Innovation doesn’t always make you a winner in business. In my role as an angel investor in startups, almost every pitch I see highlights some real innovation in technology, business model, or market opportunity. Yet only a few of these get funded, and even fewer become dominant players in their chosen space. The rest fail quickly, or struggle for years to get real traction.
But don’t get me wrong. Innovation is necessary to get you into the game, but even a disruptive technology won’t assure you business success. These days, it’s all about harnessing your innovation to get an advantage in a business. Or as Steven S. Hoffman asserts in his new book, you have to “Make Elephants Fly,” and that requires getting outside of conventional thinking.
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