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For example, Elon Musk is recognized as a visionary entrepreneur, but his fortune and his impact has come from the great companies he has built, including SpaceX, Tesla Motors, and PayPal. Sets goals and milestones, with metrics to track progress. They define metrics for each goal, and diligently track themselves against these metrics.
When you see startups like SpaceX and Pinterest grow from a low valuation to a billion dollars in just a few years, it’s easy to assume that if you just keep doing what you are doing, you can get there as well. Of course, customer relationships, and penetration into new market segments are also critical elements.
Every business owner and entrepreneur I meet in my consulting rounds dreams of finding that “ disruptive ” innovation that will supercharge their business and move it into the ranks of business unicorns (billion-dollar valuations), such as SpaceX and Apple. Before you act, shut up and listen to employees, customers, and futurists.
Elon Musk has done it with SpaceX and Tesla, and Steve Jobs did it on a regular basis at Apple. You need to quantify measurable criteria for success, using business metrics. These could include customer penetration, revenue growth, budget guidelines, and industry visibility. Clearly define and issue the challenge.
Customers and analysts are always looking for innovation indicators. Other champions of innovation, including Elon Musk with SpaceX and Hyperloop, always seem to be building future opportunities from trends and technology turns. Set metrics and rewards specifically for innovation. People work on what they get measured on.
They might be ideas they hatch internally (via a Foundry) or a founder who just left SpaceX and raises money to search for an idea. We can’t wait for customers to use the product for 12–18 months and do customer interviews or look at purchase cohorts. The legends of Silicon Valley?—?two two founders in a garage?—?(HP
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