Elon Musk Reveals His Innovation Equation. It's an Easy Way to Gauge If a Business Idea Is Viable
Curated from: inc.com
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The Innovation Equation
Elon Musk is revered as one of history's greatest innovators. But what makes him so brilliant is that his genius is rooted not in an abstract complexity, but in straightforward simplicity.
He doesn't pursue every idea or innovation that comes to mind. Rather, he fields them using his simple "innovation equation" to determine if they are indeed worth pursuing. It's a crucial step many entrepreneurs overlook, leading them into a blind pursuit of something that might be great, but not great for them.
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Having What It Takes To Turn Ideas Into Reality
According to Musk, "What matters is the pace of innovation, access to resources, and raw materials." So, entrepreneurs can quickly and easily gauge whether they have what it takes to turn their wild idea into reality using this simple equation.
It breaks down into three basic questions:
- How long will it take you to build?
- Do you have access to the right resources?
- Can you obtain the required raw materials?
For any entrepreneur, this is a critical step in the pursuit of a startup. Not only can it save you a great deal of time, money, and energy.
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Factor 1: Pace of innovation
Time matters, though it's not necessarily that you need to be able to build something the fastest. But you do need to be able to innovate in a timely manner.
Especially when those looking to innovate are typically those looking to innovate quickly and stay ahead of the competition. In many instances, it can be something of a race, and with immense competition across just about every field, being at the head of the pack can help you be successful.
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Factor 2: Access To Resources
With the right pace, you also need access to the right resources. This is because resources indicate your ability to innovate. Without them, an idea is simply just an idea, and pursuing something without the necessary resources will cause you to spend more time pursuing resources than innovating.
Ask yourself if you have the resources at hand (or within reach), from the right network to the right people, to be able to innovate the way you plan to.
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Factor 3: Raw Materials
You need to have the physical resources, or raw materials, available to be able to innovate. Raw materials are often something that holds startups back in terms of speed.
But trouble sourcing raw materials can also be to the detriment of a startup that depends on them.
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