Latest / What is Business Development? / Episode 132 "Innovation or Elimination" with Itai Green

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Episode 132 "Innovation or Elimination" with Itai Green · What is Business Development?

• 0:03
  Speaker 1: Welcome to the Business Development podcast, brought to you by
• 0:06
  Speaker 1: the Global Business Development Association, delivering the strategies and tactics
• 0:11
  Speaker 1: to boost your career and corporate growth.
• 0:20
  Speaker 2: Hello BD pros, and welcome to the Global Business Development
• 0:25
  Speaker 2: Association podcast called What is Business Development Now? Folks, In
• 0:31
  Speaker 2: an era defined by lightning fast disruption, innovation is a
• 0:37
  Speaker 2: strategic imperative. We all know that. The question is how
• 0:43
  Speaker 2: do you succeed in innovation? And as business developers, we're
• 0:48
  Speaker 2: always at the front line, engaging with prospects, engaging with customers.
• 0:53
  Speaker 2: We need to deliver innovation. Whether it's innovation in the
• 0:57
  Speaker 2: immediate solution we provide to our prospects for customers, maybe
• 1:00
  Speaker 2: it's innovation in the products that the company provides written large.
• 1:04
  Speaker 2: But a big part of what we do as business
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  Speaker 2: developers is we are involved in that innovation process and
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  Speaker 2: we need to be experts at it. But you know what, folks,
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  Speaker 2: before we talk about this great book on innovation today,
• 1:20
  Speaker 2: let me tell you something else you need to be
• 1:21
  Speaker 2: an expert on, and that is business development. And I
• 1:26
  Speaker 2: have a great book for you. It's the Business Development
• 1:29
  Speaker 2: Body of Knowledge from the Global Business Development Association. You
• 1:33
  Speaker 2: can get it on Amazon, and then when you read
• 1:35
  Speaker 2: the book, you can then take your Business Development Professional
• 1:39
  Speaker 2: certification and just go to the Global Business Development Association
• 1:44
  Speaker 2: website to learn more at GBD Association dot org. Okay,
• 1:52
  Speaker 2: so let me tell you a little bit about our
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  Speaker 2: guest today and the book that he wrote.
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  Speaker 3: Now.
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  Speaker 2: The book is written by Etai Green. He's a global
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  Speaker 2: thought leader, strategist in one of the most prominent voices
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  Speaker 2: in the innovation landscape. As the author of Innovation or Elimination,
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  Speaker 2: he brings over two decades of experience advising leading corporations
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  Speaker 2: and governments on how to thrive in an age of
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  Speaker 2: constant disruption.
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  Speaker 3: Now.
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  Speaker 2: His book provides a strategic playbook for building an innovation
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  Speaker 2: ready culture, designing the right structures, engaging the global startup ecosystem,
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  Speaker 2: and measuring what truly matters. With practical tools for evaluating pilots,
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  Speaker 2: integrating external technologies, and balancing short term pressures with long
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  Speaker 2: term vision, this book prepares leaders to drive innovation from
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  Speaker 2: intention to execution. Folks, I'm really excited to have our
• 3:02
  Speaker 2: guest here today, it Ty Green. Welcome to the show.
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  Speaker 2: Thank you very much, Tony Well, Itai, it's great to
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  Speaker 2: have you here, and folks always like to learn a
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  Speaker 2: little bit about our guests when they join us. Can
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  Speaker 2: you tell us a little bit how you entered the
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  Speaker 2: field of innovation and why did you write the book?
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  Speaker 3: So I started as an entrepreneur. I was a star
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  Speaker 3: pist for fifteen years in different verticals, the different domains.
