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In episode 29 of the Graham conference show, host Graham Cochran emphasizes the importance of adding value in business, stating that innovation is not necessary for success. He explains that the core of business is the exchange of value, which varies depending on the people, country, and historical context. Adding value is key to success, as demonstrated by successful entrepreneurs like Steve Jobs and Bill Gates. Cochran shares seven ways to add value to customers and the world, urging listeners to focus on adding value rather than focusing solely on innovation.