Successful Innovation - A constant struggle

Watching a Tamil time travel film called "Indru Netru Naalai" months back, I came across a scene of a casual innovator approaching the bank for a loan to realize his idea. When the banker asked him for collateral his reply was, "I don't have any money, I just have an idea". The banker then points to a dusty file and promptly explains that there are no shortage of ideas today. Ideas are not enough. This scene combined with a lot of introspection on the topic triggered me to write not about just Innovation, but SUCCESSFUL Innovation.

Traditional arguments will say that without an idea, there is NO execution making it the more significant half. This is assuming the idea here is SO brilliant that it needs no help in reaching the masses. People today though realize that it takes more than zeal in ideation to help a brilliant idea along. Without a good marketing strategy, business development expansions, inventory management and so many other aspects of commercialization, a good idea usually remains on the drawing board.

Technology came about with the sole purpose of alleviating burdens and making life more comfortable for mankind. With majority of ideas fueling technological advancements in this day and age, it is safe to assume that a vision that helps a product reach people is fundamentally far superior to that of just scientific/technological curiosity. A prime example of this difference that is often discussed is that of Edison and Tesla. Tesla, a man of ideas and inventions is lauded today for his sheer brilliance but our surroundings witness more of Edison's lineage of products purely because he had a stronger vision of delivering products to people. (This is great as long as we don't consider Edison's dog electrocutions and sabotage).

Arguments are best supported by case studies and mine on successful innovation practices are modeled around Elon Musk. There are plenty of reasons why Elon is an ideal example. Are all his companies based on novel ideas that he came up with? Not entirely. Is he a marketing wizard? Not even close. In fact, companies like General Motors and Daimler were doing electric cars before Tesla did. Solar city was already past proof of concept before he was involved. So what does Elon do so well?

Confidence. No I am not talking about his self confidence but his confidence in his products. As he has mentioned many times, if you are not willing to bet all your money/resources then you should not expect others to do it. Living off borrowed money in a rented room was pretty much his lifestyle for a while.

Money is where people are. Sustainable energy revolutions, Affordable and efficient space travel and Solar energy exploitation are HUGE tasks. That is understating its magnitude. Many have tried but failed either because the product was unfinished or, because there was a steep public learning curve. In the case of electric cars, others sold electric cars. Tesla sells well designed functional cars that HAPPEN to be electric. There is a world of difference between the two approaches. People are drawn to advanced navigation systems, comfort and affordability. Tesla simply accounted for all of that but added the electric aspect as ONE of its car attributes. With success in this approach, Elon has gone on to apply this in Solar panels designing ultra lite, durable tiles that just HAPPEN to be solar panels. How convenient.

Breaks down the future into plausible parts. One of the most exciting aspects for most people is the fervor behind where his companies are headed. Initially sounding quite like a science fiction movie but is it really? Instead of laying out a vision, Elon lays out a plan. Some things are actually achievable but we have just not engaged in a discussion about it. With a plan, there is a framework around which people discuss and this brainstorming has led to people realizing that these problems are actually solvable. An example of this would be Hyperloop, a proposed mode of high speed transport.  

                               

Constructive Social Media engagement. His posts are not statuses, celebrity punch lines, or rock solid views but instead thoughts that are thrown open to discussion. Open ended thoughts are a public favorite cause everyone wants to finish another's line. This leads to active public engagement. Additionally, his media posts are actionable. His replies to suggestions come off as informal  interactions but he acts on them nonetheless as he would to an official appeal.

Genuine Intent. This point sounds rather romanticized but it is quite significant. Unlike most entrepreneurs that built companies around gaps in the current market, he chose 3 impactful areas in the near future instead. Not because they were good for business but rather necessities in the best interest of planet. Is he in it to save the world? Maybe not. But to do the most good he can? Most definitely.  

Technically speaking of course there are many other aspects such as his physics based approach to design and scalability. The above points though are the major differentiating factors that I think allow him to successfully Innovate.  

To quote the man himself:

"The first step is to establish that something is possible; then probability will occur"