AI, VC, & Data Insights into Corporate Innovation with Thomas Thurston of Ducera Partners

On this week's episode of Inside Outside Innovation, we sit down with Dave Brown, founder and managing partner at Brown Immigration. Dave and I talk about the innovation economy and the importance of immigration, and the impact immigration policy has on its success. Let's get started. Inside Outside Innovation is the podcast to help new innovators navigate what's next. Each week we'll give you a front row seat into what it takes to learn, grow, and thrive in today's world of accelerating change and uncertainty. Join us as we explore, engage, and experiment with the best and the brightest innovators. entrepreneurs and pioneering businesses.Podcast Transcript with Dave Brown, founder and managing partner at Brown ImmigrationBrian Ardinger: Welcome to another episode of Inside Outside Innovation. I'm your host, Brian Ardinger, and as always, we have another amazing guest. Today we have Dave Brown. He's the founder and managing partner at Brown Immigration, where he works closely with emerging companies, VCs, and private equities to solve immigration challenges. So welcome to the show, Dave. Dave Brown: Thanks for having me, Brian. Great to be here. Brian Ardinger: Dave, we've known each other as friends and poker players for a while, but I wanted to have you on the show, because we've occasionally had these conversations about how does the law fit into innovation and specifically the law that you focus on, which is the immigration law. Let's start by giving a little bit of background of the things that you work on. Dave Brown: Of course I'm happy to share. You know, the interesting thing about me, I think that draws a lot of the clients we work with is I'm originally from Canada. I was actually a lawyer sitting in Toronto doing a lot of inbound US immigration for startups, companies, founders, and found a special someone who's a US citizen. She was getting a PhD at Stanford.So, I made a decision since I was supporting all these clients and companies in the Bay Area. That I'd actually moved to the US and so I came here at the end of 2000 and spent about five years in the Bay Area supporting a lot of founders’ companies there before finding myself moving to the Midwest here where my wife originally came from.But the through point in all of this is that I've been dealing with a lot of individuals over the years who have started companies in a wide variety of tech spaces, and there are a lot of interesting people I've worked with over the years. Brian Ardinger: Obviously immigration, you hear it in the news, and I think there's a lot of misconceptions and misunderstandings what, what immigration is and how does it play into the tech space and that. So, tell us a little bit about the messaging that is out there in the media about immigration and what are the different nuances around that? Dave Brown: Yeah, I guess I would say that the messaging is just wrong to start with. It's unfortunate, and I think that this narrative has been kind of fostered as immigrants or the other, that they're bad, that there's some negative element associated with bringing people into this country. Which is amazing to me because this country is completely founded on immigration and this country, quite frankly, wouldn't exist without immigration in the way it does today.So, the, the current media blitz is bad, and the thing quite frankly, I'm concerned about is it impacts a lot of what we do. You know, when I run into someone, people always seem to think that I'm dealing with someone at the border. That's someone who's trying to sneak in and take someone's job. And the reality is, is we're all about innovation, right?You know, the people you talk to in this space, they're all about creating something new, creating something that didn't exist before. When I think about my own journey, I've got a firm with about 50 employees that wouldn't otherwise potentially be employed in this space if I didn't immigrate to this country and decide I wanted to start the firm.And every day I deal with people who have decided to come to the US to make that choice. And they're kind of fearless. You know, they've already made that choice. They're just going to uproot their family and come to the US. They're comfortable with the idea that they're going to start a company that may never make any money, that may never go the direction they hope it will go.But they're kind of fearless and they're willing to do that. And that's really what we need. And if you look at the history of this country, this country's been founded by immigrants who have made that step and, and really pushed in that direction. Brian Ardinger: If you think about in a lot of the big companies that we think about, Google and others, were founded by those who immigrated here to the United States. Let's talk and unpack a little bit about the visa policies. I think we hear, you know, words like green cards and H1B visas and that. Maybe tell us a little bit about what's the visa policy in the United States now, and how do people get here? Dave Brown: The first thing I would say is the visa policy is woefully inadequate for the size of our economy right now. Most of the laws that we deal with and interpret and use to support our clients have been in existence for four or five decades, some even longer than that. And, and at that point, our economy was less than a fifth of the size of our current economy. Our population was about a hundred million less. And so, we really need to revamp our immigration rules.Really, the legislation itself. But obviously what my job is, is to try and get the best result for someone despite what the challenges may be. And so, there's still tools in the toolbox. We still find a way to make things work. And definitely if we're dealing with someone who's very highly regarded in their particular field, very highly educated, that does open up options for things like the O1 visa, that's a visa for someone who's an alien of extraordinary ability.And I will say that the thing that we've seen more recently, because it, you can look at what happened under the four years under the prior administration and kind of juxtapose it against this current administration. There were a lot of kind of things that were put in the system four years ago that didn't really make any sense.That made things harder for people to come in and to maintain status. And we, we had people, quite frankly, who we filed to extend their status. And they were denied on the extension when there was a longstanding policy that if there's no material change and the government had already made a decision that this visa is appropriate, that they shouldn't suddenly say no to an extension of that same visa.And so, when Biden came back into office, he reinitiated that policy. So, we don't have those kind of weird disconnects when we extend. That's just one example of the changes. Brian Ardinger: In a case like that, so, so let's say a person comes to the United States to get a degree, wants to stay on as working in AI or working in the tech sector and such, what does that process look like?Dave Brown: So, most people who come and get a degree, they have an ability to get a work permit immediately following their degree program. And if they're in a recognized STEM program, science, technology, engineering, or math, they're el...

