Elon Musk Reveals Easy Way to Determine the Feasibility of a Business Idea – With His Innovation Equation

Simplicity could sometimes be mistaken for ‘easy’, but that’s not always the case because if it were, most entrepreneurs would probably be as rich as Elon Musk.

It’s already a complex thought, trying to get into the head of one man who is;

Yet, who could have believed his several genius successes in business and tech, are all rooted in a simple “innovative equation” as the one below.

  • Pace of Innovation
  • Access to Resources
  • Availability of Raw Materials

In an interview with Lex Fridman, an AI researcher at MIT, Musk calls Dan Carlin’s ‘Hardcore History’, the ‘greatest podcast ever.’ As he went on to discuss the pursuit of innovation during the interview, he revealed the core of his decision-making process and his innovation equation. According to Elon, “What matters is the pace of innovation, access to resources, and raw materials.”

 

After reading a bit of this article and watching the video above, on YouTube, any smart person would quickly agree with Elon and accept his “innovative equation”.  Before starting any project, the first thing that comes to mind should be the feasibility/viability of the project, because there’d be a whole lot of factors whose impacts need to be considered and without these considerations, the project is as good as a failed mission. Let’s have a second look at the items of his equation below:

  • Pace of Innovation

Just as they say; time is inevitable and time flies, so anything and everything in life happens within intervals and one of the most important things to consider when starting a project or firm is how quick you can make things happen, happening towards the set goal(s). One clear reason that makes the pace and timing important is competition; in every industry, there’s some sort of competition and there’s no monopoly of ideas in life. You might know exactly what to do to break the grounds in a certain niche but, if someone else is able to make things happen much sooner, in the same line of products or industry, you’re most likely going to become a runner-up.

  • Access to Resources

Some of the “supposed” best innovations in the world, probably lived and died in the minds of their innovators. Let’s look at it practically, sometime in 2018, I stumbled on a video on YouTube, where an lad built a motorbike than is powered by heat from a gas cylinder attached underneath, the higher the temperature of the cylinder, the faster the motorbike goes. Amazing right…. but I’ve not seen a second of that motorbike anywhere, and the young innovator haven’t founded a motorbike company yet. I’d tell you why, it’s because he lacks the resources to invest in his idea and bring up as a solution to the world.

  • Availability of Raw Materials

This to me, is the most important aspect of Elon Musk’s innovative equation because, you can’t even get started without the raw materials. Nothing comes from nothing so, the importance of availability of the needed raw materials for any sort pf production or development cannot be over-emphasized, even Elon, the co-founder and CEO of the biggest EV company in the world, called for an increase in oil an gas output following the U.S banning of Russian crude oil exports, in the tweet below.

I personally accept Elon Musk’s “innovative equation” to be a fundamental one that if followed by most existing and intending entrepreneurs, will bring about more successful corporations and businesses around the world.

 

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