but internal criticism and ongoing revision enable lessons learned and moving on. The new creative team gets enormous freedom, minimum interference from the studio, and recognition within the team achievements. A global ambition and marketing strategy use aggressive and well-funded campaigns with heavy social media use, creating awareness and buzz. Every business can learn from the hard-headed business professionals' management of a risky new product portfolio in Hollywood.

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The difference between innovation, invention and entrepreneurs

Innovation, invention, and entrepreneurship are often used interchangeably, but they have distinct differences that need to be understood. Innovations can be created by anyone, anywhere, and can take many forms, including new products, business models, and customer experiences. Larger companies need the most help with innovation, while entrepreneurs are focused on execution.

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Three Box Solution for Sustainable Innovation

The Three Box Solution is a strategy for leading innovation. It involves managing the core business, divesting practices that have lost relevance, and generating breakthrough ideas. The most challenging part of the strategy is divesting old practices and ideas.

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The Net Works

The Net Works

Networking is essential to success, but it is poorly understood. Sociologist Robin Dunbar's work on strong and weak ties has shown that we have an upper limit to the number of actual strong social connections we can maintain at any point in time. However, weak ties can help to increase innovation capacity. Trust is the force that makes networks work, and conversations should come first when building relationships.

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