The Five Characteristics of Successful Innovators

by Jörgen Eriksson on October 27, 2013

There is not much agreement about what makes an idea innovative, and what makes an innovative idea valuable. We have written about these controversies before on this blog. What we do know is that creativity, knowledge and sound judgment are key components in coming up with innovative ideas.

However creativity alone is not sufficient. Innovation also requires the development, production, and implementation of the new ideas. The key difference between creativity and innovation is execution, the capacity to turn an idea into a successful implementation of a service, product or venture.

Innovate - Execute banner

Last week, Dr Tomas Chamorro-Premuzic,  Professor of Business Psychology at University College London, published an interesting article on Harvard Business Reviews blog site where he argues that ideas don’t make people successful, it is the other way around. He also says that there is no point in just hoping for a breakthrough idea, what matters is the ability to generate many ideas, discover the right opportunities to develop them, and act with drive and dedication to achieve meaningful goals.

Dr. Chamorro-Premuzic quotes research that highlights five key characteristics o successful innovators (in addition to creativity):

  1. An opportunistic mindset that helps innovators identify gaps in the market. Opportunities are at the heart of entrepreneurship and innovation, and some people are much more alert to them than others. He claims this is consistent with the higher rates of attention deficit hyperactivity disorder among business founders.
  2. Formal education or training, which are essential for noticing new opportunities or interpreting events as promising opportunities. Contrary to popular belief, most successful innovators are not dropout geniuses, but well-trained experts in their field.
  3. Proactivity and a high degree of persistence, which enable innovators to exploit the opportunities they identify. Above all, they effective innovators are more driven, resilient, and energetic than their counterparts.
  4. A healthy dose of prudence. Contrary to what many people think, successful innovators are more organized, cautious, and risk-averse than the general population. Although higher risk-taking is linked to business formation, it is not actually linked to business success.
  5. Social capital, which they rely on throughout the entrepreneurial process. Serial innovators tend to use their connections and networks to mobilize resources and build strong alliances, both internally and externally. Popular accounts of entrepreneurship tend to glorify innovators as independent spirits and individualistic geniuses, but innovation is always the product of teams. Entrepreneurial people tend to have higher EQ, which enables them to sell their ideas and strategy to others, and communicate the core mission to the team.

Dr. Chamorro-Premuzic concludes that even when people possess creativity and these five characteristics, true innovation is unlikely to occur in the absence of a meaningful mission or clear long-term vision. He writes; “vision is where entrepreneurship meets leadership: regardless of how creative, opportunistic, or proactive you are, the ability to propel others toward innovation is a critical feature of successful innovation. Without it, you can’t attract the right talent, build and empower teams, or ensure that you remain innovative even after attaining success.”

About Jörgen Eriksson :

Jörgen Eriksson is the founder of Bearing and is the Chairman of the firm since it was created. He has successfully expanded Bearing into covering projects on four continents. He is also Adjunct Professor of Innovation Management at the International University of Monaco and at Universitat Politècnica de Catalunya in Barcelona and he is an active member of the Founders Alliance organisation.

Working with consulting engagements across Bearings practices, he has over the past fifteen years participated in and supervised a large number of client projects, from innovation system development and place development and branding, to merger and acquisition assignments and leading edge research and business development activities for key clients.

His new book, Branding for Hooligans, will be published in 2015. It is about how innovation and branding are key survival factors in our modern times of hyper competitive markets.

Prior to Bearing, he was Director of Europe, Middle East, and Africa for Trema Treasury Management, a technology and consulting services provider, supplying financial software solutions for the global financial industry, Clients included The European Central Bank, Citibank, SEB, South African reserve Bank, Deutsche Bank, Abu Dhabi Investment Authority (ADIA), as well as many other large financial institutions and Fortune 500 companies.

Early in his career Eriksson was educated at the Stockholm School of Economics, where he studied economics, financial economics and philosophy. He then worked in Scandinavian investment banks and also for the Swedish Institute of National Defense Research.

You can contact Jörgen on e-mail jorgen.eriksson@bearing-consulting.com, connect on LinkedIn on http://fr.linkedin.com/pub/jörgen-eriksson/0/38/8a0/ and follow him on twitter on joreri508.

{ 2 comments… read them below or add one }

Swiners November 7, 2013 at 13:37

Nothing new in this post. It is about the same than the conclusions of Jean-Philippe Deschamps or Jeff Dyer and Hal Gregersen.
Worst, as usual, no examples ! Could you give us some ?
Thanks !

Jörgen Eriksson Jörgen Eriksson November 7, 2013 at 23:13

Dear Mr. Swiners, thank you for your comment! I was surprised to realise that you read our blog. You are very right, there is most likely nothing new in the post for experts such as yourself, however most articles on this blog are written for readers who are interested to know more and not yet at the expert level. 🙂 There are quite a lot of examples in other blog articles on this website. We try to keep each article short.

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