Covered by NYDaily News. Las Vegas man accused of threatening a prominent attorney and making vile remarks.
Covered by New York Times, and other outlets. Fake heiress accused of conning the city’s wealthy, and has an HBO special being made about her.
Accused of stalking Alec Baldwin. The case garnered nationwide attention, with USAToday, NYPost, and other media outlets following it closely.
Juror who prompted calls for new Ghislaine Maxwell trial turns to lawyer who defended Anna Sorokin.
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Dealing with a corporate turnaround can be really tough on a business. There’s usually a lot of pressure to cut costs and improve efficiency quickly. But it’s important not to sacrifice innovation entirely during the process. Innovation is what drives long-term growth and sustainability. The key is finding the right balance between optimizing what you have now and investing in the future.
When a company is struggling, there can be a tendency to throw the baby out with the bathwater. Before making drastic cuts, it’s important to fully understand what innovation assets already exist within the company. This includes things like:
Taking stock will help identify innovation strengths to build upon and gaps that need to be addressed.
When resources are tight, you have to be very targeted about where you invest in innovation. Focus energy and budget on quick wins that can drive near-term revenue or cost savings.Types of quick win innovation projects:
Avoid longer-term, higher risk innovation projects until the company has more financial stability. Manage innovation like a portfolio – quick wins help fund the riskier bets.
During a turnaround, there can be a tendency for top executives to centralize control and decision making. But when it comes to innovation, it’s important to also empower middle managers.Innovation often happens most effectively at smaller scales where teams are closest to customers and day-to-day operations. Middle managers understand these contexts the best. Empower them to:
Giving middle managers more ownership over innovation helps unlock the creativity and problem-solving capabilities closest to the real work.
During a turnaround, typically every part of the business is put under a microscope to improve efficiency. However, it’s important to still maintain some “slack” in the system – resources that aren’t tightly managed.This creative slack gives innovators space to experiment, learn and uncover unexpected insights. Without it, people typically just optimize existing ways of doing things. Maintaining slack can look like:
While slack resources need to be small and tightly monitored, they pay dividends by uncovering innovations that reimagine whole ways of doing business.
While investing internally has to be frugal during a turnaround, don’t overlook opportunities to leverage external innovation. Look for win-win partnerships with startups, university researchers, vendors etc. where both parties bring unique assets to the table.Types of partnerships to consider:Research collaborations: Fund research projects at universities to solve key challenges.Startup partnerships: Trade access to assets/distribution for equity or first-customer privileges.Innovation outposts: Small, semi-autonomous external teams focused on certain emerging opportunities.Vendor innovation programs: Partner with existing vendors/suppliers on co-innovation projects.Partnerships allow you to tap into talent and ideas beyond the company’s walls on a flexible basis. This boosts innovation bandwidth when internal resources are strapped.
As leaders, it’s critical that you continue to inspire a culture of innovation even in tough times. Communicate that innovation is still a priority and celebrate scrappy, frugal innovation efforts happening at all levels of company.Some tips for fostering scrappy innovation culture during turnaround:
The more you can spotlight those innovating more with less, the more likely others will emulate them. Frugality is innovative!Innovation may need to slow down and tighten up during a corporate turnaround, but it can’t grind to a complete halt. Following these best practices will help you achieve the right balance. Focus innovation investment on the quick wins while empowering middle managers and maintaining some slack for creativity. And continue to inspire a culture where innovation thrives, even under tight constraints. Maintaining forward momentum is key for coming out the other side stronger than ever!
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