On this week's episode of Inside Outside Innovation, we sit down with John Winsor co-author of the new book, Open Talent. John and I talk about the shifting landscape of talent and tools and dive into what companies need to do to adapt and thrive in a new global marketplace for talent. Let's get started.Inside Outside Innovation is the podcast to help new innovators navigate what's next. Each week we'll give you a front row seat into what it takes to learn, grow, and thrive in today's world of accelerating change and uncertainty. Join us as we explore, engage, and experiment with the best and the brightest, innovators, entrepreneurs, and pioneering businesses.Transcript of Interview with John Winsor, CEO and founder of Open Assembly and Co-author of Open TalentBrian Ardinger: Welcome to another Inside, outside episode. We are here today with another amazing guest. Today we have John Winsor. He is the CEO and founder of Open Assembly and Co-author of the new book, Open Talent: Leveraging the Global Workforce to Solve the Biggest Challenges. Welcome to the show, John. John Winsor: Hey, thanks, Brian. Psyched to be here. Brian Ardinger: I'm excited to have you on for a couple different reasons. One, you've been at the early days of experimenting in this whole world of talent, you know, before covid, before people knew what remote work was and that you've been an advocate for that. I think you started your career in the creative space.You built Victors and Spoils, which was the first creative agency that was built on crowdsourcing principles. You've started Open Assembly and that, so what's this term, open talent, and what does it mean to you? John Winsor: You know, I think people got confused and when we were doing research on it, you know, I started using kind of what I would call alternative, you know, talent models way back in the eighties.Because I owned a magazine, I couldn't afford to I have a bunch of editors and writers, so I had the readers write a lot of the stuff, and so it worked out really, really well. I sold one of the magazines, Women's Sports and Fitness to Conde Nast, and it was a, you know, pretty a great win. But what we're talking about is we're talking about really the digital transformation of talent writ large.And so, we believe that there's this kind of seismic shift between companies that set the terms of employment because there's more supply than there is demand. Today, there's more demand than there is supply. And so that's just kind of basic economics that, you know, especially in tech these days. I mean, Korn Ferry says there's 85 million jobs that will go unfilled by 2030.In the tech world, it's going to cost companies $8.5 trillion. I suspect that's going to be reduced a bit just because of, you know, generative AI and things like that. But my sense is that's still a big deal. We're excited about that. So, one of the things we started talking about, I kind of used the term back in the day, co-creation.And that was an idea that came out of the magazine work where the customers were actually co-creating, and I coined that word in a book called Beyond the Brand 2002. But as things got going, you know, we started using the word crowdsourcing and then obviously gig got big. But I think gig is a misnomer in that gig to me is all about having somebody be told by, usually by an algorithm of where to work and when to work. You know, I need to pick up, you know, Brian at the airport at this time. Whereas, you know, open talent is really a mixture of freelance. We kind have three legs to the stool in this kind of digital transformation of talent at the higher end. It's building external talent clouds, building internal talent, marketplaces, and then open innovation capabilities.Brian Ardinger: Very interesting. Let's talk about, you've written a new book called Open Talent. Yeah. And it's leveraging some of these new things that we're seeing out there. What made you decide that now's the time to kind of summarize this and help people figure this out? John Winsor: Because Harvard Business Review asked me to write a book. We started this journey, you know, I was at Harvard, but we had a thing called the Crowd Academy. We were about to gather the hundred, you know, top thinkers about these kinds of alternative, you know, hiring practices. And essentially what happened was that we started a conversation, Balaji Bondili, Dyan Finkhousen, Balaji's from Deloitte, Dyan Finkhousen from GE, and Steve Rader from NASA just on a regular basis.And then as Covid hit, you know, John Healy had joined the group from Kelly and said, hey, instead of making these kind of monthly and private, let's make these open to the world. And about 4,000 people came to the calls. So. There seemed to be a really a need for figuring this stuff out. And then obviously trying to frame that up and that group was really, really, our community is really, really important to figure out what the idea of a networked organization should be. What's the framework? All those things. And, and we felt like one of the things that wasn't happening in the market is that there are thousand platforms out there that are doing this great work. But the problem is, is like if you look at adoption of other things, let's say cloud computing, for an example, cloud computing, you know, the big guys got together, and they decided on common language and common process.And you know, all of a sudden it was cloud computing. The name was the same across companies and across platforms. And adoption was easy. So for customers, it was really easy to say, okay, I can kind of get what it is, I can start exploring it. Whereas in this kind of freelance open talent space, everybody says it's something different.Gig, freelance, open talent, everybody uses a different process. There's always compliance and security stuff. Some companies do it, some companies don't. And we really wanted to kind of build that framework for the industry to just to create, you know, a higher amount of adoption from enterprises. Brian Ardinger: Obviously with Covid and that there's been a rapid shift for people paying attention to this. So, you know, I, I've been in this innovation space talking a long time, and you talk about disruption and five years ago, 10 years ago, it was like, yeah, yeah, I get it. Disruption may happen. But then you have something like covid and literally everybody's life is somewhat changed or altered. So, it, it becomes more in the forefront. And now we're coming out of it to a certain extent and folks are now trying to figure out, do we go back? How do we move forward? What are you seeing from your corporations out there? It's like, how are they trying to navigate the the new way? John Winsor: Yeah. It's really hard, right? It's a generational change. I mean, I think that if you put the hat on of a guy my age, 64, and you've been running a company for a long time, you know your cultures is having your people around you and seeing face to face.Yeah. And having meetings. If you're a millennial that grew up on your phone, you know, and you've been in the job market for a couple years, you don't really care. You know, you're going to like work where you want and how you want. And so I think there's this big dynamic going on, you...

On this week's episode of Inside Outside Innovation, we sit down with Maria Flynn, author of the new book, Make Opportunity Happen. Maria and I talk about the entrepreneurial journey and some of the hands-on things you can do as an entrepreneur to make the journey more effective and rewarding. Let's get started.Inside Outside Innovation is the podcast to help new innovators navigate what's next. Each week we'll give you a front row seat into what it takes to learn, grow, and thrive in today's world of accelerating change and uncertainty, join us as we explore, engage, and experiment with the best and the brightest, innovators, entrepreneurs and pioneering businesses.Interview Transcript with Maria Flynn, Author of Make Opportunity Happen and Co-founder of the Digital Health KC InitiativeBrian Ardinger: Welcome to another episode of Inside Outside Innovation. I'm your host, Brian Ardinger, and as always, we have another amazing guest. Today we have Maria Flynn. She's an entrepreneur, co-founder of the Digital Health KC Initiative, and author of the new book Make Opportunity Happen: The Entrepreneur's Guide to Align Your Own Stars. Welcome, Maria. Maria Flynn: Thank you for having me. Brian Ardinger: Hey, I'm super excited to have you on the show. Our good friend Melissa Vincent, who runs the Pipeline organization down in, in Kansas City, connected us and said, hey, you need to talk to Maria and get her opinions and insights on what's going on in the entrepreneurship space.And with your new book coming out, we figured it'd be perfect time to have you on the show. Let's give a little background of how you became an entrepreneur and, and maybe a little bit about your journey. Maria Flynn: So, I grew up with entrepreneurial parents, so it was kind of in me from a early age. I went on into engineering and that was a great foundation to launch as an entrepreneur.And then I found myself as an intrepreneur inside a larger company, Cerner Corporation, so healthcare IT. And that was a great training ground to go on in my own entrepreneurial endeavor later, but I had that real urge to go find what that was. When I left Cerner, I went looking for what it was. Kind of just out there, leap of faith, not knowing what I was going to find. And I found my co-founders in Orbis Biosciences. It's a pharmaceutical manufacturing technology company. We started in 2008. And we sold it in 2020. And since then, I've been working with entrepreneurs, which is how the book came about, is I was repeating the same stories in a book as a way to scale yourself so that I could help more people. So, I'm excited that it's out in the world now. Brian Ardinger: Excellent. Well, let's dive right into it. It's called Make Opportunity Happen. And so, I would imagine that through your journeys, it wasn't just you figuring out how to do all this kind of stuff. What were some of the biggest inflection points in your career that you write about in the book or otherwise that helped you figure out the entrepreneur journey?Maria Flynn: Yeah, so after you sell a company, you go into a period of reflection. And when I really thought, you know what is my value and what do I do uniquely well. It was around, you know, getting things done and ironically when I started to jot a few notes down, there was a book that came out that was about getting it done. I was like, oh no, somebody came out in the world with the book. And then when I looked at it, I was like, no, my book is very different. You need to know many things as an entrepreneur, and you don't have enough time. To read all these books. So, this book is