Mike Stemple has built 20+ startups, is an expert at ideation, innovation, and startup psychology, and advises corporate executives and innovation teams on how to “think and act more entrepreneurial.”

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Guest Resources

Innovating Innovation – Why Corporate Innovation Struggles in the Age of the Entrepreneur.

Inspirer – Helping executives and innovation teams learn to innovate faster, with smaller teams, and less capital, through the use of startup psychology, training, and consulting.

Mike’s Email – Connect with Mike!

3 Value Bombs

1) It has never been easier and more profitable to be an entrepreneur in all of history – even going into this economic environment we are in. Great companies were created in scarcity. Scarcity breeds creativity.

2) The innovator psychology is focused on creation and making things, being curious, and tracking down new ways of optimizing that machinery.

3) Fierceness is a powerful and heartfelt intensity. Great innovators have an emotional fierceness about them. They have this intensity when they talk about their ideas, this passion that just comes through in the presentation of their ideas, that’s lacking in the corporate environment.

Sponsor

HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: Innovating Innovation with Mike Stemple

[1:17] – Mike shares something that he believes about becoming successful that most people disagree with.

• Startups are significantly better at innovation than corporations.

[2:36] –  The contemporary definition of innovation

• Innovation is the human response to evolution.
• When we are faced with evolution, changing markets, changing demographics, changing environments, what we do is we use these tools of technology – combined with the tools of creativity – and create something new to adapt ourselves into that environment.

[4:05] – Examples of innovations.

• A whiskey brand called Jeffersons — Instead of keeping them in a warehouse, they’re loading them onto a shipping container, putting them into a cargo ship, and sending them around globe.
• The motion of the ocean moves the liquid in the barrel. The whiskey in the barrel and the temperatures – the hot temperatures and the cold temperatures – are seasoning that whiskey in a radically different way than you can do in a warehouse environment.

[7:29] – The differences between innovators and operators.

• It’s psychology. Operators are the pit crew of a company. Their job is to take the race car driver the car, or the machine that an innovator creates.
• The innovator psychology is focused on creation and making things, being curious and tracking down new ways of optimizing that machinery.
• Operators are your Masters of Business Administration; their focus is on optimization through process improvement.

[9:42] – A timeout to thank our sponsor!

• HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!

[12:07] – The number one quality that separates entrepreneurs and corporate innovators.

• Fierceness is a powerful and heartfelt intensity. A great innovator has an emotional fierceness about them. They have this intensity when they talk about their ideas, this passion that just comes through in the presentation of their ideas, that’s lacking in the corporate environment.

[1:25] – How do entrepreneurs in residence help companies be more innovative and entrepreneurial?

• It’s when an entrepreneur is sitting on the sidelines waiting for their next gig and they add value back to the school or back to the VC firm that they were previously funded at.
• When people present problems to you, solve them to create the next new thing. It’s one of the things that creators and entrepreneurs just have.

[16:33] – Mike’s key takeaway and call to action.

• It has never been easier and more profitable to be an entrepreneur in all of history, even going into this economic environment we are in. Great companies were created in scarcity. Scarcity breeds creativity.
• Inspirer – Helping executives and innovation teams learn to innovate faster, with smaller teams, and less capital, through the use of startup psychology, training, and consulting.
• Mike’s Email – Connect with Mike!

[17:28] – Thank you to our Sponsor!

• HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!

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