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  Speaker 3: It was quite exhausting, I mean, it's really tough to
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  Speaker 3: work in startup. And after that I was joining Amadeos,
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  Speaker 3: which you are probably familiar with. It's a global travel
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  Speaker 3: it company. I was heading their innovation, their open innovation
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  Speaker 3: activity in Israel. And since then, like ten years back,
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  Speaker 3: I'm running my own consulting for Innovate Israel, which helps
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  Speaker 3: big corporations around the world, giant governments to remain relevant
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  Speaker 3: in a time of chaotic change by by collaborating with
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  Speaker 3: startups and according at least to my experience, that's the
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  Speaker 3: only way these days to remain relevant. And what actually
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  Speaker 3: made me write this dedicate air and a half of
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  Speaker 3: my life writing this book was the real passion to
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  Speaker 3: create an impact on global corporations which are facing really
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  Speaker 3: challenging time. It's we are living in a really child
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  Speaker 3: I mean it has never been before such a such
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  Speaker 3: an era, such a time. So I think I can
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  Speaker 3: bring a lot of experience to them and trying to
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  Speaker 3: help them and actually providing them with the practical tools
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  Speaker 3: how to really truly survive first but also to be
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  Speaker 3: their competitors. It's a challenging time for leaders these days.
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  Speaker 2: It is, indeed, especially with the technology it's accelerating, and
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  Speaker 2: that technology then permeates throughout the entire marketplace with impacts
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  Speaker 2: to speed to market and business development. So I'm really
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  Speaker 2: excited to have you on the show today and talking
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  Speaker 2: about innovation and folks. Just as a reminder, we're talking
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  Speaker 2: about E Tye's book. It's available on Amazon and the
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  Speaker 2: book title is called Innovation or Elimination, Winning in a
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  Speaker 2: World of Constant Change. So Etai, tell us a little
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  Speaker 2: bit about what your number one key takeaway from the
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  Speaker 2: book would be.
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  Speaker 3: So there are many many tips in the book. I
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  Speaker 3: would start with with the budget. Yeah, we need budget
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  Speaker 3: for pilots. In many cases they're asking me how much
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  Speaker 3: it's going to cost us? So would I would like
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  Speaker 3: to to provide it with provide it with something which
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  Speaker 3: is I mean, imagine yourself as a corporate innovation leader,
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  Speaker 3: meeting a startup and you fell in love with them.
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  Speaker 3: I mean they actually solving your pain. You have a
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  Speaker 3: challenge and they solve you the challenge. They're looking great
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  Speaker 3: serial entrepreneurs, great people, great technology, they have ready product.
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  Speaker 3: You are eager to run a pilot with them, and
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  Speaker 3: you're asking them how much it's gonna cost me and
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  Speaker 3: they are telling you zero. What is your answer? You
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  Speaker 3: take it or leave it? Yeah? You walk? You take it? Right? Yeah?
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  Speaker 3: I mean everyone everyone loves to get something for free,
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  Speaker 3: right yeah. Absolutely. So when I'm when I'm meeting a
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  Speaker 3: startup for my client and is offering a free, free
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  Speaker 3: of charge pilot, my answer is no way. We insist paying.
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  Speaker 3: You will pay you five k euro, ten k euro.
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  Speaker 3: I mean it's Penni's for for the corporate And you
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  Speaker 3: know what the reason is? Why is that? I mean
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  Speaker 3: you'll probably say this is crazy, so maybe, but there
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  Speaker 3: is there is some idea behind it. So the idea
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  Speaker 3: is that no one worked for free. We are not
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  Speaker 3: in volunteering or non profit business. You want the startup
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  Speaker 3: to get paid for his work during the pilot. You
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  Speaker 3: also want the corporate people. Once there is a line
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  Speaker 3: that there is some costs, someone need to tell someone
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  Speaker 3: what has been happened, what happened with this money, So
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  Speaker 3: the corporate people are more engaged into the process. And
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  Speaker 3: most important is that once the entrepreneur leaves the office.
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  Speaker 3: You know what it does. After such a meeting, the
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  Speaker 3: entrepreneur message on a WhatsApp group of five hundred, five
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  Speaker 3: hundred different entrepreneurs, you can't build it. I just met
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  Speaker 3: corporate X. I offer them a pilot for free. They
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  Speaker 3: insisted to pay. A moment later. Later, only ten percent
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  Speaker 3: of the WhatsApp group entrepreneurs are printing the screen and
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  Speaker 3: sharing it with another fifty WhatsApp groups. The moment later,
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  Speaker 3: any entrepreneur, any relevant one, is knocking on this corporate door.
