A very clear message from Daniel Isenberg, PhD, is a professor of management practice at Babson College, about minnovations:
If we want more entrepreneurs, stop worrying about jumpstarting innovation. Focus on "minnovation."
In reality, the vast majority of real-life entrepreneurs around the world aren't innovators. They're minnovators — mixing small parts of novelty and creativity with huge helpings of flexibility scrappiness and a generous portion of hard-driving execution.
Public officials from Colombia to New Zealand are hoping to create the next Silicon Valley by building modern "innovation centers" for entrepreneurs. But that tactic may unwittingly backfire: overemphasis on innovation as the pillar of entrepreneurship could actually stunt entrepreneurial growth. Some potential entrepreneurs, who think entrepreneurship is only about innovation, don't even bother trying because they know their chances of being the next Bill Gates or Steve Jobs are nil.
Public officials from Colombia to New Zealand are hoping to create the next Silicon Valley by building modern "innovation centers" for entrepreneurs. But that tactic may unwittingly backfire: overemphasis on innovation as the pillar of entrepreneurship could actually stunt entrepreneurial growth. Some potential entrepreneurs, who think entrepreneurship is only about innovation, don't even bother trying because they know their chances of being the next Bill Gates or Steve Jobs are nil.
You don't need to have a Ph.D., a team of engineers, a wall of patents, or even the proverbial garage. More often than not you need that little twist on an existing idea, the tweak of the business model, the minor product adaptation, or even just the ability to put together and lead a fantastic team that is supremely resourceful in overcoming obstacles and driving the tweaked idea to market.
Here's a great example. Cinemex created hundreds of millions of dollars of shareholder value by transforming the entertainment experience of millions of Mexicans. Founded in 1995 by three recent Harvard MBAs, Cinemex introduced version of the multi-screen cinema concept — an entertainment format well known in other parts of the world — to Mexico City. In the words of co-founder and former Cinemex CEO, Miguel Davila, "The only innovation we introduced was putting lime juice and chili sauce on the popcorn instead of butter."
Davila et al minnovated: the spark of novelty consisted of identifying the right time to introduce a tried and proven business model into a new market. Their success was the result of (a) getting the timing right, (b) bringing in the expertise from the US (in the person of co-founder Matt Heyman, who had experience in the industry), and (c) amazing execution, which was at times unusually creative...
Davila et al minnovated: the spark of novelty consisted of identifying the right time to introduce a tried and proven business model into a new market. Their success was the result of (a) getting the timing right, (b) bringing in the expertise from the US (in the person of co-founder Matt Heyman, who had experience in the industry), and (c) amazing execution, which was at times unusually creative...
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