Innovation as an Ends is Highly Overrated
A couple weeks ago I attended TigerLaunch Startup Challenge 2012 at Princeton University, as hosted by The Princeton Entrepreneurship Club. The keynote speaker was Bill Taylor (Princeton ’81) the co-founder of the iconic Fast Company Magazine. Bill was also one of the judges in the competition. Thought the magic of YouTube, The Princeton Entrepreneurship Club has shared Bill’s keynote.
Based on my now cryptic notes here are the highlights I gleaned from Bill Taylor’s keynote address at TigerLaunch 2012.
- Be passionate. When someone say no just drive harder.
- Luck and timing helps.
- Business plans are written to reflect singles and doubles. The reality is there are strikeouts and home runs.
- The business plan is a good exercise but it never goes as planned.
- Be naive, be an outsider, it’s an advantage. Fresh eyes can be as important as experience and expertise.
- Hire for attitude. Train for skill.
- Entrepreneurs must learn to manage emotions and emotional connections.
- Be memorable.
- Being smart isn’t enough.
- Eat your own dog food.
- “The only thing worse than failing is success.”
- “Architecture of participation”
- When crowdsourcing be exact about what you want. Ask for participation everywhere you go.
Good stuff, yes? But wait there’s more…
In total there were eight presentations—Bill Taylor plus seven start-ups. The start-ups were: Collections, Waiter d’, QualTraxx, nat|Aural, DUMA, Pasand and BeneTag. Obviously, there was a lot of creative entrepreneurial energy in the room. However, there was one thing that was (pleasantly) absent. That was the use of the word innovation. There was plenty of talk about customers, business models, technology, growth, etc. but no one seemed to be over-focused on innovation for innovation’s sake. Realistic and refreshing.
Conclusion? Innovation as an ends is highly overrated—as it should be.