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  Speaker 3: So in terms of marketing, it's the best way to
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  Speaker 3: bring more and more traction.
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  Speaker 2: That's a brilliant move on both sides of the table.
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  Speaker 3: I love it.
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  Speaker 2: I have not heard that tactic before, and I love
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  Speaker 2: that you're starting right out of the gate, e tie
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  Speaker 2: with just a fantastic initial tactic here, and you know,
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  Speaker 2: I put skin in the game. I really like what
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  Speaker 2: you said about how it gets the folks within the
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  Speaker 2: leadership structure engaged because now there's money involved. And it's
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  Speaker 2: easy to implement a pilot that's free and there are
• 9:27
  Speaker 2: no consequences. But unfortunately, when the pilot is over, it
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  Speaker 2: often goes nowhere because nobody invested in it. From a
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  Speaker 2: leadership perspective, it was just an idle curiosity of innovation
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  Speaker 2: versus a deliberate effort on the corporation to achieve some
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  Speaker 2: sort of return on investment. So this is extremely powerful
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  Speaker 2: what you're talking about here From a business developer's standpoint.
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  Speaker 2: Let's say you are with that startup and you are
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  Speaker 2: offering the freemium plan or or even the highly discounted
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  Speaker 2: initial Prototype Innovation plan. Is there a way where a
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  Speaker 2: business developer could even propose it, you know, if you're
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  Speaker 2: if you're with that startup, to say, well, look, we
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  Speaker 2: typically provide a free solution, but let me tell you
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  Speaker 2: where this typically goes. You're going to implement it. You're
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  Speaker 2: the CTO. You're going to implement it. Odds are it'll
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  Speaker 2: probably go nowhere because there's no C suite buy in,
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  Speaker 2: and so we'll charge a nominal fee. And with that
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  Speaker 2: nominal fee, yes, it'll take more time for you to
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  Speaker 2: get the approvals, but it will be as you said,
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  Speaker 2: e tie pennies on the dollar for you, the large
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  Speaker 2: corporation to pay for this. Do you think that would
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  Speaker 2: be a wise tactic? You know, because not every CTO
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  Speaker 2: or procurement official will think like you E tie and
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  Speaker 2: be very brilliant at at saying we insist on paying
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  Speaker 2: you five thousand or whatever phenomenal fee is. Do you
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  Speaker 2: think that would be a reasonable strategy for a business
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  Speaker 2: developer to take.
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  Speaker 3: I'm not sure. I think the main reason only ten
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  Speaker 3: percent around the world, ten to thirty percent maybe of
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  Speaker 3: pilots truly succeed and move on into integration. These are
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  Speaker 3: the numbers. With my clients, it's around sixty to seventy percent.
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  Speaker 3: And what makes the difference is the level of engagement
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  Speaker 3: of the corporate leaders and the sea level and the
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  Speaker 3: mid level management. So sea level and mid level management
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  Speaker 3: and the reason I mean, it's truly important. It's super
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  Speaker 3: important to make them engaged. And money is a part
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  Speaker 3: of the part of the game. It's not the only aspect.
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  Speaker 3: It's an important one. There are many other aspects which
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  Speaker 3: we should follow, but this is an important one. So
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  Speaker 3: I truly don't like the free even free, I truly
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  Speaker 3: don't like it. I think that when maybe maybe because
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  Speaker 3: it's the reason is because I'm coming from the other
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  Speaker 3: side of the table. I was an entrepreneur for fifteen
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  Speaker 3: years and I saw and also as a consultant, I
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  Speaker 3: see a true difference between a corporate which is engaged
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  Speaker 3: to a corporate which is not engaged. And money is
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  Speaker 3: a part of the game, and I mean, you have
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  Speaker 3: to make the mid level management engaged otherwise this is
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  Speaker 3: the main reason for pilots to fail. This is the reason.
