Innovation through talent and collaboration

There is a lot of talent in our environment (family, collaborators, friends) that we must consider at all times. Basically it is because  we have been educated to try to solve everything on our own. This is not possible any more at present times, since the reality is complex and it demands to share competences and skills and collaborate to achieve to move forward, either towards success or happiness. A learning lesson recently for us is to collaborate with a real purpose. Building a team that shares the same goal and complements each other is ideal, but it is a challenge.

In Guanajuato it is a double challenge, because the associations and business societies have not been well accepted. “Man orchestrates everything he can and will succeed”, “it is better to be a mouse’s head than a lion’s tail”, deep-rooted thoughts that were successful in the past, but what happens at this complex moment, what happens when you compete against tigers (Asians) and you decided to be just a mouse. It is a moment to reflect and identify the best, remember that there are family businesses that are successful, meanwhile there are corporations that are unsuccessful. The important thing here is how effective they are and the level of professionalism in decision making. You can share and earn  even more when you contribute to make a bigger cake.

In the last couple of months it has become relevant to review some episodes of Shark Tank Mexico, where companies appear to seek smart investment. There are two quite frequent problems in the companies that appear: One is the maturity of the project or company (remember that an initial stage it is not the same where angel investors are sought to a stage  of consolidation and growth that requests the addition of new investors); the second is the frequent confusion of the valuation of the company with the capital required for the project (so they end up making a mixture that takes away the interest about the project because it shows confusion and looks unprofessional).

An important aspect to succeed  is to identify the talent that must be counted and the profile of partners  you want to participate with. They are a business journey companions and they must be complement in such a way that all the required competences are added so gathering the necessary resources is possible. It is not to create a friends’ club or a social club, but rather to integrate a highly competitive team to bring the company to its highest level of competitiveness. An important point to keep in mind is that the company must seek to achieve its mission by being highly effective, competitive, and profitable.

In the context of Mexico, definitely there is a lot of creativity, but just little innovation. Creative skills  are in most Mexicans ADN; But unfortunately, the spark is not accompanied by the necessary vision and discipline that allows a brilliant idea to become an innovation that generates value. The principle that only the good idea is enough and the “law of least effort”  leads to losing the entrepreneurship opportunity. The ability to put that idea in  a business plan and model are necessary and it requires testing and validation that all makes sense; reach out strategic partners to cover the skills or resources necessary to make it possible. A big problem: the lack of confidence (derived from experiences and background in our environment) that must be overcome with information and support.

One strategy to align creativity with innovation is to consider the tools for the development of disruptive thinking or lateral thinking, complemented by an important base of analysis and knowledge of mega-trends that allows  guidance to new developments and maintaining at all times a global vision (because your competitor can come from anywhere worldwide and from any area) while maintaining the importance of having a local focus (response in your area and in any one where you are participating). The pandemic has made us to revitalize local chains and to pay attention to the needs that have arisen in this environment, generating commitment and a sense of community. However, digitization and virtuality continue to develop and expand and in global or local environments it becomes a tool to be more efficient and raise your hand and signal that we are present.

Additionally, it is important to identify the blue ocean where the company can develop; in our region it is very common that local companies participate in a highly competitive red ocean  markets that leads to low margins and with little value generation because competition is based only on low prices and the market gets used to “the same but cheaper”. You should not allow yourself to fall into that; look for an added value that the client recognizes and is willing to pay for. It is worth to remember that each time and each moment is different, reviewing examples of Companies that Endure, or recent examples of successful companies. We can see nowadays that there is no guarantee for a permanent success, it is required to be updated and with value added; avoid to be in the list of bankrupt companies such as Kodak in the past, the unbelievable Hertz, or the most surprising Cirque du Soleil. It is important to never give up, as even Kodak has taken a second chance to innovate and reinvented it in the last few months.

Concerning the example of the Shark Tank Mexico series, projects with a high level of creativity have been discarded just because a businessman is not there. I think they are some cases (hats, smart flowerpots, etc.) where support with technical knowledge of the administration is essential. From my perspective it is very rare that the creative or science researcher has the skills of an entrepreneur. These kind of initiatives are the ones that demand the most from collaboration and smart association: business administration knowledge added to a creative talent is a winning formula. The investor should see the return, but also what the project or company is potentiating with his participation and contribution. The sum of talent will always be positive and a safe bet. So it is important to identify whether an angel investor or a strategic partner is needed; if it is a project, Startup, or company under development; if you are talking about a winning product or service or a process capable to generate a multi-product / multi-option system.

Finally, in Mexico and Guanajuato, talent must be promoted, the level of competencies of those participating in project development and the region development must be improved; attract the necessary talent to complement the capacities of companies or regions; and as a new rule, collaborate and generate partnerships that integrate dream teams capable of generating value and maintaining a permanent win-win spirit. Let’s build winning companies and regions that generate solutions, value, wealth and well-being.