[EO Chicago] Embracing Innovation and Conquering Business Plateaus With Mike Maddock

Rising Entrepreneurs Podcast

Mike Maddock is the Founder of Flourish Advisory Boards, hyper-curated virtual peer advisory forums for CEOs and business leaders who are focused on professional and personal growth. He is a serial entrepreneur, international public speaker, expert in innovation, and best-selling author. Mike has served over 25% of the Fortune 500 companies, helping them envision and create new growth avenues. As the Founder of Maddock Douglas, a globally recognized innovation consulting firm, he has also assisted in developing and launching new products, services, and business models for over 25% of the Fortune 100 companies.

In this episode…

What does it take for a company to embrace innovation and breakthrough business plateaus? In the face of stagnation and resistance to change, how can leaders cultivate an environment that encourages fresh ideas and growth?

According to Mike Maddock, a seasoned entrepreneur and best-selling author, the answer lies in the diversity of perspectives within a team. He highlights that successful companies embrace their customers' pain points and seek to innovate around what people hate about their industry. He also emphasizes the importance of avoiding the "expertise trap," where internal knowledge can blind leaders to new possibilities. The main effect of this approach is that companies become more agile, learning to spot and capitalize on market gaps. Mike also underscores the critical role of reframing a business' purpose, asking not just, "What do we sell?" but also, "What business do we have the right to be in?"

In this episode of the Rising Entrepreneurs Podcast, host Dr. Jeremy Weisz sits down with Mike Maddock, Founder of Flourish Advisory Boards, to discuss the key factors that drive innovation and help companies break through plateaus. They explore how to assemble effective teams with diverse roles, tackle the fear of risk in established companies, and embrace market gaps for new growth. Mike also shares the personal story of how his wife's strength and love influenced his perspective.