The Innovators Hypothesis: How Cheap Experiments Are Worth More Than Good Ideas

The Innovators Hypothesis: How Cheap Experiments Are Worth More Than Good Ideas

What is the best way for a company to innovate? Advice recommending "innovation vacations" and the luxury of failure may be wonderful for organizations with time to spend and money to waste. The Innovator's Hypothesis addresses the innovation priorities of companies that live in the real world of limits. Michael Schrage advocates a cultural and strategic shift: small teams, collaboratively--and competitively--crafting business experiments that make top management sit up and take notice. He introduces the 5x5 framework: giving diverse teams of five people up to five days to come up with portfolios of five business experiments costing no more than $5,000 each and taking no longer than five weeks to run. Successful 5x5s, Schrage shows, make people more effective innovators, and more effective innovators mean more effective innovations. Michael Schrage is a Research Fellow at the Center for Digital Business at MIT Sloan School of Management. A sought-after consultant on business innovation, he is the author of Serious Play: How the World’s Best Companies Simulate to Innovate and What Do You Want Your Customers to Become? Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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Episoder(1559)

Joe Ngai and Nick Leung, "The Next China Is Still China: An Insider's Playbook for Winning in the New Era" (Scribner, 2026)

Joe Ngai and Nick Leung, "The Next China Is Still China: An Insider's Playbook for Winning in the New Era" (Scribner, 2026)

What’s going on in the Chinese economy? China reported GDP growth of just 4.3% last quarter. Consumption is sluggish, exports are booming, electronics manufacturers and chipmakers are reporting huge p...

30 Jul 56min

Robert Lee Maril, "Hungry Oklahoma: Confronting Poverty and Food Insecurity" (U Oklahoma Press, 2026)

Robert Lee Maril, "Hungry Oklahoma: Confronting Poverty and Food Insecurity" (U Oklahoma Press, 2026)

In Oklahoma, one out of every six residents is poor. One in five children lives in poverty and faces food insecurity. In Hungry Oklahoma: Confronting Poverty and Food Insecurity (U Oklahoma Press, ...

30 Jul 35min

Adam Y. Liu, "Authoritarian Markets: The Politics of China's Banking Explosion" (Cornell UP, 2026)

Adam Y. Liu, "Authoritarian Markets: The Politics of China's Banking Explosion" (Cornell UP, 2026)

Authoritarian Markets explores the political foundations of China's banking boom and its far-reaching impact on the Chinese economy. In 1978 China had no commercial banks. Today it commands the wor...

28 Jul 57min

Lana Swartz on Digital Money and Digital Cultures of Money

Lana Swartz on Digital Money and Digital Cultures of Money

Peoples & Things host, Lee Vinsel, talks with Lana Swartz, Associate Professor of Media Studies and Shannon Mid-Career at the University of Virginia, where she runs the Digital Cultures and Economies ...

27 Jul 1h 24min

Toby Miller and Joan Pedro Carañana, "Global Sports Go Green—Or Do They?" (Palgrave Macmillan, 2026)

Toby Miller and Joan Pedro Carañana, "Global Sports Go Green—Or Do They?" (Palgrave Macmillan, 2026)

Just how much damage is sport doing to the planet? In Global Sports Go Green—Or Do They? (Palgrave Macmillan, 2026) Toby Miller, Profesor Distinguido at the Instituto Tecnológico de Monterrey, Mexico ...

26 Jul 44min

Andrew Flachs, "Feeding the World as If People Mattered: How Small Farms Produce Value Beyond Yields" (U Arizona Press, 2026)

Andrew Flachs, "Feeding the World as If People Mattered: How Small Farms Produce Value Beyond Yields" (U Arizona Press, 2026)

Backyard gardens flush with cucumbers, tomatoes, and peppers where bees buzz and chickens scratch. Beyond, a forest filled with blackberries and jewelweed. Inspired by childhood memories of his gra...

24 Jul 49min

Systemic, Non-Linear Change Is Today’s Path Forward

Systemic, Non-Linear Change Is Today’s Path Forward

Ilene Fischer is the founder and CEO of Sophia Network, where she guides executive leaders through the turbulence of disruptive change, mergers, reorganizations, and breakthrough innovations – applyin...

23 Jul 27min

J. W. Mason and Arjun Jayadev, "Against Money" (U Chicago Press, 2026)

J. W. Mason and Arjun Jayadev, "Against Money" (U Chicago Press, 2026)

Money is everywhere in our daily lives. It lurks in the swipe of a card at the grocery store, in looming student-loan debts, in the prices of things we want, and in our subconscious navigation of th...

19 Jul 1h 12min

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