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  Speaker 3: I mean, in most of the cases, the reason if
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  Speaker 3: a pilot fails is because the people were not engaged,
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  Speaker 3: the corporate people, not because the startup didn't deliver. That's
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  Speaker 3: not the case. In most of the cases. The startup
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  Speaker 3: truly believers, but the corporate people and money is super important.
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  Speaker 2: Yeah, sure it is, absolutely, That's part of the buy
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  Speaker 2: in process. And you know, as business developers, we're always
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  Speaker 2: trying to determine the budget and the authority of the
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  Speaker 2: individual we're engaging with, if it's the chief technology officer,
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  Speaker 2: and trying to also understand oftentimes sea level or lower
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  Speaker 2: they have budget thresholds where they need approval above a
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  Speaker 2: certain dollar amount. So you know, as a business developer
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  Speaker 2: trying to leverage this tactic. It's as a business developer,
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  Speaker 2: I would I would ask the question of my initial
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  Speaker 2: prospect that I'm engaging with, Hey, what is that threshold?
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  Speaker 3: Yeah?
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  Speaker 2: Is it five thousand dollars? Is it ten thousand dollars?
• 13:42
  Speaker 2: Is ten thousand dollars? Great, I'm going to charge you
• 13:44
  Speaker 2: ten thousand dollars. You know, ten thousand and one dollars.
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  Speaker 2: So I know this, We'll go to the CEO.
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  Speaker 3: So even nine ninety nine is fine. I mean even five.
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  Speaker 3: I mean we're really talking about something symbolic. It's something
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  Speaker 3: which for the culture it is not, and for the
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  Speaker 3: startup it truly means something. And I really see no
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  Speaker 3: reason why not doing it. It's part of the game
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  Speaker 3: and it brings a huge difference.
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  Speaker 2: True, I love this tactic. Ty This is great because
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  Speaker 2: often we talk about innovation, but we don't talk about
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  Speaker 2: it in the practical terms. As a business developer trying
• 14:23
  Speaker 2: to leverage innovation when they're working with new prospects and customers,
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  Speaker 2: So really interesting tactic on that when I know there's
• 14:32
  Speaker 2: no hard and fast answer, but what I do want
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  Speaker 2: to get to is how you're getting your clients from
• 14:39
  Speaker 2: ten to fifteen percent success rate to a sixty percent
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  Speaker 2: plus success rate. So let's move on to tactic number
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  Speaker 2: two and see what else you have in your tactical
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  Speaker 2: bag that folks can use to get up to that
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  Speaker 2: sixty percent level.
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  Speaker 3: So I want to tell you the main reason that
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  Speaker 3: it's around ten to thirty percent conversion rate between successful
• 15:02
  Speaker 3: between a pilot and the success in most of the corporates.
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  Speaker 3: The main reason is because in order to have a
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  Speaker 3: high rate of success, you need to be the people
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  Speaker 3: to be engaged and you need to educate them, to
• 15:19
  Speaker 3: tell them what is open innovation, why is it important?
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  Speaker 3: How to make it truly valuable for the corporate. So
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  Speaker 3: my way doing it is I meet the senior executives.
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  Speaker 3: It might be the chairman, it might be the CEO,
• 15:35
  Speaker 3: it might be any of the C level executives vps,
• 15:38
  Speaker 3: et cetera. I meet them for one hour. I learned
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  Speaker 3: their challenges. We pick the three challenges that are most
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  Speaker 3: impactful on the future of the company that truly impact
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  Speaker 3: either in terms of money whatever I mean, efficiency, operation, marketing, whatever,
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  Speaker 3: but the main challenges that truly bothers them and to
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  Speaker 3: develop it internally, it's a waste of money and time.
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  Speaker 3: So after one hour, I get it and I truly
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  Speaker 3: understand what it's what's the pain. After two weeks, I
• 16:13
  Speaker 3: get back to them with a list of fifty five
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  Speaker 3: zero fifty startup different startups that I think solve their pain.
