All right, welcome back, let's keep going.

So you went through those checklists, or you will as part of your homework.

You're going to go through those checklists thinking rather personally

about how you check those off.

Now, I'd like to go next in, in some other considerations about these high,

almost high level mission statement type, type thoughts and boundaries.

So let's, let's think of this, take the innovation creed to its next step.

All right.

Now, let's get, philosophical a little bit here.

And some people that study innovation and entrepreneurship put,

put forth some interesting points to ponder, especially when we

delve into this concept of the innovation creed and, and why are you doing this.

As well as the amount of time it actually takes in general to move things forward,

especially if you mix that into your personal life and

you only have so many years that you're really in your career, and

that you really can spend on start-up companies.

So that speaks especially to those of you who are thinking of an entrepreneur and

you're going to do this on your own somewhere.

As far as a corporation, it, it still relates to your own personal career, but

the concept of a corporation, new business, new product development,

that's going to have the ability to go on indefinitely as long as the corporation's

making the right high level decisions, so it's, it's more of a continuous engine.

So let's just talk about a few of these bullet points they're,

they're interesting.

If you're a little less interested in philosophy,

you could skip to the next, the next section at this point.

First of all success is a combination of a couple pretty critical things.

First of all, it's a, a formulaic.

That's, these symbols here don't, don't actually mean anything.

They're just my, my little clue here that this is a formula.

Alright so we've got some formula.

We've got some kind of a process.

We've got these steps we're following, stage gate and, and thickening methods.

And if you, as long as you follow a certain steps,

you're going to be successful.

Or at least you have a higher chance of being successful.

And, that's, that's, very true.

There's many who believe strongly in that.

I'm certainly one of them.

Robert Cooper really probably, revolutionized this,

most notably with his stage gate process about 30 years ago.

And, and, and saying that no innovation is just not a coincidence in corporations.

The most inventive and novel corporations that are launching the best new products,

they have a process for this.

It's not the person, it's the process.

However, there are others and historically in studying innovation and

entrepreneurship, they say you know what, that process is a bunch of bureaucracy.

it doesn't work, it's the person.

And you're born that way or you're not born that way.

So, if you want to be successful, study successful people and dress like they do,

walk like they do, talk like they do, or be born by the same parents as they are,

because they were just born that way, it's in their DNA.

And you, you just can't teach, you just can't teach someone to do this.

It I I'm not an either side or the other, right?

I think that the point here is it's a combination and

in in many of these grand debates, it's not one or the other.

It's both.

And so entrepreneurship, yeah you can be born that way,

you've got certain things in your genes or your environment where you grew up

that made you an entrepreneur, and that's very hard to replicate.

It's mostly still unknown.

You might naturally be an entrepreneur or

entrepreneurial in your thinking in your approach towards life.

But at the same time we can take, teach some of these tools.

And there is, there is a process.

Very similar to playing piano or drawing.

Maybe you're naturally good at drawing cartoons.

If you're not naturally good at it,

you can still go through certain classes in certain steps to improve.

Pearls take time.

Even lemons take time.

This is something important to think about.

Jeffery Timmons brought this up in, in, in his book a number of years ago.

In that the real brilliant breakthroughs take a long time, those pearls.

They take a long time to form.

And, even though we think technology's moving so

fast and innovation's coming in so fast.

New products are being introduced so fast.

If you really study any one of those breakthrough successes, there's all

kinds of time in the background that generally we don't know about.

We're not aware of the first ten years of struggle or the first 20 years and

all the, all the failures along the way.

So those pearls look real great once they happen.

But they take time.

But also more importantly is the concept that a failure,

a lemon also takes a lot of time.

And it's very hard to tell the difference between a lemon and

a pearl during those early stages.

The, the problem and where it relates to you in your innovation creed,

is back to how much time are you going to spend on this?

And how are you going to make some of those decisions, whether you continue or

you stop?

Because you might have a pearl and you might have a lemon and

they're both going to look the same.

And you, you won't have that many times to go to bat.

You won't have that many times to try, especially if you're in a garage.

As Timmons pointed out, the average person can do one start up company or less, some,

some people are lucky to try three start up companies or four, and that would

be a lot over a lifetime, to actually take the risks to do a garage start up.

So, very important to think about.

Next, chunks of experience.

If you think the point here about chunks of experience is that,

maybe you want to think about the future.

There's no ideal time to start a company, by the way.

When you're young,

you have lots of energy, when you're older you have lots of experience.

So, you could also think of technology commercialization out in the future.

In any of the settings, corporate, entrepreneurship, or a garage.

Maybe what we really ought to be doing is building collections of expertise over

the next five or ten years, so that then you have the expertise to lead a new

business unit or to do your garage start up.

Energy I already talked about really, you know, energy changes with time overall.

Statistically speaking, the amount of human energy, changes, and

gets less as we age.

So we have lots of enthusiasm up front, and that tends to go down over time.

So it's another time fact to consider, to consider as well as your,

your personal style.

Lots of interesting coursework and information on behavioral assessments, and

are you an entrepreneur?

And do you take risks?

And all that.

Not going to go into it here, but

if you're interested in that, I would encourage you to do some introspection,

especially as you're building this innovation creed and

you're taking a little bit of time to say, why, why am I doing this?

And am I the right person for this?

And that brings up, that brings up the the next point here.

Two ways that you really ought to think of this right now.

One is you and your life and, and how does that relate to innovation?

There's another way to look at this which is unique and

that is your idea or the ideas that you're going to be looking at.

If you think selfishly for a minute,

ideas perspective, if ideas could talk would they want to be connected with you?

Very harsh introspection.

But if I'm your idea, do I want to be with you,

or are you actually hurting my ability to move forward?

You know, who's the best person or the best group to take this forward?

Same kind of question inside a corporation.

If you're inside a corporation and you're ideas could talk, would they ask to leave?

May we please have a different corporation?

because there's no chance we're going to be successful inside this corporation, but

if we were over there, or

in a some kind of different setting, we have a lot better chance to be successful.

So think of this from your ideas' perspectives.

I comment briefly about the Timmons check list here Jeffrey Timmons again,

you can search for some information.

Unfortunately, Jeffrey Timmons passed away a number of years ago, but

he, about two years ago, but he was the, really the founder,

one of the founders in saying entrepreneurship can be taught and,

and and there are certain processes that can help maximize success.

And one of the things he talked about right up front is this personal checklist,

where you just consider a whole bunch of personal factors,

like how much do you really want to work?

And do you really, everyone says,

oh I'm in a start-up company I'm working 80 hours a week.

Well are they really working 80 hours a week?

I'm not sure, but they absolutely might be, and

do you want to, do you want to work 80 hours a week?

How much do you want to travel?

How much money do you want to make?

Who do you want to work with?

Do you want to work with a cause or

do you want to work for for making money et cetera.

Personal Drivers: Your Innovation Creed

Technology Commercialization, Part 1: Setting up your Idea Filtering System

Meet the Instructors