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Many companies claim to prize innovation but struggle to support it in practice. CEOs call innovation their number-one priority in surveys, yet their employees say they are frequently frustrated in their efforts to create change. The biggest reason for this disconnect? Playing it safe. Leaders and organizations want to implement new ideas, but too often they are held back by the fear of failure, even though setbacks are intrinsic to the innovation process.
In No Fear, No Failure, Lorraine H. Marchand shows readers how to overcome the status quo that stifles creative thinking and to create a culture that encourages innovation. She provides a framework for sustained growth built on the “5 Cs”: Customer First, Culture, Collaboration, Change, and Chance. Drawing on more than 120 interviews with leaders across industries, real-world case studies, and firsthand experience, Marchand demonstrates how to spark lasting transformation. She shares field-tested strategies, tactics, and tools that practitioners can use to embed creativity within organizational cultures, leverage innovation to ensure better results, and future-proof a company for the long haul. Practical and inspiring, No Fear, No Failure is a step-by-step guide for organizations of every type and size to drive growth by fostering a culture of innovation.
Lorraine H. Marchand is an acclaimed consultant, author, and educator on innovation with extensive experience in new product development. She has cofounded several start-ups; held leadership positions at companies including Bristol-Myers Squibb, Covance/LabCorp, and IBM; and served as advisor to Johnson & Johnson and Hewlett Packard. Marchand is the author of The Innovation Mindset: Eight Essential Steps to Transform Any Industry (Columbia, 2022). She serves on the boards of several privately held companies and the Healthcare and Pharmaceutical Advisory Board at Columbia Business School, and she teaches at the Wharton School of the University of Pennsylvania and Yeshiva University.
John Hanc is the author or coauthor of more than twenty books, as well as a long-time contributing writer to Newsday, the New York Times, and Smithsonian.
Foreword
Introduction
1. Fear of Failure and the 5C’s—Lessons from the Rise and Fall of IBM Watson Health
2. The 5C’s: Customer First—Asking the Right Questions
3. The 5C’s: Culture—Innovation for the Long Haul
4. The 5C’s: Collaboration—Working Together for a Common Purpose
5. The 5C’s: Change—Innovating for Transformation
6. The 5C’s: Chance—Investing in Risks
7. The Four Faces of Organizational Innovation
8. AI: Doom or Deliverance?
9. Integrating the 5C’s Into Your Organization
Appendix: The Creation of the Innovators’ Circle
Acknowledgements
Index