As administrator for the Geelong Angel Investor Network, I see some incredibly innovative ideas that are seeking funding for commercialisation. Some have progressed to pitch stage, but many have failed to pass our selection criteria and therefore to gain the funding they were seeking to progress their ideas. Whilst the ideas themselves were groundbreaking and would have made a real difference, the implementation or business model didn’t stack up.
On a slightly bigger scale, last month a global TEDx conference looked at how to boost innovation & creativity. One talk in particular attracted my interest: “Resilience: the Key to Successful Innovation”. This was an address by Prof. Dr. Laurence Welford from Heidelberg University and he highlighted some interesting case studies in innovation. He listed the keys to success in innovation as: passion, energy, creativity, care, courage, time and patience. The first of these are what you’d associate with innovation – passion, energy and creativity – even care and courage, but the last two were the point of the talk. For an innovation to succeed, not only does it often need enormous amounts of time and effort by the founder, working for nothing to build the business, it often needs patience in terms of finding the right partner, or the right market conditions to launch. Successful innovations need both the spark of the idea and the team’s tenacity and resilience to make it happen.