kind of a guide to get fast track on certain things from hiring to firing, to building your board, to raising funding to strategy.And it's kind of a compilation of all the things I learned from getting things done as a kid, working in my parents' business, to tools that I learned when I was at Cerner, to what made Orbis successful. And it goes through different pillars. It's about execution, perseverance, adapting. And your support system and then your mindset is entwined in all that.Brian Ardinger: What I liked about the book, and I, and I got an advanced copy of it, it's almost like a textbook or a guidebook that you can kind of pick up at different times during your entrepreneurial journey. You really do a good job of providing kind of templated pieces. Let's say I'm trying to hire, or I'm trying to, you know, understand how to figure out the mentors that I should be working with, and you have little guidebooks or little templates that the entrepreneur can follow to help if nothing else just put some structure around what is oftentimes an unstructured practice of entrepreneurship. Maria Flynn: Yes. And so, you can think of it as a series of frameworks that, as you've been through the journey, a lot of this stuff seems like common sense. But when you're starting, like how do you start to think about some of these things?So that's what these little mini sections are meant to do, to give you a story, to give you some lessons learned that either I learned myself or other people helped me learn. And then a way to go forward and think about it for you. So, it's not just about theory, but it's how do you put something into practice.Brian Ardinger: You've had a chance to work with entrepreneurs in addition to being one yourself. What are some of the biggest pitfalls or misconceptions about entrepreneurship that you've seen out there? Maria Flynn: I think a lot of times people think it's super easy, particularly sometimes, with scientists and they think the hard part is the science and then all the business commercialization is the easy part.And so, I work with them to help them see people bring different strengths. And sometimes when you pair different magical people, you get something even more magical. And then sometimes you're so ingrained in the entrepreneurial learning that once you start to do something, we've made it sound so hard.So, kind of a fine balance of like, yes, you can do this, but know that nothing is as easy as you think it's going to be, or as quick as you think it's going to be. So just having the right tools and support system around you that you're going to be successful. And then knowing how to make adjustments. So a lot of times when we start on something, no idea is perfect from the beginning and how do you adjust with market data so that you are getting into something that's viable. Brian Ardinger: Yeah, I think that's one of the key points, especially early times with maybe a scientist or entrepreneur that kind of, I, I find this a lot with like software developers who become entrepreneurs. They know how to build things. They build things regardless of its, you know, wanted by the marketplace or how you sell that to the marketplace, and they kind of fall into that particular trap versus listening to customers and, and that discovery process that oftentimes you have to go through to actually figure out what business you are creating and why.You know, in your book you talk a lot about aligning stars and this metaphor of constellations. Talk about how you came up with that and, and how does that play out in what you've written? Maria Flynn:<...

On this week's episode of Inside Outside Innovation, we sit down with Thomas Thurston, Chief Technologist at Ducera Partners. Thomas and I talk about AI, venture capital, and some interesting data insights into what makes corporate innovation work or not work. Let's get started. Inside Outside Innovation is the podcast to help new innovators navigate what's next. Each week we'll give you a front row seat into what it takes to learn, grow, and thrive in today's world of accelerating change and uncertainty. Join us as we explore, engage, and experiment with the best and the brightest innovators. entrepreneurs and pioneering businesses.Interview Transcript with Thomas Thurston, Chief Technologist at Ducera PartnersBrian Ardinger: Welcome to another episode of Inside Outside Innovation. I'm your host, Brian Ardinger, and as always, we have another amazing guest. Today we have Thomas Thurston. He's the chief technologist at Ducera Partners. He was introduced to us from a mutual friend at Amazon, Kate Niedermeyer, who said you have a driving interest in helping corporate innovators and investors be more successful by unlocking insights from data. So welcome to the show Thomas. Thomas Thurston: Hey, thanks. Great to be here. Brian Ardinger: Hey, I'm excited to have you. As I've alluded to in the intro, you're a data scientist, a venture capitalist, focused on this particular space for a long time and a pretty varied background. So, tell us a little bit about yourself and what you do.Thomas Thurston: I like to think of myself as a data scientist who's been in the venture capital industry for almost 20 years now. The idea has always been how can you use. Data, AI, any, any quantitative tools to get insights into what's happening in private markets. So, what's happening with companies that aren't disposing a lot of data that are early stage or otherwise librarial shape environment. Today at Ducera Partners, it's an investment bank, where I'm Chief Technologist, as you mentioned. The way I would explain to Ducera which may be a little different in that it's kind of a startup investment bank. And the idea is we want to be disruptive in investment banking and really use technology as a backbone to do that.So, through AI, through analytics we build in-house, can we do that? Can we really be disruptive in industry that hasn't seen that much change in its business model for a hundred years? And since the bank was launched about six, seven years ago, we've done over $750 billion in transactions. We're averaging around a $100 billion a year in deals, and we've done that all with you know, somewhere around 50 people or so, although it's growing quickly. I really do think it's been the technology that's been able to enable us to really change the way we do things. So, I'm proud of that.My story really started a long time ago when I was at Intel in an incubation group just like everyone else. They had a new business incubator, about a dozen or so projects. We were one of those projects and we were starry-eyed, hoping to build a billion-dollar business for Intel. We got our blue badges ready to go every morning. And it's kind of what you might expect the first year or, so it was amazing. We were doing great, and then one year we were super strategic.We got this funding a few years later, we were no longer strategic, and it got shut down instead. Those decisions had nothing to do with us. So, one day someone up in top of the ivory tower thought it was optics for strategic, the next time it wasn't. And I'm pretty sure nobody was thinking about our project when that decision was made to shut it down and everything related to what we were doing.So, I think it just was demoralizing. You give your blood, sweat, and tears to a project. At end of the day, it didn't matter, right? Something completely random blew up your project. And I just remember looking at all these cubicles at Intel and just seeing all these projects just like ours, everyone's smart, everyone's doing their best, everyone's working hard to be innovative and just wondering, does this ever work?I mean, what? Because you know, at the beginning I thought we couldn't possibly fail. We've got this big, you know, like the best of both worlds. Big company, excitement with a startup. Couple years later, you're so grizzled and battle scarred. You're like, can this, this even possible? Because any of these projects ever work.And I wanted to know what percentage of the time projects like this succeed or fail at Intel. And of course, I realized that nobody actually knew. Because like every big company, things get started when shut down all over the place. And it's nobody's job to run around and track it and, and kind of make a database out of it.And if you think about the contrast at Intel, you can measure latency in picoseconds, right? They measure absolutely everything. But when it comes to all the money, I was finding in venture capital and M&A, and new product launches, kind of all this growth, money going to work, there just wasn't much in the way of quantitative metric.It was like every other company; people do their best deal by deal. You win some, you lose some and hey, and no one could say what percentage of the time it worked. So, I just decided to start studying it myself. Spent over a year collecting data on all the product launches, all the deals I could find, to see were any of the variable’s decision makers had in the beginning correlated at all with how those deals performed 5, 7, or even 10 years later.Brian Ardinger: Well, that's the first question I want to ask, because I think you're correct that most people don't track it or, or don't track it well. Why is it so hard to track new innovation and especially, you know, at the earliest stages? Is it because they're used to tracking different types of metrics or talk to me about that.Thomas Thurston: It's something they're all capable of doing. But also, yet I have yet to find a big company that's actually tracking this. Usually as you know, different groups are launching new innovations or products around the company. It's not centralized, so these projects kind of get funded. They come and go.Usually when they go, they go very quietly or they, the team gets reshuffled or something. So, there's no big announcement, and again, it's just no one's job to try to add them all up and track them. Everyone's doing it off in silos, and as you probably have experienced, there's a venture capital group. They're off doing God knows what in their thing and they're kind of behind some kind of closed door. The M&A group is behind another closed door doing something else. They have different stakeholders, constituency. It's not centralized. But if somebody can kind of put their arms and call it data and actually start to mine it. That's the downside. Brian Ardinger: And no one wants to talk about failure, especially with an existing company that's making money, et cetera. You know, the last thing you want to do is say, hey, my great idea was a bomb and now what do I do? Versus like in a startup world where it seems to be, if you fail, that's part of the natural process because there are things that fail when you start new things.Thomas Thurston: Yeah. In big companies, especially. We've...

