DialogueMagazine

See the full Dialogue on: http://video.world-business-dialogue.com 39 “Perhaps the most important question is how we take the things we learn through experience, through science, research etc. and apply them to the way we live”, Prof. Robert C. Wolcott introduced his keynote. Many brilliant students study competitive differentiation but then take the same jobs as everyone else. According to Prof. Wolcott this is not the right understanding of entrepreneurship. “We all sit around study competitive differentiation and long-term competition and all these things, but somehow miss it in our own lives. So this is the issue I would like to talk about.” Prof. Wolcott focused in his speech on the distinction of fortification and exploration in companies. People tend to be either the one who loves to explore or to improve, but companies need both of those types of people. “If you don’t have one or the other you are in trouble. The great companies have homes for both.” Fortification is the near term future of a business while exploration is its long term future. There are persons that like to execute and those that like to get out and explore new uncertain innovation. Prof. Wolcott illustrated this comparing the different requirements of maintaining a fortress and those of maintaining a ship. “Figure out which one you are” as there are only very few people that are great at both. Moreover he talked about decision making in terms of innovation to remain successful on a long-term. "If you are successful and make a lot of money with your ideas, others will copy them which is why you have to innovate to remain on top: If you make the simple clear business decision all the time, eventually you don’t have a company anymore.” “Always keep the mission in mind” “Humans only see the things for which we are looking.” He told the story of Dr. Fleming who discovered penicillin by chance, because he made the non-obvious connection between mould killing bacteria in Petri dishes and the therapeutic applications that hundreds of researches failed to see before. The conclusion is not that success is based on chance, but you have to have a mission in order to find the solution you are looking for: “Follow your passion. The outcome of the work will be much better. The people are better at convincing others from their mission“. Furthermore, Prof. Wolcott advises to make most out of your abilities by following your mission: “Love it, change it or leave it! It is your responsibility. The most important thing is to always achieve the objective of creating prosperity in the world. Ultimately find true meaning. You know it when you see it. And if you don’t feel it go out and find it.” Innovation Resumée of the keynote speech by Prof. Dr. Robert C. Wolcott, Founder and Executive Director, Kellogg Innovation Network and Kellogg School of Management