Innovation Management: How does Elon Musk think about innovations?
Elon Musk is one of the most influential enterpreneurs today. Most people know Tesla, Paypal and SpaceX. No idea is completely new, but the approach is different from the traditional business approach. Alon does not focus on inventions of new approaches and solutions. He focuses on innovations of traditional business approaches. How does Elon think about innovations?
Elon always decomposes the issue into small pieces that can be managed and solved separately. In the next step he chooses the basic components with the highest impact on the solution. He does not waste time with difficult improvement of things having no impact on the overall results. The next phase is about finding analogies from other industries. It is a very simple approach, but it produces great results.
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