On this week's episode of Inside Outside Innovation, we sit down with Elliott Parker, CEO of the Corporate Venture Studio High Alpha Innovation. Elliott is back on the podcast to talk about his new book, The Illusion of Innovation, where we talk about the pitfalls and practicalities of launching innovations in a corporate environment. Let's get started. Inside Outside Innovation is the podcast to help new innovators navigate what's next. Each week we'll give you a front row seat into what it takes to learn, grow, and thrive in today's world of accelerating change and uncertainty. Join us as we explore, engage, and experiment with the best and the brightest innovators, entrepreneurs, and pioneering businesses. It's time to get started.Interview Transcript with Elliott Parker, Corporate Venture Studio High Alpha Innovation CEOBrian Ardinger: Welcome to another episode of Inside Outside Innovation. I'm your host, Brian Ardinger, and as always, we have another amazing guest. Today we have Elliott Parker. He is the CEO of the Corporate Venture Studio High Alpha Innovation, and author of the new book, The Illusion of Innovation: Escape Efficiency and Unleash Radical Progress. Hey, welcome back, Elliott. Elliott Parker: Brian, good to see you. Happy to be here. Thanks. Brian Ardinger: It's good to have you back. I think it's been almost two years, 90 episodes since you were back on. So, let's refresh the new listeners about who you are and what is High Alpha Innovation, and then we'll get into the book. Elliott Parker: Yeah. So, I'm CEO and founder of High Alpha Innovation. We're a venture builder that works with corporations, universities, and world class entrepreneurs to build amazing what we call advantaged startups that go solve really important problems. Brian Ardinger: It's a fascinating model. There's a lot of things that have popped up since our last conversation. We can dig into all of that stuff, but the reason I wanted to have you on is you've got this new book out called the Illusion of Innovation. And I think you've distilled probably a lot of your learnings over the years into this book. The title itself, the Illusion of Innovation, what does that mean to you and why did you title it that? Elliott Parker: The book is an act of love and frustration. It's the idea that, the frustration piece is that so much of what large corporations are doing under the guise of innovation doesn't work. Doesn't produce the meaningful change they seek, and often leads to disappointment and we need to fix that. The love part is that I want corporations to be successful. We all should want corporations to be successful. There are certain things, certain problems that only corporations can solve that people collaborating through the form of corporation can address. And so, the problem is that corporations over the last 50 years have actually become worse at confronting opportunities and challenges.There's more capital on corporate balance sheets than ever before. And at the same time, they've become less capable of meaningful innovation. And what I wanted to figure out is why is that and what do we do about it? And that's what the book focuses on. Brian Ardinger: Well, I mean, you, you think about it maybe 30, 40, 50 years ago, the bigger companies had the bigger R&D budgets, and they were, seem to be exploring and building in different ways. And now you see a lot of this company kind of pulling back on that and like you said, kind of doing innovation theater. Do you think companies can create innovations by themselves today, or you know, what's been broken in the model? Elliott Parker: Yeah. I think the way that companies go about it needs to change, actually. That we're in a fundamentally different point in the economy than where we were 50 years ago. And the old model, the corporations could centralize assets and resources inside the wall of the company, control those resources and the transactions between them and generate profit. The new model in the economy of today, it's much more decentralized. Meaning small teams and individuals have a lot more power. And can do things that previously only corporations could do.The challenges that corporations in many cases haven't changed how they go about innovation, R&D, M&A, primary levers for innovation have become less effective than they once were. Still very good options, but less effective than they once were. It's a big problem. The irony of it is, is that they're better managed than ever before.They're just optimized for the wrong thing. We've gotten really good at managing our corporations to make them safe and predictable. We've gotten a lot better. There's a lot less variance in the system, and it turns out it's that variance that produces learning and produces meaningful innovation. And so, as a result, we're seeing less of it. Companies are better managed. Ironically, it's a problem. Brian Ardinger: Yeah. I think you have a quote in the book, growth results from actively seeking surprises, not from predictability. They are two different, I guess, muscles almost. You know, working in a predictable business model, executing on that, optimizing for that is different than I'm in the wilderness. I sense or I have a hunch of a problem here. How do I figure out how to create value from solving that problem or whatever? Elliott Parker: You've got to seek deliberate inefficiency, which is a hard thing to do. Our organizations are optimized in every way for capital efficiency, meaning cutting out costs, avoiding problems, making things as predictable and safe as we can.That does not produce innovation. In fact, that produces sterility over time and produces death. We don't live in systems like that. We don't thrive in systems like that. You've got to find ways to invite some degree of purposeful inefficiency that creates learning by discovering anomalies and things that challenge the status quo.Brian Ardinger: So, you talk a little bit about how do you embrace that chaos instead of the predictability. Can you talk about maybe some examples or ways that companies can start thinking about surviving or thriving in a chaotic environment versus a static environment? Elliott Parker: Yeah. In the end, the CEO of Netflix said it really well. Reed Hastings, he said, chaotic and messy will beat sterility every time as long as that chaos is productive. And that's the trick. It's making that chaos productive. I think the best analogy way that I think about it is what we see in natural ecosystems where there's a tremendous amount of resiliency.Think about the Amazon jungle and the way the Amazon jungle innovates. Incredibly resilient, and yet none of the innovation is done in a hierarchical way. It's not objectives driven. It's not broadly communicated in the system. It's not centralized. And it's not expensive. Innovation in the Amazon happens in a very decentralized way.It's a random walk. It's not objectives driven. It is constrained by available resources, but there isn't some master plan. It's not communicated, and it, it happens at the level of individual organisms or cells in that ecosystem. Where if the innovation of mutation fails too bad for that organism, but the ecosystem's fine.<...

