Michael Shribman is president and founder at APS Global Partners Inc. and Medias Health Inc.
Innovation isn’t just a trendy term—it’s what keeps businesses and economies alive. I’ve built and sold multiple companies, and one lesson stands out: The ability to innovate determines who thrives and who fades away.
But innovation isn’t just about cutting-edge technology or game-changing scientific discoveries. It’s a mindset, a culture and a relentless pursuit of better solutions.
The Lone Genius Myth
Many believe groundbreaking innovations come from lone geniuses—visionary leaders working in isolation. While figures like Steve Jobs are often credited with reshaping industries, their success wasn’t achieved alone. It was built on cultures that embraced collaboration, risk-taking and relentless iteration.
MIT Professor Eric von Hippel’s research challenged the lone genius myth. He found that roughly 80% of major innovations in scientific instruments came from end users, not just R&D teams. This highlights a crucial point: Innovation is about solving real problems, not just having a single brilliant idea.
Innovation: A Process, Not A Moment
We love the idea of “eureka” moments, but real innovation happens through trial and error. Thomas Edison, who held more than 1,000 patents, famously said, “I have not failed 10,000 times—I’ve successfully found 10,000 ways that will not work.”
Companies that embrace this philosophy can thrive. Amazon, for example, runs on a culture of experimentation and innovation. This mindset helped transform Amazon from an online bookstore into a global tech powerhouse.
Why Many Companies Struggle to Innovate
If innovation is so valuable, why do so many companies fail at it? The answer often lies in fear—fear of failure, fear of change and fear of disrupting existing business models.
Clayton Christensen’s The Innovator’s Dilemma explains this well. He argued that established companies focused only on improving existing products and sustaining innovation—rather than investing in disruptive innovations that create new markets—will be “pushed aside.”
Kodak serves as a classic example. Steven Sasson, an engineer at the company, invented the digital camera in 1975, but Kodak resisted pushing the technology, fearing it would kill its film business. Meanwhile, competitors like Sony and Canon capitalized on digital photography, and Kodak filed for bankruptcy in 2012.
Contrast that with Netflix, which constantly reinvented itself—from DVD rentals to streaming and then to content creation. By disrupting its own business model before others did, Netflix ensured its survival.
The Role Of Leadership In Innovation
Innovation doesn’t just happen—it needs strong leadership to drive it. Great leaders create environments where new ideas can flourish. Here’s how:
Encourage risk-taking. Employees should feel safe experimenting without fearing punishment for failure.
Focus on solving real problems. The best innovations address actual customer needs.
Invest in research and talent. Cutting-edge ideas come from skilled, motivated people.
Look outside the company. Partnering with startups, universities and customers can unlock new opportunities.
A great example is Google’s famous “20% time” policy, which lets employees dedicate part of their work hours to passion projects they think will benefit the company. This approach led to the creation of Adsense and Google News—proof that when employees are empowered, innovation thrives.
The Future Of Innovation: AI, Sustainability And Remote Work
Looking ahead, I believe three major areas are driving the next wave of innovation:
1. AI And Automation
AI is already transforming industries, from healthcare to finance. A 2023 McKinsey report estimated that generative AI could contribute up to $4.4 trillion to the global economy annually. Companies that learn to thoughtfully leverage AI for automation, decision-making and customer experience could gain a major competitive edge.
2. Sustainability And Green Tech
Many consumers demand more eco-friendly solutions, which means companies should consider how they’ll respond to this trend. Patagonia, for example, is a leader in its sector through sustainable innovation and its commitment to the environment.
3. Remote Work And Digital Collaboration
The pandemic accelerated the shift to remote work. Companies that continue to innovate in flexible work environments can position themselves to attract top talent and maintain productivity in a post-pandemic world.
Final Thoughts
Innovation isn’t just about technology—it’s about mindset. It’s about challenging the status quo, taking risks and solving real problems. Whether you’re an entrepreneur launching a startup or leading an established company, fostering a culture of innovation isn’t optional—it’s essential.
As we move into an era shaped by AI, sustainability and digital transformation, the businesses that innovate will define the future. The question isn’t whether to innovate but how quickly you can adapt and lead the change.
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