Three Tips for Innovators: Move Nimbly, Open Wisely and Fail Gracefully
How can small businesses flourish in today's disruptive age? Bestelling author Vijay Vaitheeswaran has three concise tips that make it easier for upstarts to take on the giants.
What's the Big Idea?
Vijay Vaitheeswaran surveys the landscape of the global economy and sees "wicked problems," to borrow a phrase from the subtitle of his bestselling new book, Need, Speed and Greed: How the New Rules of Innovation Can Transform Businesses, Propel Nations to Greatness and Tame the World’s Most Wicked Problems. He sees a global middle class that is being squeezed and left out of the benefits and opportunities that breakthrough technologies have created. He sees an educational system that is seriously outdated and divorced from the real needs of 21st century knowledge workers.
Watch the video here:
Vaitheeswaran's formula for upstarts like you is as follows:
Vaitheeswaran says the most profound lesson he has to share is also "the hardest one to bring into your culture" since you are naturally inclined to want to win. No one sets out to start a business hoping to fail, particularly not entrepreneurs with Type A personalities. Vaitheeswaran argues you need to confront failure with a fearless mindset. Fail gracefully, fail fast, and own that failure. That's how you will learn from failure, "the most difficult but most important lesson of all."
What's the Significance?
The impact of globalization has given a child in Africa the same access to information that the President of the United States had at his fingertips 40 years ago. It may sound counter-intuitive, but Vaitheeswaran argues that right now might be the best time to be a member of the so-called "bottom billion" in the world, because the very poor now have the tools to create wealth for themselves, and ultimately the opportunity to disrupt the established elites of the developed world. This concept of reverse-innovation, is a powerful trend that we're seeing throughout the developing world. Poor countries are exporting ideas often born out of necessity to rich countries.
So what lessons can be learned from reverse-innovation. It takes us back to the three lessons Vaitheeswaran presented. Move Nimbly. Be Open. Fail Gracefully. This is the mindset that all entrepreneurs need to take to succeed in today's disruptive age. That is how the emerging global middle class can take feast on the rewards of globalization that may seem frustratingly inaccessible to them now.
The way that you think about stress can actually transform the effect that it has on you – and others.
- Stress is contagious, and the higher up in an organization you are the more your stress will be noticed and felt by others.
- Kelly McGonigal teaches "Reset your mindset to reduce stress" for Big Think Edge.
- Subscribe to Big Think Edge before we launch on March 30 to get 20% off monthly and annual memberships.
Does believing in true love make people act like jerks?
- Ghosting, or the practice of cutting off all contact suddenly with a romantic partner, is a controversial method of dumping someone.
- People generally agree that it's bad form, but new research shows that people have surprisingly different opinions on the practice.
- Overall, people who are more destiny-oriented (more likely to believe that they have a soulmate) tend to approve of ghosting more, while people who are more growth-oriented (more likely to believe relationships are made rather than born) are less tolerant of ghosting.
"I was so moved when I saw the cells stir," said 90-year-old study co-author Akira Iritani. "I'd been hoping for this for 20 years."
- The team managed to stimulate nucleus-like structures to perform some biological processes, but not cell division.
- Unless better technology and DNA samples emerge in the future, it's unlikely that scientists will be able to clone a woolly mammoth.
- Still, studying the DNA of woolly mammoths provides valuable insights into the genetic adaptations that allowed them to survive in unique environments.
Three scientists publish a paper proving that Mercury, not Venus, is the closest planet to Earth.
- Earth is the third planet from the Sun, so our closest neighbor must be planet two or four, right?
- Wrong! Neither Venus nor Mars is the right answer.
- Three scientists ran the numbers. In this YouTube video, one of them explains why our nearest neighbor is... Mercury!
SMARTER FASTER trademarks owned by The Big Think, Inc. All rights reserved.