On this week's episode of Inside Outside Innovation, we sit down with Louis Gump, author of the new book, The Inside Innovator. Louis and I talk about his experiences at The Weather Channel and CNN Mobile, as well as a myriad of topics for helping companies better identify and support inside innovators. Let's get started.Inside Outside Innovation is the podcast to help new innovators navigate what's next. Each week we'll give you a front row seat into what it takes to learn, grow, and thrive in today's world of accelerating change and uncertainty. Join us as we explore, engage, and experiment with the best and the brightest innovators, entrepreneurs, and pioneering businesses. It's time to get started.Interview Transcript with Louis Gump, Author of The Inside InnovatorBrian Ardinger: Welcome to another episode of Inside Outside Innovation. I'm your host, Brian Ardinger, and as always, we have another amazing guest. Today we have Louis Gump. He's the author of the new book, The Inside Innovator: A Practical Guide to Intrapreneurship. Welcome to the show, Louis. Louis Gump: Thanks, Brian. It's great to be here.Brian Ardinger: Super excited to have you on the show. Another inside innovator to talk more about what it takes to move the ball forward in today's corporate climate. Before we get to the book, I want to start a little bit about your background and that. I understand you worked in bigger corporations, Weather Channel, for example, and CNN Mobile, and you earn your chops trying to launch new products and services inside big companies. So, let's give the audience a little bit of background about how you got here. Louis Gump: Thanks for asking. I did have the opportunity to work with the mobile team at the Weather Channel. I led the team that launched the Weather Channel's iPhone app and Android app. And then along the way there was an opportunity to work with CNN. And so once again, our really talented and hardworking team launched CNN's iPhone app and Android app and we kind of took it from there and built the business. There are many other parts to those stories. And then along the way, I've also had a chance to be CEO of two smaller companies. And those experiences gave me an awesome vantage point to understand some of the differences between being an intrapreneur inside a larger company or an inside innovator versus an entrepreneur and leading a small one. And it led to some insights and some observations that, Hey, you know, there are a few things I wish somebody had told me along the way, and so I wanted to write the book. Brian Ardinger: Intrapreneurship and entrepreneurship are oftentimes misunderstood or even mis defined, or people have different pictures of what innovation is, and that, let's start there. How would you define intrapreneurship versus entrepreneurship and how does that compare to innovation? Louis Gump: Sure. So just to start with a definition. Intrapreneurship is the practice of creating value through innovation and growth inside a larger organization. And on the other hand, entrepreneurship, at least in general, and you can find different ways to define it, but it involves either owning a company or starting a company and being in a role where you can call a lot of the shots.And so, when you look at some of the distinctions, here are a few. One is the size and complexity of the organizations. Another one is the span of control and influence of the leader of an organization, and I suspect from some of the things I've listened to in your podcast, there are many people who could go on about that for a long time.The third one is access to resources within a larger organization, sometimes we look at entrepreneurship versus intrapreneurship, and we have a value judgment. Some people may be better, some people may be worse. I tend to toss the value judgments in the trash bin. I don't think they belong really in the center of the conversation, it's really rather what's most appropriate for a situation.And one of the really wonderful things about working in a large organization is you tend to have some resources and use, well, they can accelerate progress and help you go farther. Also, the structure and the approval processes or something that goodness knows, you could write many books on the ups and downs of this. And then lastly, the risk profile for the person who takes these sorts of things on. Not just as a generic topic, but also at a point in time. Brian Ardinger: Some of the things that we talk about, and I like in your book, you kind of have a broader definition or scope when it comes to intrapreneurship or innovation. I think a lot of people, when they hear the word innovation or entrepreneurship, they think they have to come up with the next flying car, transformational type of outcome.But it sounds like you have the agreement where it can be anything. It can be optimizing your existing business process. It's creating something new, but it doesn't, doesn't have to be transformational from what we've seen in the past. Is that kind of the way you see it? Louis Gump: A hundred percent. It's about creating value and it's about contribution. It's less about necessarily how transformative the change is. In the book, there's a story of someone who became really good at repairing diesel locomotives, you know, trains. And you think about that at some level, that is so important to the organization that cares about that. But it doesn't exactly land somebody on the front page of a magazine on the other hand, typically anyway.On the other hand, you can look at, you know, massive digital transformation. AI is a huge wave right now, it gets talked about. . And so you end up sometimes getting caught up in the technology as opposed to the benefit. And I would say, you know, a true intrapreneur, someone who I refer to as a successful serial intrapreneur, they're always focusing on contribution and creating value.Brian Ardinger: Let's talk about why it's important. Obviously, you mentioned AI and transformational things that are happening out there in the marketplace. Technology's changing. Markets are changing and that. Why is it important for companies to even foster or think about creating an environment where entrepreneurship can be possible?Louis Gump: You know, I think this topic is sometimes underappreciated, especially in organizations that are very strong. They have good cash flow. They have good products. They're kind of moving along at a modest rate of growth a year, but it's healthy and that sort of thing. And it's really about the future. When you think about the future of a company, it's essential, at least over a, you know, sizable period of time.There are four findings that I have included in the book, and it ended up being in the conclusion. What happened was I wrote the book, had a fairly distinct chapter sequence that I wanted to follow through on, and then I was reading what emerged from the writing process and I was like, oh my gosh, there are some really clear answers to the question you just posed. The first one is that intrapreneurs inside innovators, they push organizations to adapt. Sometimes they're not always smiled on. Right. Sometimes they're the disruptor, the squeaky wheel, the distraction, or whatever else you might point to. But a lot of the times, especially when someone...

