Business Innovation Mindset Strategies for Women | Women’s Leadership Success #117 | Lorraine Marchand and Sabrina Braham MA MFT PCC

Women's Leadership Success

Innovation, the cornerstone of lasting success, is as much about mindset as it is about creativity. Companies that have realized this have imprinted it on their methodologies and bloomed, like Amazon, now renowned for its try-fail-learn innovative culture. But with business strategies and company practices already in place, what business innovation mindset strategies can you use to make room for parallel innovation? We have answers in this episode of the Women's Leadership Success podcast focused on career and business innovation mindset strategies for women. Why is innovation an essential factor in organizational culture? How do you cultivate an innovative company culture? What must you know about the realities of innovating to develop products that help people? Why do we need more women in business? What can female entrepreneurs do to increase their odds of success? What are some business innovation mindset strategies? How do you cultivate a problem-solving mindset? How does it help in creating an innovative company culture? Lorrain Marchand: Author In this episode of Women's Leadership Success, Sabrina Braham interviews Lorraine Marchand, author of The Innovation Mindset: Eight Essential Steps to Transform Any Industry, a powerful book condensing three decades of her experience in new product development. Her book explores the realities of the different stages of product development and the determining factors in developing a product that the customer needs. Today's conversation gets underneath the importance and power of innovation in business, developing business innovation mindset strategies, cultivating a problem-solving mindset, and increasing the odds of success for women entrepreneurs. Lorraine Marchand’s Interview on Developing The Innovation Mindset For Women Lorraine Marchand is a business leader, advisor and innovator in the life sciences and healthcare. Her teaching, consulting and business endeavors focus on developing new products and services and the business and marketing models that enable their successful adoption. Her ??goal is to enable innovation and entrepreneurship to help create an ecosystem where female leaders can get the resources they need to be successful. Developing The Innovation Mindset In Women Entrepreneurs: Women’s Leadership #117 Show Notes Background in corporate intrapreneurship and smaller company entrepreneurship + the enthusiasm to ideate and introduce new products and services [00:47-02:04] How Lorraine’s dad introduced an exercise to infuse a problem-solving and innovation mindset in her since 13 years old [02:19-05:21] Why do a lot of people lack an innovative mindset? How can they develop it? [05:31-08:09] The three things necessary to cultivate an innovative mindset [08:15-10:31] Leaving room for out-of-the-box thinking, problem-identification and solving, and exploring interests other than work [10:33-13:20] The process of generating ideas [13:31-17:00] The story of Sarah Apgar, who ideated and created a piece of fitness equipment from a thing she made at the fire station, and how she raised $250,000 on Shark Tank for it [17:14-19:12] Innovations and inventions during COVID [19:12-22:47] How do you know when to pivot in life? + Real-life examples of famous companies that birthed from business strategy pivots [22:59-24:44] How can female entrepreneurs increase their odds of success? [24:46-29:09] Women represent only around 7% of venture capitalists. Why is that a problem and what can be done to help women improve their financial competency? [29:20-32:07] Lorraine’s last piece of advice for you [32:12-32:54] Women’s Leadership Success #117 Summary: Developing The Innovation Mindset Episode notes to leave with: Problem-solving lies at the heart of innovation.