Team, diversification, strategy, innovation system, culture, and entrepreneurship are the keywords for successful innovation. Entrepreneurship in innovation means mobilizing and bundling valuable, scarce, and costly resources to address opportunities under a high degree of initial uncertainty and risk potential. Whether this happens in an established company or a startup, it can be done by an individual or a team taking responsibility for success/failure. It usually involves founding and managing a new innovation project. It is essential to understand that every innovation endeavor should be viewed as a temporary organization and undertaking without a safety net until the business model is validated, and only then should it transition to execution mode.
A successful team is a balanced and multidisciplinary team where all members contribute their strengths and complement each other.
A team should be actively composed of individuals with different personalities, experiences, and skills based on psychograms, but to be successful, all members must pursue a common vision and pull together (alignment). Diversification and the ability to see customers, their problems, and solutions from different perspectives are crucial elements for a company's success. This also includes discussing problem-solving and solutions from more than one perspective. Only through the consensus of the team can it achieve a common direction.
By combining different new business models and new know-how, innovative products and/or services emerge, allowing a company to reduce its future risks and assert itself against competitors through its innovation strategy. Entrepreneurship is a trait not everyone possesses. It requires courage to pursue an opportunity under a high degree of uncertainty, perseverance, creativity, and above all, passion. Entrepreneurship is not a 9-to-5 job but a way of life. It is the willingness to reduce risks in a new business model through methodology and learning hypotheses in a short time and validate a new scalable business model through pivots when necessary.
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