One question I get asked the most by other entrepreneurs is: How do you deal with rejection?
The work of innovation – whether you’re doing R&D, creating a breakthrough, pursuing a disruptive strategy or sustaining your core – is not business as usual. It doesn’t work in a straight line, and the more radical the project the more uncertainty there is. This is more evident in domains where lives are at stake; such as medicine.
Why do established businesses fail? Because they miss the future. And what contributes to them missing the future? Many things, among them is a focus on maintaining the status-quo while avoiding uncertainty.
Here’s a short story of how innovation dies inside established organizations that have a short-term results focus…
Organizations don’t resemble their early years as they become successful and establish themselves. They shift from playing to win to a playing not to lose mindset. The organization matures and puts more effort into short-term thinking and maintaining the status-quo; they put more focus on protecting and maintaining what they have.