On this week's episode of Inside Outside Innovation, we sit down with Paul Jarrett, co-founder of Bulu and one of the original co-hosts of this very podcast. Paul and I talk about Bulu's journey, as well as the future of e-commerce, supply chain, and logistics, and many more things. Let's get started.Inside Outside Innovation is the podcast to help new innovators navigate what's next. Each week we'll give you a front row seat into what it takes to learn, grow, and thrive in today's world of accelerating change and uncertainty. Join us as we explore, engage, and experiment with the best and the brightest, innovators, entrepreneurs, and pioneering businesses. It's time to get started.Interview Transcript with Paul Jarrett, Co-Founder of BuluBrian Ardinger: Welcome to another episode of Inside Outside Innovation. I'm your host, Brian Ardinger, and as always, I have another amazing guest. Today, if you've been around Inside Outside for a while, nine years ago, this gentleman and I started the podcast, Paul Jarrett. Welcome to show. Paul Jarrett: Oh no. What's up man? You're doing it, man. It's so friggin’ awesome to see…and every email…every, everyday I'm just cheering you on. And this is a little bit surreal, right? Brian Ardinger: Yeah. It's kind of full circle. Paul Jarrett: It's a long time, man. Brian Ardinger: The first podcast was called Inside Outside, and it was an inside look at startups outside the valley. You and me and Matt Boyd tried to have some conversations about what was going on in the startup ecosystem here in the Midwest, and since then I started Inside Outside Innovation to focus on you know, larger innovation projects, as you went on and, and did some other stuff. So, you were the co-founder of Bulu. This was a supply and logistic company based here in Lincoln, Nebraska. You started out in the subscription box space and have, you know, gone through a variety of journeys over the last 9, 10 years. And so maybe let's start there. How did you get started and, and where are you now? Paul Jarrett: Actually, probably another way of looking at it is like, oh, you're on your third company or fourth company. Call it pivot. Call it evolve, call it new company. The way I look at it is finding a better problem to solve or a harder problem to solve.My co-founder, Stephanie Jarrett, and I, who I happen to be married to. We started way back April 12th, 2012, because the first failure was trying to get it on April Fool's Day. And you know, just because you submit it doesn't mean that's the day. So, but yeah, we raised capital. I tell people way too early. We raised like a million and a half dollars before we ever sold a thing.God bless the people that believed in us. We were In San Francisco, came back to Nebraska, gave a presentation. I think we had all of the mechanics and people were like, yeah, they'll figure out the product later. And we launched a consumer-packaged goods, CPG, direct to consumer brand. It was one of the very early subscription boxes.We actually call them sample boxes because that was the first iteration. And I would say we were kind of the first non-makeup, non-beauty focused on vitamin supplements, healthy snacks. So, the idea is pay 10 bucks, get a Bulu box, come back to the website, buy full-sized version of the product, stack up your rewards points.And actually, we were taking the data and we were manufacturing our own products, right? That went amazing. As CEO I take 100% responsibility for probably, I was talking to the wrong sort of investor. Like a software investor for a consumer-packaged goods company. And kind of like subscription was the thing that was common, but it was just different.We have physical, we have a warehouse, right? I'm in a warehouse right now. But that worked. We grew a really small stint where we built a software based on the data for retail big box buyers to find products that we sampled and put them on the shelf. That's called Bulu Marketplace. It's now called rangeme.com.Super proud of that. That is, I think, what it feels like to have a billion-dollar tiger by the tail and painful to look back and go, man, we had to get rid of that, but we had to sell it as an asset in order to continue to fund our company to grow. And so then we're kind of sitting there with this Bulu Box thing that's not very appetizing to investors. A small chunk of cash from the sale of Bulu Marketplace and RangeMe.And we said, oh my gosh, what are we going to do? And it was all the marketing costs for the subscription Bulu Box that was the issue. So, we went to big brands and we said, we know how to do this thing. If you give us these metrics, we'll cook up what a projection looks like for you. And man, it was just one after the other GNC, Disney, like that's when you really actually go like I tell people when your questions go from how are we going to do this to things like, how do we find people. Like how do you ship something to, oh, we need to hire people. We need to, that's the moment when you're scaling, and I think the moment when you've kind of locked in the model and you're optimizing is when people are like. What do you do with this extra money? Right? And so I tell people, we got to live that life for probably a couple of years where you're like, we have a surplus. Like this is wild. What do we do? Better benefits for people. This is amazing, right? Pandemic strikes like everybody, world in one way or another got flipped upside down.I would say that with our investors who are awesome and behind us for well over a decade, which is crazy, VCs with a brand for over a decade, the time was up to do their thing. We needed to do ours, you know, is a mutual kind of situation where thank God and everything else involved that we were able to make an offer on the company.We acquired it a hundred percent. Stephanie Jarrett got that deal done. Hats off to her. My co-founder, who is now the rightful owner. So, I was like, no, you take more percent because number one, you deserve it. Two, you kind of run the show here and three, like maybe we'll get some perks with women owned and whatever, because it actually is a better representation of the diversity, and it's pretty cool to see non-traditional people like, you know, running old school, traditional business. Then we kind of sat there and we're like, okay, now what do we do? We have a hundred percent of the company. We have all this history; we have all the assets with Bulu. Okay, we have everything now. Now we got to make it work. And so we went back to the table and really just kind of put on that ad of if I were a consultant, what would I do? I would probably come in, learn the business and strip out anything that didn't make a good margin. Anything that they weren't a core competency. I would take out without removing the ability for them to solve a hard problem.And so, what I tell people is we basically remove the subscription box, the customer service for the subscription box, the financial management, the website build, all of that stuff we ripped out. And what we were left with was this really interesting, we call it true omnichannel fulfillment for consumer brands.That's an expensive marketing word. So, we say hybrid hub and spoke. And so simply what we say that we do is we now help any consumer brand get on the shelf and ship like a major brand. So t...

On this week's episode of Inside Outside Innovation, we sit down with Lisa Lutoff-Perlo, former CEO of Celebrity Cruises, and author of the new book Making Waves. Lisa and I talk about the world of innovation in a legacy industry, role of talent and teamwork, and the skills required to navigate the ups and downs of working in uncertain times. Inside Outside Innovation is the podcast to help new innovators navigate what's next. Each week we'll give you a front row seat into what it takes to learn, grow, and thrive In today's world of accelerating change and uncertainty. Join us as we explore, engage, and experiment with the best and the brightest innovators, entrepreneurs, and pioneering businesses. It's time to get started.Transcript for Interview with Lisa Lutoff-Perlo, former CEO of Celebrity CruisesBrian Ardinger: Welcome to another episode of Inside Outside Innovation. I'm your host, Brian Ardinger, and as always, we have another amazing guest. Today we have Lisa Lutoff-Perlo. She is the former CEO of Celebrity Cruises and author of the new book Making Waves: A Woman's Rise to the Top, Using Smarts, Heart, and Courage. Welcome, Lisa. Lisa Lutoff-Perlo: Thank you, Brian. Pleasure to be here. Brian Ardinger: I'm excited to have you on board, so to speak. No pun intended. You've had an illustrious career in hospitality going from, I think you started out maybe selling cruise packages all the way to becoming CEO of a, a major cruise line and a non-linear journey along the way. So maybe give us a little bit of background on your non-linear journey to where you are today. Lisa Lutoff-Perlo: Thank you. You captured it well. I did start selling door to door in New England where I'm from. Calling on travel agencies and promoting our brand so that they would sell more of us than anyone else. My first promotion with the company came four years later, 1989.I will have been with the company 39 years this year. Crazy. Then yes, I did so many different things. I was in sales in many different roles for 17 years. I went over to Marketing for five, then I went into operations at Celebrity, one of our other brands for seven years. Then I went back into a bigger operational role at Royal Caribbean, and then finally in 2014 I came back to Celebrity in the position of President and CEO.So it was a great journey and I learned so much along the way. Which really helped me with the innovation part of what our conversation will be. It was great experience to have done so many different things within our company and also seeing so many aspects of the industry. Brian Ardinger: One of the interesting things and why I wanted to have you on the show is the cruise industry, it's been around. It's a legacy business. It's been around since what, the 1800s or so moving passengers across the ocean. And you've, in your role, both from the beginning to where you are now, moved the bar from what a traditional legacy business was to you know, you're launching the Edge Series and new ships out there and really redefining what cruising looks like. The people that you brought on board, things like that. Can you talk a little bit about how did Celebrity look at innovation process? Lisa Lutoff-Perlo: When I became president and CEO, the Edge series was on the drawing board, if you will. It was actually all drawn, and it was ready to go to the shipyard to be built. And I realized that when I came into this role that this new series of ships, there were five on order and it meant a 72% capacity increase over a five- or six-year period of time, which is a big capacity increase. Especially for a brand