Publication number: ELQ-49437-1
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How to Deliver Innovation As An Entrepreneur
10 Keys To Delivering Innovation As An Entrepreneur
Introduction
As a startup investor in this age of the entrepreneur, I see many more startups, but innovation is still hard to find. The most common proposals I hear are for yet another social networking site (over 200 exist), or another dating site (over 2500 in the US alone). Startups which display real innovation, such as alternative energy sources and new medical treatments, are still rare.
In my experience, finding real innovation in existing company environments is even tougher. Overall I like the principles in the classic book “Robert’s Rules of Innovation: A 10-Step Program for Corporate Survival,” by Robert F. Brands. He outlines the key steps which together spell INNOVATION, that I believe apply equally well to startups as well as corporate environments:
- Step n°1 |
Inspire.
Whether we are talking about startups or corporations, innovation requires a leader who can inspire others to step into the unknown. Followers and linear thinkers need not apply. Inspiration requires a vision, and an ability to communicate it to others.
- Step n°2 |
No risk, no innovation.
An entrepreneur looking for a sure thing will never innovate. Savvy investors tell me that startup founders who claim to have never failed are either lying or have never tried anything innovative. Failure is the best teacher. - Step n°3 |
New product process.
Innovation is not a random walk into the unknown. It starts with a vision, but benefits quickly from a structured process of idea generation, evaluation, prototyping, customer feedback, and success metrics. Set milestones and meet them.
