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Motley Fool Hidden Gems Investing

Predicting the Success of New Ideas

Motley Fool Hidden Gems Investing

The Motley Fool

Business, Investing

4.33.1K Ratings

🗓️ 5 May 2020

⏱️ 2 minutes

🧾️ Download transcript

Summary

When new ideas are presented, it turns out that middle managers may not have the best track record for predicting success. Adam Grant, author of The New York Times bestseller Originals: How Non-Conformists Move the World, explains why peers have the edge in giving feedback. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

But the monthly full money extra, I'm Chris Hill.

0:09.4

In the workplace, classroom, or just life in general, we're often confronted with new

0:14.6

ideas.

0:15.6

So, how do we know which ones will actually work?

0:19.6

Adam Grant is a professor at the Wharton School of Business, an author of the best-selling

0:23.8

book, Originals, How Non-Conformists Move the World.

0:28.1

According to Grant, a good group to consult is peers.

0:33.1

So I think my favorite way to look at this comes from this study that a former student

0:37.3

in my Justin Berg did.

0:38.3

He's now a professor at Stanford, and he wanted to know, how do you predict the success

0:41.7

of new ideas?

0:43.1

So he studied circus artists like at Cirque du Soleil.

0:45.6

He got them to submit videos of their own acts, really novel ones, like you've never seen

0:49.8

before.

0:50.8

So different ways of juggling and acrobatics and clowns, although it turns out everyone

0:55.0

hates clowns.

0:56.2

He was interested in, could you predict how successful the videos were going to be

1:00.9

with audiences?

1:01.9

So 13,000 plus audience members watched the videos, they rate how much they like them,

1:05.9

they share them on social, they can also donate some of their own money to them to see

1:08.6

if they really would pay to see the performers.

1:11.7

And the first group that he looks at is people judging their own acts, the artists themselves.

...

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