of our size that really wasn't as well-known as it needed to be and didn't have as much demand, consumer demand as it needed to. It wasn't enough of a brand to be reckoned with within our industry. So, I knew that we needed to transform the business. I knew we needed to transform the financial performance. We needed to transform the demand for the brand. And to do that, we needed to be very innovative and transform our brand and how people thought about cruising, especially within the affluent traveler market that we were looking to grow so significantly. And our ships aren't small. They're not really large, but they're 3000 person ships. So, you know, I really had to look at it through a completely different lens and say, what's going to be different and innovative about Celebrity that's going to draw people to our brand over others that were supposedly in our competitive set. Brian Ardinger: You know, the process of launching a new ship takes a long time. And a lot of times it's probably one of those things, like we talk to startups a lot of times and they talk about this iterative process and it's very fast.You know, it's like I can quickly, you know, launch a new feature or something and test it with the marketplace. With something like a ship, you know, there's a large lead time at, so it must be more difficult to innovate. So how do you look at innovation and having to be, you know, 10 years ahead of this schedule when you have, you know, a five-year build cycle, for example?Lisa Lutoff-Perlo: And that's exactly what it is. Sometimes six and sometimes seven, depending. And for Celebrity, at the time we were launching the Edge series, we wouldn't have launched a new ship for 10 years. And that's a long time. If you look at the environment that we're in today, you know that Brian better than anybody.Right. Everything changes at warp speed, and one of the things I say in the book, which our boss told us all the time, was if Henry Ford asked people what they wanted, they would've set a faster horse. Right? A lot of times you have to be ahead of consumer trends, and a lot of times people don't know what they want until you put it in front of them and they say, oh, wow. What a wonderful idea. So you have to be in touch with your brand. You have to be in touch with consumers. You have to be in touch with what's going on in hospitality in general. And you have to take advantage of the things that you have as an industry that no one else has. So being at sea. Consumers always say, we want a bigger connection with the ocean.So we transformed how people could connect with the ocean. We transformed the culinary experience. We transform design because people always look at ship design as ehhh, you know, nothing special. Why would I who traveled this way and go to these types of places, want to take a cruise because it's so pedestrian, right?And so my desire and goal was to completely change the perception of how people thought about cruising and use the celebrity brand as a way to break into a whole new different consumer mindset and feel. And that takes a lot of time, energy, effort, and a lot of understanding about consumer trends in hospitality.Brian Ardinger: So, are there particular things that you really dove into or, or looked at to help give you that insight or guidance as you were building these things out? Lisa Lutoff-Perlo: So, we did a lot of research with our customers, not only our customers, but then we cloned them and said, show me other people that look like our customers. Show me other people that look like the consumer we're going after, and what are the things that they are really looking for.&n...

​On this week's episode of Inside Outside Innovation, we welcome back Audrey Crane, partner at DesignMap. Audrey and I talk about the challenges and costs of shadow design teams and the impact of having non designers do design work. Let's get started.Inside Outside Innovation is the podcast to help new innovators navigate what's next. Each week, we'll give you a front row seat into what it takes to learn, grow and thrive in today's world of accelerating change and uncertainty. Join us as we explore, engage, and experiment with the best and the brightest, innovators, entrepreneurs, and pioneering businesses. It's time to get started.Interview Transcript with Audrey Crane, Partner at DesignMapBrian Ardinger: Welcome to another episode of Inside Outside Innovation. I'm your host, Brian Ardinger, and as always, we have another amazing guest. Today we have Audrey Crane. She is a partner at Design Map, Author of What CEOs Need to Know About Design and also now a second time guest. Welcome, Audrey. Audrey Crane: Yeah, thank you, Brian. Thanks so much for having me back. Brian Ardinger: I'm excited to have you back because it's been a while. You know, you're a long time Silicon Valley design leader and you're now resident back here in the Silicon Prairie here in Nebraska. I think you came right back right before COVID hit. So probably a lot to discuss about that but wanted to welcome you back on the show.One of the reasons I wanted to have you back is I've been following you and you've been writing about some new interesting topics in and around this world of design and one of the most recent pieces I saw was a post about the cost of what you're calling shadow design teams. So, I wanted to kind of kick off the podcast with a little talk about what do you mean by shadow design teams and what's the implications of that?Audrey Crane: It's interesting right now there's a lot of conversation about like the value of design, the ROI of design. I don't know if you've heard all the chatter about that. It seems like impossible to avoid. Recently, there's a very popular blog post about the sort of gaslighting of designers with this whole value of design thing.You know, when we first started talking about it a couple of years ago, I was like, great, you know, designers should talk business. That's part of the bounded problem solving that makes design fun and interesting. And I was all in on that conversation for a long time and I still am. It's the first chapter of my book actually is ROI of Design.And it's hard to feel like that conversation is getting us where we want to go. It's hard to feel like it's getting us very far. What has been interesting to me is to look, instead of saying to organizations like, hey, you should invest more in design. Like because of the ROI, let's look at what you're spending on design today.And if that's the most effective spend that you could possibly make. And especially right now, the economy isn't great, especially in the tech industry, like let's look more at operational efficiency. So, with some of our clients and friends, we're running a survey to understand who is doing design outside of the design team.So, we're asking product managers, engineers, QA people, business analysts, executives, anybody you can get to take the survey, how much time they're spending alone doing design. So, if they're in a room with somebody else, a designer talking about something that doesn't count. We're not worried about that. But we're just measuring, like I'm doing solo work that a designer might normally do.And the numbers that are coming back are astonishing, like flabbergast. So one client that we did it with, she has a design team of like a dozen. There are 150 engineers. So already you're like, hmm, I don't know if the ratio is quite going to hold up there. But when we ran the survey, there were 22 full time employees worth of design being done by non-designers. Which is crazy. And every time we've run this survey, it's just a shocking number. Brian Ardinger: And you talked a little bit about the fact that it seems weird because you wouldn't unknowingly pay designers to code or things along those lines. So why are we paying folks that necessarily don't have the background or expertise of what a true designer could bring to the table? And that is costing companies money, time, resources, things along those lines. Is that the premise? Audrey Crane: Absolutely. Yeah. And morale, honestly, it's been interesting. I mean, I certainly have worked with plenty of organizations where there's a front-end engineer, there's a product manager that's doing a lot of design work and they like it.And when we started running this survey, I expected a lot of the answers to be, yeah, well I do design, but I do it because I like to do it. I think my work is as good as a designer, but most of the time what we're hearing back is, I wish a designer could do it. They're faster than me. I don't feel competent at this.I am not enjoying it. I have other stuff that I need to do and this is slowing me down, but there weren't designers available to work on this project or more frightening even is I didn't know how to work with the design team that we have internally. The costs are some engineers and some product managers are probably great designers.I'm sure there are some out there. But generally, if we look across the board, it's probably lower quality design. It's probably slower design. It's also probably taking away from all the work that only an engineer can do or only a product manager could do. So, it's slowing down velocity on other fronts as well.And it's a morale hit for the people who don't want to be doing it and are frustrated by it and the designers who are on the one hand trying to make a case for investing when this huge investment is already happening in design just like in a different part of their work. Brian Ardinger: Obviously organizations probably either maybe don't know this is happening or aren't actively trying to use additional resources on projects and that. What are some of the kinds of drivers that you think are causing companies to put the design effort onto other people's backs versus hiring designers or focusing on the right mix of talent? Audrey Crane: That's a good question. I mean, I think part of it is that they just don't realize how much design work there is to do. And so that's the big part of this is like, who knew that in this organization, there was 34 people's worth of design to do, to be done. I wouldn't have guessed that, right. So, it's like kind of that old trope of the alternative to good design isn't no design, it's bad design. Like it's just not happening, right? It can't be happening. That can't be happening. So, I think that that's part of it. I do feel like design teams are often perceived just as cost centers. And that's why we're having these conversations about the ROI of design and the value of design. And we do hear some pushback from designers saying, is there an ROI of engineering, is that being calculated?I'm sure it is in some organizations, but. It's such a prevalent conversation. I do think that people like to do it. I also do think some people, not most people, as it turns out, interestingly, and I also do think that there's the, the Dunning Kru...