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  Speaker 3: They need to dedicate another one hour of their time
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  Speaker 3: to rank their level of interest in each and every
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  Speaker 3: solution that I offered. They provided me with the challenges.
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  Speaker 3: Three challenges, they ranked their level of interest. They are engaged.
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  Speaker 3: Two weeks later, we set an innovation boot camp. All
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  Speaker 3: day of a boot camp in a co working space
• 16:59
  Speaker 3: or some a space that truly inspires their people with
• 17:04
  Speaker 3: some tech and it starts with a lecture. I give
• 17:10
  Speaker 3: them between one to two to three hours even to
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  Speaker 3: make them understand what open innovation means, what happens to
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  Speaker 3: corporates that run internal innovation, which is the opposite of
• 17:25
  Speaker 3: open innovation, How to succeed practical tips how to run
• 17:32
  Speaker 3: success successful open innovation activity. And after my session, they
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  Speaker 3: are engaged, they understand a new theme. And then what happens.
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  Speaker 3: Ten startups are getting into the room, one after the other,
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  Speaker 3: the ten most relevant ones according to the VP or
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  Speaker 3: the CEO or the chairman that truly solve their pain.
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  Speaker 3: This sea level executive told me this is most important.
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  Speaker 3: These are the best startups and they are his people
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  Speaker 3: or her people are sitting in the room. It's like
• 18:08
  Speaker 3: ten to fifteen people. So the sea level and the
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  Speaker 3: one that reports to him or to hear it. And
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  Speaker 3: each startup get gets into the room ten minutes, gives
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  Speaker 3: a pitch, a presentation, and twenty minutes Q and A.
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  Speaker 3: So thirty minutes each startup. At the end of the day,
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  Speaker 3: after the corporate people met ten different startups heard my lecture,
• 18:37
  Speaker 3: learn about the all concept and methodology they design with
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  Speaker 3: which out of the ten startup they want to proceed
• 18:45
  Speaker 3: to the second meeting. You want to guess with how
• 18:50
  Speaker 3: many out of the ten they want to move into
• 18:52
  Speaker 3: a second meeting?
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  Speaker 2: All?
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  Speaker 3: Ten? No? Only seven? Great? Yeah. And after they meet
• 19:03
  Speaker 3: these seven startups for a second meeting, which is deeper,
• 19:08
  Speaker 3: it takes two hours with all the stakeholders in the
• 19:11
  Speaker 3: corporate they move on with two to three pilots. With
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  Speaker 3: sixty percent of them they will integrate the technology. And
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  Speaker 3: this is a very high rate of success, very high.
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  Speaker 3: And the reason is because I invest a lot of
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  Speaker 3: my time, a lot of my time into engaging them
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  Speaker 3: into the process and make them be the partners and
• 19:43
  Speaker 3: real partners. They decided, I just offer. They decided which
• 19:49
  Speaker 3: are the three challenges. They decided which are the ten
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  Speaker 3: most relevant ones. They decided which are the seven that
• 19:56
  Speaker 3: they would like to proceed? They are eat it. I
• 20:00
  Speaker 3: just help them. They are the decision makers. And once
• 20:04
  Speaker 3: they are, they are fully engaged and the rate of
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  Speaker 3: success is much higher, double or more than what is
• 20:13
  Speaker 3: familiar in the market.
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  Speaker 2: Yeah, more effective than internal innovation with your open innovation
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  Speaker 2: structure by far.
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  Speaker 3: Internal innovation. It's like it costs like ten times more
• 20:27
  Speaker 3: than internal innovation and then open innovation. I mean internal
• 20:30
  Speaker 3: innovation is super super expensive. But you know, I don't
• 20:34
  Speaker 3: care about the money. You know, there is one thing
• 20:37
  Speaker 3: you cannot buy with money, even if you're super wealthy
• 20:41
  Speaker 3: corporate that print print money. I mean, you have unlimited
• 20:47
  Speaker 3: amount of money. There's one thing a corporate cannot buy.
• 20:53
  Speaker 3: You know what is it? Time?
