HBR IdeaCast Why You Need Innovation Capital — And How to Get It
Jun 11, 2019
Nathan Furr, an Assistant Professor of Strategy at INSEAD and co-author of 'Innovation Capital,' dives into the intriguing world of innovation capital. He discusses how it empowers leaders to motivate teams and sell breakthrough ideas. Furr explores 'impression amplifiers' as crucial tools for enhancing innovative visibility, alongside the potent role of storytelling in business. He compares Tesla and Edison to illustrate the necessity of leveraging resources effectively, offering strategies for leaders to cultivate this essential asset for competitive advantage.
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The Importance of Backing
- Innovation capital is the ability to win backing for ideas, not just generate them.
- It's built over time, not innate, and is crucial for driving change.
Benioff's Capital
- Even Mark Benioff, CEO of Salesforce, actively cultivates innovation capital.
- This highlights its importance even for established leaders.
Individual Innovation Capital
- Innovation capital matters for individuals at all organizational levels.
- CEOs need it for organizational change, while others need it to advance their ideas.
