Building next Microsoft? Don't over emphasize innovation

Building next Microsoft? Don't over emphasize innovation
Bangalore: The truth is, 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. So if you want to be an entrepreneurs, stop worrying about jumpstarting innovation. Focus on minnovation. Public officials from Colombia to New Zealand are hoping to create the next Silicon Valley by building modern 'innovation centers' for entrepreneurs, Daniel Isenberg writes in Harvard Business. But that tactic may 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 that 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. For instance, 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 the 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." The spark of novelty consisted of identifying the right time to introduce a tried and proven business model into a new market. Davila's success was the result of getting the timing right, bringing in the expertise from the U.S. (in the person of Co-founder Matt Heyman, who had experience in the industry), and amazing execution, which was at times unusually creative. Sandi Cesko is another example of a successful minnovator. Cesko created Studio Moderna, the leading online, multichannel retailer in 21 countries in Central and Eastern Europe. When Cesko saw the large TV shopping companies from the U.S. fail in Eastern Europe, he took their strategy of outsourcing all of the critical functions - infomercial creation, call centers, delivery, payment - to third parties and stood it on its head. Cesko minnovated by insourcing those functions, bringing them in-house so that he could achieve an unprecedented level of service, and in doing so, he won the Eastern European consumers' trust. Studio Moderna's sales roared passed 200 million euros in 2008.