• 20:56
  Speaker 2: Time?
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  Speaker 3: Yeah?
• 20:57
  Speaker 2: Yeah, and so creerious tie. Would you advise then that
• 21:03
  Speaker 2: the business developers in the company that is sponsoring this
• 21:07
  Speaker 2: open innovation, that business developers be involved in that process.
• 21:12
  Speaker 2: I think they should for a couple of reasons. One,
• 21:16
  Speaker 2: the business developers eventually will be responsible for leveraging whatever
• 21:21
  Speaker 2: that new innovation is, whether it's a product or a
• 21:24
  Speaker 2: process impact or whatnot. The other reason is, now you
• 21:27
  Speaker 2: have business developers in the room mingling with your tense startups,
• 21:33
  Speaker 2: and you can cross pollinate. Maybe there are relationships that
• 21:37
  Speaker 2: can be leveraged, maybe there are other introductions that can
• 21:40
  Speaker 2: be made. I just think it would be very valuable
• 21:44
  Speaker 2: to have business developers in the room when it Typically
• 21:48
  Speaker 2: I've been involved in internal innovation projects, I've been involved
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  Speaker 2: in open innovation projects, and rarely have I seen business
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  Speaker 2: developers in the room, And I just think that's a
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  Speaker 2: complete waste. You know, what are your thoughts on that?
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  Speaker 3: I think it's super important because with innovation, the business
• 22:05
  Speaker 3: development leaders can truly realize, according to what they learned
• 22:11
  Speaker 3: from the startups, where their business is moving forward. I mean,
• 22:17
  Speaker 3: the startups are ahead of the corporate that's what that
• 22:22
  Speaker 3: that's reality, and they truly know where the market moves.
• 22:26
  Speaker 3: And with the startups, you cannot only learn what's what's
• 22:32
  Speaker 3: the direction, what should we develop next? What should we
• 22:35
  Speaker 3: offer to our clients? Where the opportunities in many cases
• 22:39
  Speaker 3: you also learn what your competitor does, what your competitors do,
• 22:46
  Speaker 3: because when you get into an engagement with startups, you
• 22:51
  Speaker 3: also learn along the process during the meetings with them
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  Speaker 3: a lot of information which you originally were not aware of.
• 23:01
  Speaker 3: And the startups are meeting your competitors and in many
• 23:04
  Speaker 3: cases they tell you what's going on, so also you
• 23:07
  Speaker 3: get this. But generally it is super important because in
• 23:13
  Speaker 3: many cases corporate leaders think that with open innovation, we
• 23:17
  Speaker 3: are make we're going to make our operation more efficient.
• 23:20
  Speaker 3: That's true, it is one aspect, but you can also
• 23:24
  Speaker 3: increase your revenues by offering your clients new products that
• 23:31
  Speaker 3: have been developed by a startup. So there are so
• 23:36
  Speaker 3: many business development opportunities. So I think it is very important.
• 23:43
  Speaker 2: Uh.
• 23:43
  Speaker 3: And you know, in many cases corporate leaders are trying
• 23:47
  Speaker 3: to get a consulting firm to tell them what's what
• 23:51
  Speaker 3: should they do next? Like you know McCain's busy g
• 23:54
  Speaker 3: and all these smart people, which is which are truly smart,
• 23:58
  Speaker 3: But all these smart and they're really smart people, they're
• 24:03
  Speaker 3: all relying on open data sources, like they're googling their GPTs.
• 24:10
  Speaker 3: There are other data sources. But when you're truly running.
• 24:14
  Speaker 3: When you truly run open innovation in a proper and
• 24:17
  Speaker 3: professional way, you are the first door and entrepreneur knocks
• 24:23
  Speaker 3: on when they just have an idea. They are not
• 24:28
  Speaker 3: on they don't have a U R. Elliot, they are
• 24:31
  Speaker 3: not out there. They are still in the garage. But
• 24:33
  Speaker 3: they appreciate your know how, your professional knowledge about the industry.
