Greg Coticchia, a six-time CEO and product leader, discusses the importance of innovation and developing new products for business growth and competitive advantage.
Greg has decades of experience founding, leading, and driving profit in technology and software companies. He has successfully raised over $73M in venture capital and participated in exits valued at over $4.4B, including taking a company public and overseeing twenty-eight notable M&A transactions. An innovation, strategy, and B2B marketing expert, he has scaled companies from startups to billion-dollar industry giants.
Takeaways
- Innovation is crucial for business growth and survival in a rapidly changing market.
- Fostering a culture of innovation involves celebrating failures, learning from them, and rewarding risk-taking.
- Leaders should encourage idea-sharing across all levels of the organization and provide resources for research and development.
- Metrics such as investment in R&D and the contribution of new products to overall revenue can help measure the success of innovation efforts.
- Balancing the focus on existing products with developing new ones is essential to avoid stagnation and decline.
- Constantly assess and challenge your own business to stay ahead of competitors.
- Conduct market research and understand customer needs to drive innovation.
- Explore different business models to unlock new opportunities.
- Stay informed about technological advancements and their innovation potential.
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Connect with Greg
Timestamps
00:00 Introduction
05:47 The Importance of Innovation for Business Growth
10:05 Fostering a Culture of Innovation
15:15 Metrics for Measuring Innovation Success
17:30 Balancing Existing Products with New Product Development
21:29 When is the Time to Build the Next Product
24:47 Staying Ahead of the Competition
26:03 How to Figure Out What Problem to Solve
28:56 Challenges with Getting a New Product Out of the Door
30:26 Killing Ideas Early and Avoiding Overspending
37:11 Exploring Business Models for Innovation
41:25 Trends in Technologies to Help with Innovation
46:19 Advice from Greg
Podcast Links
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- Website: https://vitlyoshin.com/contact/Â
- LinkedIn: https://www.linkedin.com/in/vit-lyoshin/Â
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