In 2008 we suffered an economic catastrophe, and the rules of the game fundamentally changed forever. A few years ago, you might hear a leader talking about doing things "the way we've always done it." No more. Today, nearly every industry is in the midst of massive upheaval. Today, we live in a world of dizzying speed, exponential complexity, and ruthless competition. Leaders today realize they need to innovate, and their chief concerns now focus on fostering creative and innovation within their organizations.

To me, leadership is about first defining purpose. Why does a company exist and what problem does it solve for customers? How is it different than everyone else, and what difference do they plan to make in the world? Companies (and people) should be measured based on the impact they make in the world. If the purpose and solution are solid, the money will follow.

People who behave rarely make history.

Business today is all about improvisation, which is the essence of jazz. Perhaps in the past we could just follow the operating manual and do what we were told, but today the world is too complex and fast. Today it's all about real-time innovation and creativity. Individuals may get hired based on their resumes, but they'll get promoted and reach their dreams based on their ability to create. In that context, being a jazz musician was the best MBA I could have ever received.

It's better to over-pay for A-level talent early on, even if you can't afford it. They will drive exponential value and help you win faster.

Innovation is a subset of creativity. Innovation often deals with product launches and is often relegated to the C-suite or to heads of R&D departments. Innovation requires creativity, but creativity is something that is much more broad. It applies to people at all levels of an organization. Today, we all are responsible for delivering "everyday creativity". Small creative acts that add up to big things.

Build creative cultures, and work with purpose to unleash the creativity of your team. Creativity is the most valuable natural resource in any organization, yet it is often a resource that is largely untapped. The leaders that prioritize and invest in creative cultures will be the wall street darlings of tomorrow. In fact, they're the darlings of today (Facebook, Groupon, LinkedIn, etc).