In this episode of Venturis Stories, Gaurav and Arjun chat with Jim Verquist, founder of Engine 2 Innovation, about fostering innovation in large, established companies. Jim shares his experience, ranging from U.S Marine Corps, to 3 silicon valley startups to large mature companies and stresses that innovation isn't just for startups. He discusses the common failure of internal venture teams, the importance of trusting experts, and the need for an environment that supports unfiltered experimentation. The concept of swarm intelligence is explored, highlighting how any employee can spark innovation. Jim also outlines a playbook for creating new growth curves within big companies, advocating for a dual focus on current operations and exploring new, scalable business models.

Jim Verquist, LInkedIn: https://www.linkedin.com/in/verquist/

Engine2 Innovation: https://engine2.us/

Timestamps:

The secret to unlocking innovation (00:00:05)

Discussion on why startups succeed in innovation and the challenges faced by mature companies.

Introduction to Jim Verquist (00:01:29)

Gaurav introduces Jim Verquist, founder at Engine 2 Innovation, and his passion for innovation.

Culture shock in big companies (00:02:25)

Jim shares his experience transitioning from startups to big companies and his mission to energize and innovate large companies.

The playbook for building new S-curves (00:17:44)

Discussion on the challenges faced by GMs and product managers in mature companies and the playbook for building and launching new S-curves.

Implementing swarm intelligence (00:14:55)

Jim explains the concept of swarm intelligence and how to unleash the innovation potential of regular employees.

Balancing innovation access and risk (00:08:24)

Discussion on balancing swarm intelligence with risk appetite and the resentment created by innovation access disparities.

Laws of innovation (00:04:10)

Jim explains the laws of innovation and the differences in approach between startups and big companies.

Mimicking Silicon Valley in large companies (00:18:31)

Jim presents a playbook that mimics the exploration and exploitation phases of startups within successful companies.

Bureaucracy and Innovation (00:22:44)

Discussion on the role of bureaucracy and the challenge of balancing innovation in large companies.

Steve Jobs' Approach (00:24:21)

Exploration of Steve Jobs' perspective on innovation and the importance of focusing on content and the big picture.

Career Journeys and Innovation (00:25:13)

Speakers' personal experiences in large companies and the challenges and opportunities for innovation.

Innovation in the US Marine Corps (00:27:12)

Insights into innovation in the US Marine Corps and the experience of driving change in a large organization.

Shrinking Portfolio and Innovation (00:30:46)

Discussion on the journey from working in large companies to startups and the catalyst for innovation.

Framework for Innovation (00:32:17)

Reflection on the potential for innovation in various organizational settings and the importance of a basic framework for mature companies.

Contact Information (00:33:04)

Information on how to connect with Jim Verquist and Engine 2 Innovation.