Entrepreneurs and business schools should focus on business innovation skills to build a new venture, writes Dileep Rao
Many corporations exhort their employees to think outside the box without clarifying the nature of the box or its limits. Entrepreneurs and incubators focus on product innovation and try to develop a “better” product/ service/ app to get an edge. Business schools offer resources to develop the product or the app, have pitch contests to pick the best one, and then help the entrepreneurs raise money to launch the product. Consulting firms offer innovation services to help organizations “ideate” better. Universities spend vast sums promoting their technology innovations. Area economic developers promote technology innovations to build their areas.
Are they all missing the most important factor in venture success?