By Dave DeFusco

At a book talk hosted by the Katz School of Science and Health, Lorraine Marchand, an adjunct professor of innovation and entrepreneurship in the M.S. in Biotechnology Management and Entrepreneurship, set out to dismantle one of the most persistent myths in business: that innovation is rare, mysterious and reserved for a select few. 

Drawing from her new book, No Fear, No Failure: Five Principles for Sustaining Growth Through Innovation, published by Columbia Business School Publishing, Marchand reframed innovation as something far more practical and far more accessible.

“I find that when I’m meeting a room, whether it’s students or individuals in Fortune 50 companies, a lot of times people are intimidated and overwhelmed by the term and by the concept of innovation,” said Marchand. “Why? Because we’ve made it unattainable.”

Instead, she argued, innovation is rooted in persistence, problem-solving and iteration, not sudden flashes of brilliance. To make her point, she turned to the familiar story of Thomas Edison. While widely credited with inventing the light bulb, Edison’s real breakthrough was identifying a filament that could burn reliably, a process that required more than 2,000 attempts.

“Perspiration, dedication, constant iteration is the heartbeat of innovation, not necessarily an ‘aha’ moment,” she said. “He didn’t fail. He found thousands of ways that didn’t work.”

Throughout the talk, Marchand challenged popular narratives that tie innovation to celebrity entrepreneurs or “sexy technologies.” Figures like Elon Musk or Steve Jobs may dominate headlines, she said, but they have also contributed to a narrow and misleading image of who can innovate.

“These are all myths,” she said. “The fact of the matter is you all are doing what the lifeblood of innovation is by solving problems, thinking critically, implementing solutions and striving for excellence.”

She emphasized that innovation is not just about creating something new, but about creating something that works in the marketplace. “For an innovation to be commercially successful, we have to have a customer for whom we’re solving a problem that they want to pay us to solve,” she said. “It has to be commercially appealing.”

Using examples from industries ranging from automotive to biotechnology, Marchand illustrated the many paths innovation can take. The development of the self-driving car, for instance, stretches back to a 1939 prototype by General Motors, a reminder that breakthroughs often take decades and are shaped by external forces like economics and geopolitics.

Other innovations, she said, emerge by chance. The hair-growth drug Rogaine began as a treatment for hypertension before researchers noticed an unexpected side effect. While such “serendipitous” discoveries are appealing, Marchand cautioned that they are rare. More often, failure stems from what she called “the field of dreams” problem—falling in love with a solution before clearly identifying the problem. 

“We fall in love with the technology, but we haven’t identified what problem we’re trying to solve,” she said. “That’s one of the biggest reasons for failure of a startup.”

Marchand illustrated a more effective approach with a personal story from her childhood. Guided by her inventor father, she analyzed inefficiencies in a crowded restaurant and helped design a simple product to streamline table turnover. The lesson, she said, was clear: meaningful innovation begins with careful observation and a well-defined problem.

“It means you have to gather evidence, talk to customers and prove that the problem exists,” she said. “And not only that, but someone is willing to pay you to fix it.”

The book talk transitioned into a panel discussion, From Principles to Practice: The Five Cs at Work, featuring Natasha Shtraizent, founder and CEO of FREZENT Biological Solutions; Avi Rosenbaum, founder of Advisors.bio and venture partner at Cornucopian Capital; and Arda Ural, partner and Americas Sector Leader for Life Sciences at EY.

Together, the panelists explored how Marchand’s principles apply in real-world settings, particularly in life sciences and healthcare. Discussions touched on industry trends, the growing role of artificial intelligence and the evolving skills needed to navigate a competitive job market.

Marchand closed by urging students to stay curious, engage with others and build professional relationships—habits she sees as essential to both innovation and career success. And perhaps most important, she reminded the audience that opportunity often comes not from job boards, but from connections.

“Innovation is about embracing change, having insatiable curiosity and seeking diverse perspectives,” she said. “Step out of your box and into someone else’s.”