I graduated from UWA Business School in 2008 with a PhD in Economics and since then I’ve been dragged into the super fascinating world of entrepreneurship and innovation, where things happen, and they happen very quickly.
What I have noticed over the years is a proliferation of frameworks and approaches to generate new ideas and run startups. In particular, we have moved from the typical 100-page business plan (in which you make up a picture of the future that you hope to but never achieve), to the lean startup methods, design thinking, agile, all sorts of canvases and so on. It has become incredibly challenging to keep up with all these exciting ideas and the number of startups.
I started to ask myself: ‘if I look at people who are truly successful and have been so, over and over again, what would they tell me? And, should I teach my students and managers all these new things to be successful as an innovator?’
So I embarked on a journey in which I spoke with some amazing individuals from around the world and across a diversity of industries. Three key things I discovered are:
1. ‘Innovation’ can be a scary word for many
Tell someone that s/he needs to come up with a big idea and they will be worried that it is not creative enough. Instead, successful leaders often talk about making marginal improvements and pushing the boundaries of what they do today. Sometimes, you don’t know whether an idea in hand will become the seed for a ground-breaking opportunity. Be open to it especially if it won’t cost too much time, money and effort. Over time, big innovation might emerge.
2. Don't jump from new stuff to new stuff, over and over again
Focus on enduring principles. Ignore the bandwagon. We are continuously bombarded with frameworks and theories from academia and consultants about something novel they have come up with, different from competitors, and they use all sorts of sales technique to provoke FOMO (Fear of Missing Out). As Warren Buffet said, “don’t ask the barber if you need a haircut”. There are some basic principles that will help you succeed over and over again. In my recent book, I discuss in depth the 6 principles that emerged from my conversations with some amazing innovators from around the world.
3. It does not matter what degree you have done
If you have just completed your degree (congratulations!) or if you are looking for a career change, to a large extent, it does not matter what degree you have done. Innovators come from all sort of degrees and industries (you don't need a business degree, or a science degree, to be an innovator, etc). What makes the difference is being what I call a reflective learner. My advice is to observe the world around you with open eyes, try something new, measure the success and then either go bigger or start again.
Dr. Massimo Garbuio is a Senior Lecturer in Entrepreneurship at the University of Sydney. His latest book, co-authored with Moritz Dressel, is entitled “6 Building Blocks for Successful Innovation: How Entrepreneurial Leaders Design Innovative Futures”, published by Routledge (2019).
Massimo’s research focuses on design cognition and the creative thinking that yields potentially innovative futures as well as the science of evaluating options and making sound strategic decisions. With this research background, Massimo actively participates in shaping public opinion on innovation and its impact on the economy, writing and speaking for the Australian Financial Review, SBS and The Conversation as well as contributing to ‘The Venture Capital Effect: A Report on the Industry’s Impact on the Australian Economy’ published by The Australian Venture Capital Association. He has also published in global industry journals including the California Management Review, Design Studies, The Academy of Management Learning and Education, Long Range Planning and Journal of Management.
Massimo holds a PhD from the University of Western Australia and has also trained at University College London and the University of Pennsylvania. He is a member of the Strategic Management Society, the Design Research Society and the Academy of Management as well as is on the Editorial Board for the Journal of Management.