Innovation is Not Extra Credit

Doing the same thing better, time after time, is ultimately a prescription for failure. Why?  Because people outside your company will figure out a better way and beat you. We see it all the time, in every industry. CEOs and boards who believed they could maintain their market-leading position through incremental change. They often say, “No one saw it coming.” That is a rationalization. Those who are forward looking enough to plan for major change can transform their companies and create new value.  

Lou Shapiro, CEO of Hospital for Special Surgery (HSS) in New York City, is definitely a forward-looking CEO. He understands innovation and the need to be a continual learner. HSS is the number one-rated hospital in the U.S. in orthopedic surgery. No one does it better! With all of their success, Lou still told me, “The riskiest thing we can do now is to try and stay the same.”

Read More

Being a Transformer

Not all organizations need to be transformed, but sometimes there is no other alternative. If the company does not transform, it will either stagnate or die. NYU Langone Medical Center was in such a situation 12 years ago. Today, they are thriving.  Why?  

Let me provide a high level three point summary of an article I co-authored and sent out last week published in Strategy and Business. For many of you, a short summary is exactly what you are looking for.  

Read More