Steve Jobs once said, “Innovation distinguishes between a leader and a follower.” But can it distinguish between a successful business and a failure? The answer is yes. In this age of cut-throat competition, innovation is key to your success and survival in the market. However, the million-dollar question is how to monetize your innovation skills to turn them into personal and professional success.
We understand that turning your passion for innovation into a business can be challenging, but it's not impossible.
I will share my lessons learned and insights on identifying and monetizing your innovation skills without sacrificing the soul of your creativity.
“Innovation isn't just a spark of genius, it's the audacious courage to set the world ablaze with an idea that was once just a whisper in your mind.”
Ways To Monetize Your Innovation Skills
It's important to understand that there is no one-size-fits-all approach to monetizing your innovation skills. There are myriad ways to turn your creativity into a profitable venture, and the best method depends on your strengths, your market, your innovation reputation, and what you're passionate about. Let's explore some of these diverse strategies to help you identify the path that best suits your innovative spirit.
As An Employee
One of the most direct ways to monetize your innovation skills is to become employed in a role that values and rewards innovation. This could be in a tech startup, a research and development department of a large corporation, or any company that prioritizes ingenuity. As an employee, you can negotiate a salary that reflects your creative potential and ability to drive the company forward.
The additional benefit is that if the company is known for innovation, you can establish your credentials and credibility faster than on your own.
While I was innovating products throughout my career, my work as the Chief Technology Officer at HP helped me build my profile as an innovation expert. My work at HP gave me a source of funding and resources to nurture my ideas and bring them to life. The result was ten years of creating new and innovative products that are still in use worldwide.
As A Consultant
Another lucrative avenue is to offer your services as an innovation consultant. This involves helping organizations identify areas where they could innovate and provide solutions. As a consultant, you can charge a fee for your services, and there is potential for substantial earnings, especially as you gain experience and recognition in the field.
The challenge in today's environment is that innovation consultants have flooded the market. Therefore, distinguishing yourself as an innovation consultant requires a unique blend of skills, experience, and marketing strategies. One key aspect of standing out is demonstrating subject matter expertise. This doesn't mean knowing everything but specializing in a specific industry or innovation methodology. Becoming an expert in a particular niche can set you apart from the generalists.
Next, your track record matters. People want to hire consultants with proven results. Showcase your past successes with case studies, testimonials, and references. Each successful project enhances your credibility and attracts more clients.
Last, consider writing and publishing thought leadership articles on innovation-focused sites like The Innovators Network. By sharing your insights and perspectives on industry trends and developments, you can establish yourself as an authority in your field. This boosts your visibility and builds trust with your potential clients.
Joining An Innovation Agency
Joining an innovation agency is another potential opportunity. These agencies focus on providing innovative solutions for their clients, often through creative problem-solving, design thinking, and technology. Working in such an environment allows you to collaborate with other innovative minds, and your earnings will typically come as a salary or project-based compensation.
In my case, I founded one of the first innovation agencies – Techtrend Group. Techtrend is a full-service innovation agency that supports its clients in creating innovations, technologies, and award-winning products that their customers will love. They are behind the innovations that half-billion people are using today. Techtrend is a “collective” team of experienced innovators who have helped create some of the most successful innovations in the market today.
Interesting side note. HP was a customer of Techtrend Group. HP recruited me to become their Chief Technology Officer through that work and the resulting products.
I am now the non-executive Chairman of Techtrend Group and still do a few projects for clients to keep my innovative edge.
Starting Your Own Business
Starting your own business is another way to monetize your innovation skills. This could be a product-based business, where you create an innovative product that solves a problem or meets a need, or a service-based business, where you provide innovative services to clients. This path requires significant effort and risk but can also lead to exceptional rewards if your business succeeds.
I started 12 businesses around an innovative idea that either failed or was sold to survive. None of these amounted to anything significant.
However, my biggest success was my 13th venture. This one worked out well and transformed me financially. It was a wireless communication company called Teligent. I was part of the team that founded the company in 1996. We took it public in 1998.
The keyword, if you take this path, is perseverance. You will kiss a lot of frogs before you find the prince.
Innovation Coaching and Mentoring
Becoming an innovation coach or mentor is another effective way to monetize your innovation skills. This role involves guiding individuals or organizations to foster a culture of innovation, teaching them practical strategies to generate innovative ideas and navigate the implementation process.
As an innovation coach or mentor, you can earn through session fees or long-term contracts with your clients. The advantage of this approach is its flexibility, allowing you to work with a range of clients from different industries and backgrounds.
Your credibility as a coach or mentor will be directly linked to your track record and the success of your innovative projects. Therefore, building a portfolio of successful innovation projects can help attract clients. Offering your expertise to budding innovators or established organizations seeking a fresh perspective could be a rewarding and lucrative way to leverage your innovation skills.
Remember, mentoring or coaching is not just about imparting knowledge. It's also about motivating and inspiring others to think differently, take risks, and embrace change – all key ingredients in the recipe for innovation.
I've taken on a few innovation coaching and mentoring clients. The biggest challenge is ensuring the other party is committed to the work involved to take their innovation skills and abilities to the next level. Most times, people are not committed. They want access to the Rolodex. Thus, I never do coaching and mentoring for free. I charge my total rate — but then donate the fees to charity.
