Summary
In this episode, Danny Nathan speaks with Jerry Grunwald, a seasoned chemist with extensive experience in the chemicals industry. They discuss the balance between R&D and operations, the importance of customer engagement in product development, and how innovation is defined in an industrial context. Jerry shares insights on assessing business value in innovation, the role of technology, and the significance of creating a culture that empowers teams to innovate. The conversation also touches on time management strategies for innovation and the importance of recognition and personal growth within organizations.

Takeaways

• Innovation is defined by customer focus and business value.
• Balancing incremental improvements with long-term innovation is crucial.
• Engaging with customers helps identify their needs and potential innovations.
• Technology plays a significant role in driving innovation forward.
• Creating a culture of innovation requires support from leadership.
• Empowering teams to innovate involves enabling personal growth and development.
• Time management is essential for fostering innovation opportunities.
• Recognition of innovative contributions motivates employees.
• Streamlining processes can free up time for innovation.
• Success in innovation is measured by the ability to create value. 

Chapters
00:00 Introduction to Jerry Grunewald and His Background
02:13 Navigating R&D and Operations in the Chemicals Industry
04:20 Balancing Incremental Improvements and Long-term Innovation
06:48 Customer Involvement in Innovation Efforts
09:22 Defining Innovation vs. Invention
10:21 Assessing Business Value in Innovation
12:28 The Role of Technology in Innovation
13:26 Structuring Teams for Innovation
14:31 Digital Transformation and Industry 4.0
15:20 The Role of Data and Technology in Business Transformation
17:33 Cultivating a Culture of Lifelong Learning
18:46 Empowering Employees to Innovate
22:49 Streamlining Work Processes for Innovation
25:56 Creating Slack Time for Innovation
27:44 Recognition and Growth in the Workplace
30:28 The Importance of Lifelong Learning in Today's Environment