Pivoting while innovating - Lorraine Marchand
Lorraine Marchand, author of ‘The Innovation Mindset’ is an expert in life sciences and a master of cultivating successful innovation. She guides innovators in forming relationships with investors and communicating the significance of their innovations. Lorraine recently sat down with serial entrepreneur Aris Persidis to discuss how important it is to pivot during innovation.
Lorraine and Aris dive into the contrast between innovating as an entrepreneur and innovating in the setting of a large organization. Aris, having been in both situations, draws a comparative analysis between the two.
Aris and Lorraine dwell on the importance of the voice of the customer — knowing what they want and catering to their needs. They discuss how innovation does not take place sitting in a room, instead, by going out and talking to at least 100 customers. This is an aspect Lorraine speaks of in her upcoming book as well.
They also discuss the importance of pivoting whilst innovating. Pivot in this context refers to a change in strategy without compromising one’s vision. This is important during innovation as one must be willing to change what they are doing to align with customer responses. This kind of pivot is a necessary course correction.
Aris and Lorraine close the conversation by discussing strategic pivoting and the importance of bringing something to the market that has commercial viability.
