The wealth of nations has come by adding “commercialization” on “invention” to produce a new outcome called “innovation”. Before AD 1500, over centuries, the gross world product was flat. The world had inventors but few innovators. But things changed when property rights made it possible for the merchants (the rich class then) to find the mechanisms to invest in the ideas created by inventors. Magically, an inventing world became an innovating world.
As I chronicled it in a seminal article in the Harvard Business Review, once you understand this equation and the necessary fudge factors to keep it balanced, you will thrive as you lead a business. Create a community of innovators, not just inventors.
Innovators fix market frictions, inventors propose solutions! One has products, the old has ideas and postulations. Great things happen in companies and nations when innovators emerge. Open the path and make innovators out of your team.
Invent. INNOVATE. GROW. Join us at Tekedia Mini-MBA---
1. Advance your career with Tekedia Mini-MBA (Sept 13 – Dec 6, 2021): 140 global faculty, online, self-paced, $140 (or N50,000 naira). Click and register here.
2. Click to join Tekedia Capital Syndicate and own a piece of Africa’s finest startups with a minimum of $10,000 investment.3. Register and join me every Saturday at Business Growth Playbooks w/ Ndubuisi Ekekwe (Sept 4 – Oct 23, 2021), Zoom, 4.30pm WAT; costs N20,000 or $60.