I was speaking to an industry colleague in the innovation space, and commented to them that in corporate innovation, it was important to have patience. They blinked and restated what they thought I meant, that it was important to be tenacious. This revealed a surprising fact for me: that it wasn’t universally understood that patience is a virtue.
In the world of innovation, startups are often revered. The innovation that has come out of the international system of VC-backed tech startups is unarguable. Accordingly, in the land of corporate innovation in particular, it makes sense to seek to learn from the startup ecosystem, and apply their proven approaches into a corporate setting. Tools like design thinking, lean canvas, and the daily stand-up are examples of this.
However, innovation in a corporate environment requires a different approach to innovation in a startup, and not all of the startup lessons translate directly. Mark Searle from UC Berkley has recently made some insightful comments about that. I will add another — that the startup lesson about the the virtue of tenacity doesn’t translate directly either.
Before I go on, I’ll share some quick definitions so we’re all on the same page. Tenacity is the unwillingness to give up, even in the face of defeat. Patience is the acceptance that true success will take a while.
In my experience, it is the latter that better supports a culture of innovation within a corporate environment. That said, good innovators are not complacent, they do not accept the status quo, and they are driven to create a better world.
The reason that patience is a virtue in corporate innovation is due to corporate efficiency. Corporates are often set up so that the same idea isn’t funded in multiple places. In fact, there is usually a natural place for a particular idea to be explored, whether it’s in the IT group, marketing, or product development. If an idea fails, and most ideas do fail, it is unlikely that the same place will fund a similar idea again immediately. Effectively, a failed idea becomes taboo for a period of time.
How does this relate to patience? Well, getting the timing of an idea right is often a key part of success. However, since having an idea “too late” is a terrible outcome, people naturally err on the side of being “too early”. When a too-early idea fails, a successful corporate innovator will take the lessons from the failure, wait until the conditions are right, and then resurrect the idea. This time, the timing is likely to be better and the execution better informed. It requires an acceptance that true success can take a while, and often doesn’t come the first time.
Tenacity can be poisonous in this environment, with the unfortunate innovator continuing to push an idea within a company even after it has failed and become taboo. The reputation of both the idea and innovator can be harmed, and neither may end up working at the company in the future, depriving the company of real value.
However, in the startup ecosystem, tenacity is valued by the VCs who back startups run by tenacious people. A VC fund doesn’t live or die by the performance of a single startup, but VCs maximise their chances through knowing a startup will keep trying to find product-market fit while they keep funding it. They can then shift follow-on funding rounds towards startups that are performing better, and let the other startups run out of cash.
Many successful people from the startup ecosystem make their way into corporate innovation. They won’t have seen much patience within a startup; startups are all about urgency. Perhaps when they see patience, they associate it with lack of drive. However, corporate innovators have as much drive as innovators anywhere, and if one idea is paused, they will be progressing one of several other ideas. Corporate innovators often have many irons in the fire.
If you’re coming from a startup world into the corporate one, try to practice your patience. Sometimes the best strategy for helping an idea work out in the long term is to put it on ice for a while. When you thaw it out later, you may be surprised at how important your patience was for its success.