• 24:40
  Speaker 3: The corporate people are domain experts, so they would like
• 24:44
  Speaker 3: to consult with you. They tell you about their idea. McKinsey,
• 24:49
  Speaker 3: BCG are not familiar with them because they don't have
• 24:53
  Speaker 3: an online appearance yet. So business development are super important.
• 24:59
  Speaker 2: Yeah, that's that's great. I love it. Okay, So in
• 25:02
  Speaker 2: the last few minutes we have here, what do you
• 25:04
  Speaker 2: have for us on the number three take away from
• 25:08
  Speaker 2: your book?
• 25:10
  Speaker 3: The main reason corporates are hiring me is to make
• 25:16
  Speaker 3: them integrate new technologies that have been developed by startups
• 25:21
  Speaker 3: for commercial purpose, either to be more efficient, to increase revenues,
• 25:26
  Speaker 3: to reduce costs, to be more in terms of time
• 25:29
  Speaker 3: to market, to save time, many reasons to improve quality.
• 25:34
  Speaker 3: But there is one thing that once they are happy
• 25:39
  Speaker 3: with the pilot they were running with the startup, they
• 25:43
  Speaker 3: can enjoy the startup not only commercially by integrating the technology,
• 25:50
  Speaker 3: they can also make a lot of money. So if
• 25:54
  Speaker 3: the corporate would like to make it, I mean I
• 25:55
  Speaker 3: hope they do. What it should do is that once
• 26:00
  Speaker 3: they are happy with the solution the startup has just
• 26:03
  Speaker 3: offered them, and they're happy with the pilot which is
• 26:06
  Speaker 3: a success, and they're about to integrate the technology. This
• 26:11
  Speaker 3: is the golden moment. Not only to integrate the technology,
• 26:17
  Speaker 3: but also to invest in the startup. They will make
• 26:23
  Speaker 3: in most of the cases a lot of money. And
• 26:26
  Speaker 3: the reason is because after you run a pilot of
• 26:29
  Speaker 3: three months with a startup, it is the best due
• 26:34
  Speaker 3: diligence that no VC can do. You were testing the technology,
• 26:41
  Speaker 3: you were piloting them, you were learning about the team,
• 26:46
  Speaker 3: You have the luck to work with them, and they
• 26:48
  Speaker 3: solved your pain, your challenge. And if they solved your pain,
• 26:54
  Speaker 3: they solved the same pain to thousands of companies around
• 26:58
  Speaker 3: the world which faced the same So why not make
• 27:01
  Speaker 3: you a lot of money out of that invests?
• 27:04
  Speaker 2: Yeah, and that is the perfect argument for why business
• 27:08
  Speaker 2: development should not just be involved in the innovation process,
• 27:12
  Speaker 2: they should lead the innovation process because they have the
• 27:17
  Speaker 2: growth mindset, they have the direct engagement with the marketplace,
• 27:23
  Speaker 2: and I think it's just so powerful. The three tactics
• 27:26
  Speaker 2: that you shared with us today and again, folks, the
• 27:28
  Speaker 2: book we talked about is e Ty's green new book.
• 27:33
  Speaker 2: It's called Innovation or Elimination, Winning in a world of
• 27:38
  Speaker 2: constant change, and we talked about three key tactics Tai.
