Tinkering and Hobbies Are The Basis Of Most Businesses - Eric Von Hippel, Innovation, And Strategy Video
I discuss how tinkering and hobbies are often the basis for many new businesses, based on Eric von Hippel’s new book “Free Innovation.” I am a fan of Eric von Hippel, not just because of his ideas, but because of the simplicity and practicality of the ideas. Much of the research on strategy is largely focused on ‘big business’ and a considerable focus of entrepreneurship is on building high-growth startups. Eric von Hippel, and his colleagues (which there are many!) focused on user innovation, are instead focused on everyday innovation and entrepreneurship.
His research trajectory points out that a large portion of new ventures and Innovation actually comes from people tinkering in their garage. They often do not focus on profitability of their efforts, but rather focus on doing something just for the heck of it. They find these efforts fun, they like to learn, and to help others. They often just innovate to solve one of their existing problems.
What is also interesting is that he provides a mechanism through which businesses evolve from these activities. von Hippel and colleagues speculate that businesses occur once there is increased demand from multiple sources for one particular widget.
However, he also points out that there is often what’s called a ‘market failure’ that occurs with user innovations. This is just ‘economist speak’ for people being underserved when there are available choices available. The market failure is that the users often don’t have any incentive to diffuse the innovation because they are not doing it to make a profit.
Here is what I suggest that you do - rather than just simply stop at tinkering in your basement, you should go out and share your idea on the internet. This is quite inexpensive to do, and it only costs your time. YouTube is a great way to share your idea, but there are other ways, such as free blogging sites or others. This often takes a lot of effort and time, but it is quite fun to do.
References:
Von Hippel, E. 2017. Free Innovation. The MIT Press, Cambridge, MA.
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As a research professor of entrepreneurship, innovation, and business strategy, I discuss topics, such as behavioral science, strategy, innovation, and entrepreneurship, and apply these to my new peer proofreading and editing platform. Topics include the sharing economy, altruism, investing in technology, and bounded rationality. My favorite videos pertain to incentives, goal setting, and learning from failure to drive behaviors such as weight loss, stopping telemarketers, creating novel technologies, and creating new movements.
r3ciprocity.com: Peer proofreading and editing platform
A new platform where you can earn credits by editing other people's documents. Use these credits to have your own work edited. If you do a good enough job, you can convert these credits to money.
The goal of the platform is to get people to 'pay it forward' and help other people out by creating incentives for people to give back.
Check out www.r3ciprocity.com
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