To survive in today's market, organizations need constant innovation. Even when applying an innovative idea, they already have to be thinking about the next one, because the speed at which the world runs requires it.
Kenneth Morse, founder and former director of the MIT Entrepreneurship Center and Academic Director of the program Selling To CEOs and Top Management, talks about this topic and how it can make a really big impact for businesses.
When we talk about innovation, are we facing one more of the myths of the information age? Isn't this topic being given too much importance?
-Absolutely. Now more than ever innovation is necessary because, when it seems that everything has been achieved, innovating means moving forward, going further. If we don't innovate, we will start to fall like autumn leaves. Now more than ever the validity of the dilemma of our time can be assured: “innovate or die”. I fully subscribe to it.
You teach practically all over the world how to turn an innovative idea into a profitable project and business ...
- I am dedicated to training men and women to be successful in the creation of companies and I do it traveling all over the world.
Is there a way to help entrepreneurs be more active and effective? Would official aid be needed?
-If what refers is to supports that could come from the Administration, I believe that the only thing that the Government can do is to facilitate a favorable climate for the creation of this type of entrepreneurial companies. In this sense, more could be done if financial aid were available. But that is not enough. You also have to look at what others are doing. Therefore, best practices and benchmarking from other parts of the world must be taken into account.
What specific types of aid can be applied?
-They do not come from the same sector or organization. The Government, local organizations, the university ... all should approach successful entrepreneurs and not only those who have reached great dimensions but also modest entrepreneurs who move in provinces and towns. Large universities should have action plans to join these grants. I know there are examples that can be followed.
Many times there are no entrepreneurs because there is no way to finance the investments that are required. What solution can be given to this problem?
- There is a problem, it is true. And it is largely due to the fact that most of the risk capital is in the hands of bankers who tend to be very conservative when it comes to lending money - they almost always require personal guarantees - and who are not exactly friends to contribute money to people who want to create new businesses. The solution may perhaps come from the side of the so-called business angels, who are actually experienced investors who bet on new projects.
Excerpt from the interview conducted by EOI magazine with Kenneth Morse, Academic Director of the program Selling to CEOs and Top Management.