• 27:45
  Speaker 2: The first one was understanding how you can leverage the
• 27:51
  Speaker 2: budget discussion and if you the type of startup that's
• 27:55
  Speaker 2: starting with freemium or maybe you're using a discounted methodology
• 27:59
  Speaker 2: to get those initial deals, understand what the budget authority
• 28:03
  Speaker 2: is of your buyer and understand where that threshold is
• 28:08
  Speaker 2: for the senior leadership the c suite and ideally the
• 28:12
  Speaker 2: CEO of the company to personally get involved and start
• 28:15
  Speaker 2: to personally invest their time and effort into understanding your
• 28:20
  Speaker 2: product and advocating for the success of the pilot. The
• 28:25
  Speaker 2: second key takeaway was the open innovation construct and having
• 28:32
  Speaker 2: a CEO personally involved in prioritizing their pain points and
• 28:39
  Speaker 2: challenges and then prioritizing the top candidate solutions to solve
• 28:45
  Speaker 2: that have the C suite involved in the innovation, open
• 28:51
  Speaker 2: innovation discussions. Have the business developers involved in the open
• 28:55
  Speaker 2: innovation discussion so they can gather market intelligence, they can
• 28:59
  Speaker 2: build relationships, they can keep their finger on the pulse
• 29:02
  Speaker 2: of what is the newest thing in the marketplace, and
• 29:06
  Speaker 2: also gather competitive intelligence. And then the final key point
• 29:12
  Speaker 2: is that you want to leverage open innovation as a
• 29:17
  Speaker 2: business developer. And if you're a chief growth officer listening
• 29:19
  Speaker 2: to this, this may be something that you use as
• 29:22
  Speaker 2: a mechanism to help grow the company. And it's a
• 29:26
  Speaker 2: methodology of inorganic growth where we're often driven as cgos
• 29:32
  Speaker 2: to drive organic growth. Inorganic growth as growth through acquisition,
• 29:37
  Speaker 2: and we often think, okay, well we'll buy those mature companies.
• 29:40
  Speaker 2: But here's an opportunity for the chief growth officer and
• 29:43
  Speaker 2: the entire growth team to look at new innovative companies,
• 29:47
  Speaker 2: the disruptors that may completely disintermediate your competitors. If if
• 29:54
  Speaker 2: you make that wise investment, you go through the open
• 29:56
  Speaker 2: innovation process, you evaluate them throughout the PYE program, make
• 30:01
  Speaker 2: a wise investment, and that could yield exponential returns for
• 30:06
  Speaker 2: your efforts for a relatively small cost, and if anything,
• 30:12
  Speaker 2: you're still going to come away with some wonderful knowledge
• 30:15
  Speaker 2: and that's exactly what we did today.
• 30:17
  Speaker 3: ETI.
• 30:18
  Speaker 2: I just really enjoyed this discussion about innovation and making
• 30:22
  Speaker 2: it practical and relatable for business development. I really appreciate
• 30:28
  Speaker 2: your flexibility and sharing your knowledge with us today. ETI,
• 30:31
  Speaker 2: how can folks connect with you, follow your work and
• 30:36
  Speaker 2: get a copy of your book?
• 30:38
  Speaker 3: I think LinkedIn. LinkedIn is something that all the audience
• 30:41
  Speaker 3: probably have, right so I think this is the best
• 30:44
  Speaker 3: way to communicate. And I'm here for anyone, any idea,
• 30:48
  Speaker 3: any question, whatever do you want? Please feel free. I
• 30:52
  Speaker 3: mean I'm available nearly twenty four seven, so I'd love
• 30:56
  Speaker 3: to have a conversation with the audience. Always look to
• 31:00
  Speaker 3: learn something new.
• 31:01
  Speaker 2: Yeah, and folks, again, it's the book called Innovation or
• 31:05
  Speaker 2: Elimination by Ety Green. Grab yourself a copy on Amazon,
• 31:10
  Speaker 2: and ety thank you so much for joining us today.
• 31:13
  Speaker 2: Just such an insightful discussion about innovation. The world is
• 31:16
  Speaker 2: accelerating the pace of change. Business developers, we are at
• 31:21
  Speaker 2: the front end of that acceleration. Folks, get the copy
• 31:25
  Speaker 2: of the book, learn about innovation and a lot of
• 31:27
  Speaker 2: other great tactics that eat I can only talk about
• 31:30
  Speaker 2: three today, but there's a lot more packed in there.
• 31:33
  Speaker 2: Eti Green, thank you for joining us today.
• 31:37
  Speaker 3: Thank you very much.
• 31:40
  Speaker 1: Thank you for listening to the Business Development Podcast. Join
• 31:45
  Speaker 1: our free community of corporate partners and business development professionals
• 31:49
  Speaker 1: advancing the art, science, and ethics of the business development
• 31:53
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