An expert at showing entrepreneurs how to communicate the value of their innovations to investors, Lorraine has helped numerous entrepreneurs successfully market their technologies. Recently, Lorraine was invited to speak at the Katz School of Yeshiva University, where she spoke about her new book “The Innovation Mindset” and her 8 laws of innovation.
“Innovation is about bringing new products and services to the market. It is about doing things in a new way. However, there is something fundamentally missing in this definition of innovation. Something that a lot of ‘would-be’ innovators miss and something which is a fundamental truth. That is, an innovation must solve a problem. A problem that a customer is willing to pay for. ‘Pay for’ means that there can be a financial transaction to the new product service, a way of doing something that you create but it does not have to be.”
“Even if you are involved in something that is more social enterprise oriented, not for profit or trying to change how people are doing things, you still have to influence them. They still have to believe in your idea and your way of doing things. Even if you are trying to get them to move off the status quo which is their default positioning, you are changing their behaviour. Therefore, the pay can just be getting someone to do something differently, even if it does not have a financial connotation to it.”
Lorraine Marchand is a business innovation and strategic growth advisor with the ability to break down complex business problems and develop creative solutions that are strategically aligned with a company’s financial goals and address the needs of multiple stakeholders. She is a passionate business leader, advisor, and innovator. Her teaching, consulting, and business endeavors focus on designing and developing new products and services and the business and marketing models that enable their successful adoption. Lorraine has three decades of experience in new product development, innovation commercialization, data and AI, and digital transformation. She has held leadership positions at IBM, Bristol Myers Squibb, LabCorp, Cognizant, and IQVIA, and has co-founded four companies.
Connect with Lorraine on LinkedIn.