One client that worked out well was in Europe. We met weekly for an hour to discuss their innovation efforts, work on skills, etc. Between the weekly calls, I would expand their innovation pipeline with ideas I would develop. Once a year, I flew in for an entire week of working with their leadership, including attending a special session of the Board. This work went on for years.
Serving on an Innovation Advisory Board
Joining an Innovation Advisory Board for a company is a strategic move that can monetize your innovation skills while providing significant value to the organization. As an advisory board member, your primary role would be to guide the company's innovation strategy, drawing from your wealth of experience. You would offer insights into emerging trends, identify opportunities for innovative advancements, and help the company navigate the complexities of the ever-evolving business landscape.
Your compensation for this role can come in various forms, ranging from fees to equity in the company or a combination of both. If you choose the fee-based compensation, you can negotiate a fixed retainer for your services or opt for a per-meeting fee, depending on the time commitment and the level of input required.
Alternatively, if you believe in the company's potential for growth and success, taking an equity stake as part of your compensation can be a lucrative option. This gives you a share in the potential future profits of the company, aligning your interests with the long-term success of the company.
Sometimes, a mix of fees and equity can be negotiated, ensuring a regular income and allowing you to participate in the company's future earnings. This hybrid approach can offer an optimal balance between immediate financial rewards and future growth potential.
“Innovation is not just the birthplace of brilliant ideas; it's a daring voyage where the unknown often leads to extraordinary financial windfalls.”
It's worth noting that serving on an Innovation Advisory Board monetizes your innovation skills, enhances your professional network, builds your reputation, and exposes you to new ideas and perspectives. Combining these benefits makes this option a compelling consideration for any seasoned innovator.
An example of this working out quite well was when I joined the Innovation Advisory Board for a small startup in Silicon Valley. I worked with their founder and his team on the core idea of the product, which was in a space I had deep experience in. The relationship was an “equity” only structure, given I knew the founder well. Over the years, I forgot about the deal. One day, I got a call from a stockbroker for the company asking me what I wanted to do with my shares. What shares? It seems the company was going public. I sold the shares, and the proceeds paid for my horse farm in Virginia.
Licensing Your Ideas
Lastly, if you have an innovative idea but don't want to start a business, you could consider licensing your idea to a company. This would involve selling the rights to your idea in exchange for royalties, providing a potential income stream without the responsibilities associated with running a business. This option requires diligent research and negotiation but can be a lucrative path for the right idea.
While this can sound enticing, breaking into the licensing approach can be difficult. After all, you are essentially selling an intangible product—your innovative idea—and convincing someone to buy it is no small feat. Therefore, engaging a lawyer or licensing specialist is wise to help navigate the process and ensure that your intellectual property is adequately protected.
Be careful, as several licensing specialists are less than reputable. Look for people with a proven track record of success and can show previous licensing deals they've secured. Talk to the innovators who have used them.
All of my attempts at licensing have failed.
Steps To Making A Living in Innovation
No matter the path you choose, there are some steps you need to take before starting down the road of monetizing your innovation skills.
Identify your innovation skills:
The first step to monetizing your innovation skills is to identify them. Take a moment to think about what you're good at and what makes you stand out. It could be a particular skill set or a unique approach to problem-solving. Once you know what sets you apart, you can start thinking of ways to monetize it.
For example, if you're skilled at brainstorming and problem-solving, you can offer consultancy services to clients struggling with a particular issue. Similarly, you can monetize your innovation by designing products if you're creative. The key is recognizing your skill set and leveraging it in the marketplace.
Build your brand:
Once you've identified your innovation skills, building your brand is time. Your brand is the way people perceive you and your work. It's what sets you apart from the competition. To build your brand, define your mission and vision and create a personal logo and tagline representing you and your brand.
It would help if you also had a solid online presence to reach potential clients. Set up a website and social media accounts and build a following. Share your work and engage with your audience regularly. The more you can showcase your expertise in your area of innovation, the more clients will be drawn to you.
Market your skills:
Once you've built your brand, you need to market your skills. This involves identifying your target audience and creating a marketing strategy that speaks to them. Use your website and social media accounts to showcase your past work and your unique approach to innovation.
This approach even applies to employment opportunities.
Network:
Networking is also critical when monetizing your innovation skills. Attend industry conferences and events where innovators gather to share ideas and find work. Connect with people online by joining innovation-related communities and groups. You can even use social media to reach potential clients and employers directly.
Stay ahead of the curve:
Finally, staying ahead of the curve is important to make a living as an innovative person. Keep an eye out for new trends and technologies, and be willing to adapt your skills to meet the changing needs of your clients.
Attend industry events, subscribe to relevant publications, and continue to educate yourself about your area of innovation. The more you can stay ahead of the curve, the more you can stand out in the marketplace.
Conclusion
Innovation is crucial for success in today's market, but knowing how to monetize your skills is essential. Warning. Making a living as an innovative person is not a sprint but a marathon. It takes hard work, dedication, and patience to build a monetization approach that stands the test of time.
If you're willing to put in the effort, innovation can be a lucrative and fulfilling career path.
To learn about monetizing your innovation skills, listen to this week's show: How To Monetize Your Innovation Skills: A Comprehensive Guide to a Profitable Career.
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article on how to monetize your innovation skills provides practical strategies for turning creativity into financial success. The step-by-step guide offers valuable insights for individuals looking to capitalize on their innovative abilities and turn them into profitable ventures.