On this week's episode of Inside Outside Innovation, we sit down with Richard Lyons, Associate Vice Chancellor at the University of California, Berkeley, and the university's first ever Chief Innovation and Entrepreneurship Officer. Richard and I talk about the evolving role of innovation and entrepreneurship at universities, as well as some key trends, opportunities, and challenges. Let's get started. Inside Outside Innovation is the podcast to help new innovators navigate what's next. Each week, we'll give you a front row seat into what it takes to learn, grow, and thrive in today's world of accelerating change and uncertainty. Join us as we explore, engage, and experiment with the best and the brightest innovators, entrepreneurs, and pioneering businesses. It's time to get started.Interview Transcript with Richard Lyons, Associate Vice Chancellor at the University of California, Berkeley, and the university's first ever Chief Innovation and Entrepreneurship OfficerBrian Ardinger:  Welcome to another episode of Inside Outside Innovation. I'm your host, Brian Ardinger, and as always, we have another amazing guest. Today, we have Richard Lyons. He's the Associate Vice Chancellor at University of California, Berkeley, and the university's first ever Chief Innovation and Entrepreneurship Officer. Welcome, Richard. Richard Lyons: Thank you, Brian. Happy to be here. Brian Ardinger: I'm excited to have you on board. I think one of the first things I wanted to talk about is, what is the role of a Chief Innovation and Entrepreneurship Officer at a major university? Richard Lyons: Ah, good question. You know, it actually, the role didn't exist four years ago. It started at Berkeley at the beginning of the year 2020. A number of universities, as you know, have launched this job category. You know, most universities that were pretty decentralized places, I like to use the phrase distributed creativity. Things happen in engineering, they happen in business, what have you.And I think the idea was, well, could we collect ourselves and become, you know, a little bit more than the sum of our parts in terms of innovation and entrepreneurship capacity? That's one way to think about why the job was created. Brian Ardinger: Well, you used to run, you're the Dean of the Haas School of Business. How does it differ when you're focused on, I guess, MBAs and the business side of things versus now there's more cross-collaborative curriculum and such. Richard Lyons: Yeah, well, I love that question because it's part of what's so much fun about being in this role You know, so CRISPR, Jennifer Doudna, one of the faculty here, shared the Nobel Prize in biochemistry a couple of years ago You know, right, science. I mean, I'm like a half an inch deep in science. I'm an economist just to put it on the table. And so, I get to mix with all these lab directors and scientists and not just Jennifer. She's just one of many but, So that idea of boundary spanning, right, in a really fundamental way, touching on people that are doing deep science, but also the social scientists and the humanists, and how do we sort of create a for all ecosystem that everybody's feeling like, yeah, well this, this serves me and is also interesting to me.Brian Ardinger: Well, it's quite interesting, you know, we've seen a lot of trends in higher education. It seems more and more Universities are jumping on this idea of cross collaboration with business. And, you know, you've always had tech transfer and things like that. What are you seeing when it comes to trends and this kind of move to focus on entrepreneurship and innovation?Richard Lyons: I think the trend is unmistakable. My own view is that you could go right to the mission statements of these universities, because I think 20 years ago, people might've said, you know, the deep why of this university is research, teaching and public service. And, and you still hear that phrase. But, you know, reaching out to, like, Simon Sinek's work, Start With Why, or whoever the idea might be, you know, those are really what and how.I mean, really important what's and how's. But the deep why is, is impact. And so, if you really thought that the mission was research, teaching, and service, Then you might look at innovation and entrepreneurship and say, oh, we're a public research university at Berkeley, and you're kind of way off on the periphery. But if the deep why is impact, no, you're kind of at the center of the mission, not the only center of the mission. Even at kind of this reframe of university missions is helping people to see that, no, this stuff is mission advancing, folks. This is not mission distracting. Brian Ardinger: Some universities get a bad rap when it comes to entrepreneurship. Maybe the old version of tech transfer where, you know, the university wanted to keep control of what was being created on the university and sharing the profits or the upside on that with the professors and venture capital and that. Can you talk a little bit about how maybe that whole tech transfer process and that has evolved and what you're seeing? Richard Lyons: Yeah, happy to. So, I was thinking a little bit before we got together here and I thought, well, I want to present four mind blows.And I think all four of these are related to your question and I don't want to get too edgy, Brian. So, here's one and we don't have to talk about all four, but, but I think it really is an answer to your question. Well, first of all, If you asked a university, is it possible for a startup, or a big company, but let's think startup, to be able to access a mass spectrometer on your campus, or a DNA sequencer, or a shake table, or in on all the IP?Is there kind of a porous way to access scientific equipment on Campus. And almost every university would say, yes, that's possible, that happens. And MP3s existed when Apple created the iTunes Store. So, Berkeley created a platform, we call it Berkeley RIC, the Research Infrastructure Commons. It's a platform with 27 labs on it, and virtually all the equipment in those 27 labs.And you, Brian, or a company of any size, could access a mass spectrometer or a cell sorter. And own all the IP it's fully priced. But this creates this sort of porous foundry and its relationship building with a lot of these companies and so forth. So that idea of opening up the infrastructure to innovation and entrepreneurship, because there's a lot of excess capacity if we're going to be honest about it.In fact, we even spun out a company based on this. It's called Second Labs, secondlab.com. And they're basically prosecuting this, you know, in a nationwide, worldwide way. So that's a fun platform. For us, it was a mind blower. Brian Ardinger: The other thing that I think comes into this conversation is the whole funding aspect. How are, and how do private funds work with, you know, public education and that? Some of the trends I know that I saw recently, you were talking about some of the interesting work around shared carried funds and that. So maybe let's talk a little bit about the finance mechanism around funding innovation.Richard Lyons: Yeah. Thanks for that. So, it actually was one of the things on my list of the four, but I'll just get right to ...