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Lessons from Tesla's Approach to Innovation

Lessons from Tesla's Approach to Innovation

hbr.org

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Tesla’s innovation strategy

Tesla’s innovation strategy offers lasting lessons for any innovator, especially in terms of

  • how to win support for an idea and
  • how to bring new technologies to the market.

There are four factors how innovators build up their innovation capital: Who you are, who you know, what you have done, your ability to draw attention to your ideas. Most notably, innovation capital is something accumulated over tim...

Winning the resources

Elon Musk is a master of building and using innovation capital to win support for his ideas. To gain support:

  • He leverages his past success at PayPal and Space X
  • He uses "impression amplifiers". He does more than talk about the new idea. He puts it into physical f...

A part of Tesla's strategy, which forms the core products and requires the most investment, aims to transform an industry by paying attention not just to the product, but to the entire product ecosystem.

  • Tesla tends to beat out competitors who try to leverage part of the old inte...

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