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Research has shown that innovators and entrepreneurs don't take more risk than the average person. However, they are more comfortable making decisions in uncertainty.
They have a set of skills that allows them to navigate in uncertainty. These skills can be learned and practised by anyone to improve their innovation skills.
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Risk analysis is a rational and calculation-driven process, while uncertainty triggers the fight-or-flight response. Innovators don't ignore risk. They are able to maintain their analytical capabilities in the face of uncertainty.
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These skills can be learned through a combination of guidance, practice, and experience.
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Uncertainty and change can create opportunity and a need for innovation.
The pandemic has revealed many problems that are ripe for innovative solutions. Practices that were until recently on the fringe of acceptance are now accepted by mainstream society, such as telehealth, food delivery, e-sports, and online education.
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Regional issues act as important motivations for young innovators when they decide to work on a specific project. These issues are usually as urgent as global ones, but get less funding in general.
They can lead young innovators to come up with highly localised, impactful solutions.
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Tesla’s innovation strategy offers lasting lessons for any innovator, especially in terms of
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 time through thoughtful action.
The Cybertruck is then about getting attention and proving that Tesla is one of the world's most innovative companies, specifically for the purpose of building Tesla's ability to win support from stakeholders.
Elon Musk is a master of building and using innovation capital to win support for his ideas. To gain support:
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Becoming a skilled professional used to be a matter of learning what the professionals did, how and why they did it, and some general facts that somewhat described our societies and ourselves.
As climate change, population growth and technological development bring fast and drastic changes to our world, educational programs that encourage discovery and innovation become ever more necessary.
These programs teach that discovering brings not just good grades, or a financial reward. It brings the satisfaction that one can realize dreams, and thrive, in a world framed by major dramatic questions.