Hidden Brain Innovation 2.0: How Big Ideas Are Born
Apr 29, 2024
Saras Sarasvathy, a Professor at the University of Virginia and an expert in entrepreneurship, shares her insights on navigating the unpredictable path of goal pursuit. She discusses how adaptability is crucial in entrepreneurship and highlights the importance of personal interactions and relationships in sustaining a business. Saras delves into decision-making pitfalls, using the downfall of Blockbuster as a cautionary tale, while contrasting novice and expert approaches. Her perspective encourages embracing uncertainty, revealing how unexpected challenges can foster innovation.
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The Lunch Delivery Business
- Saras Sarasvathy's lunch delivery business in Mumbai initially thrived.
- Customers valued her personal interactions more than the food itself, causing a decline when she hired a delivery driver.
The Automatic Water Pump Controller Failure
- Saras Sarasvathy developed an automatic water pump controller in Mumbai.
- Initial success turned disastrous when a design flaw caused pumps to burn out, angering customers and investors.
Problem-Solution Misconception
- Simply identifying a problem and creating a profitable solution isn't enough for entrepreneurial success.
- Deep expertise and anticipating hidden problems are crucial.