The innovator creates a new process or invention. The entrepreneur creates a program or business. Our definition of the innovative entrepreneur is one who creates a business or program that creates a new service with the intention of making an impact. This could include a for-profit business or school, a non-profit organization (or non-governmental organization: NGO), or a program within an existing institution. Their goals may aspire to any combination of profit, education, or social impact.
But definitions, by themselves, are notoriously simplistic and without context. The exemplars below will better define the innovative entrepreneur through case studies that capture the passion, problems, and impact that definitions omit. In the examples below, look for five repeated traits (VIPER):
- Vision – imagining how and when a particular opportunity may occur or the potential market or success of an innovation or initiative.
- Innovation – comes up with and identifies new ideas that could really work. Often comes from prior study or expertise.
- Passion – the burning desire to have an impact.
- Endurance/Perseverance – working hard with unwavering faith in face of difficulties, obstacles, and failures.
- Risk – willing to take financial, career, and personal risks.
Exemplary Entrepreneurs (see links page for more)
Throughout history, many of the positive changes in human culture and economy have been the product of innovative entrepreneurs, most of whose names were never recorded. Early innovators of fire, agriculture, domesticated animals, and written symbols didn’t create organizations to develop and disseminate their inventions. A few, like the Budda, Confucius, Genghis Khan, and the Greek and Arabic philosophers and scientists changed culture but not economic growth or human well-being (Genghis maybe did the opposite). Ironically, during the American Revolution, another revolution began in 1776 in Great Britain, one that epitomizes how one innovative entrepreneur changed the world.
Historic Exemplars
In 1776 Scottish inventor James Watt’s improved steam engine began the first industrial revolution of machines replacing muscle power. Protected by patents and marketed through his partnership company, he was honored in his time and became a wealthy innovative entrepreneur. One of many unintended consequences of his invention was its application in the steam locomotive which revolutionized transportation. Aldous Huxley (1894-1963) captures this power of the innovative entrepreneur, “To us, the moment 8:17 A.M. means something – something very important, if it happens to be the starting time of our daily train. To our ancestors, such an odd eccentric instant was without significance – did not even exist. In inventing the locomotive, Watt and Stephenson were part inventors of time.”
http://lukemuehlhauser.com/wp-content/uploads/all-curves-with-events.png
Historic entrepreneurs like Thomas Edison, the Wright Brothers, and Henry Ford are well known and often studied. They, like James Watt, were technical or business entrepreneurs.
Business/Technical Entrepreneurs
Today’s best-known entrepreneurs founded technology or commerce corporations. Steve Jobs, Jeff Bezos, and Elon Musk are household names that are (or were) continually in the news. Their impact is less in their personal fortunes than in the changes they make in our culture. Do you know Jack Ma? He was an English teacher before starting the Chinese corporate giant Alibaba (bigger than Amazon). Before retiring from Alibaba, he was worth $38 billion! Read the short bio of Jack Ma’s surprising rise, his retirement, and his plans to serve education through his Jack Ma Foundation: https://money.cnn.com/2018/09/09/technology/business/jack-ma-alibaba-bio/index.html
Later in our study, we’ll learn more about Ray Kurzweil, the person Bill Gates trusts to give the accurate future technology predictions. Ray has been called a modern-day Edison, and his ideas will be woven throughout this course. Now over 70 years old, he’s served since 2012 as Google’s Director of Engineering at the PERSONAL REQUEST of the Google founders! Pay attention to everything about Ray Kurzweil (he’s certainly changed my life).
Social Entrepreneurs
A list of 25 particularly fascinating entrepreneurs (list from 2005, but highly illustrative): http://www.kurzweilai.net/in-print-inc-presents-the-26-most-fascinating-entrepreneurs
Social entrepreneurs may create profit, non-profit organizations or NGOs to serve social needs or create social change. The Bill and Melinda Gates Foundation is a well-known example of a charitable foundation with huge social goals such as the elimination of malaria.
Our region’s best-known social entrepreneur is probably Alan Jennings who founded the Community Action Committee of the Lehigh Valley (https://CACLV.org). CACLV has created a food bank, low-income housing, educational services, and a host of other services to help those who are struggling to live and succeed (check out CACLV.org). Check out their annual report or budget to see how they raise and spend around $30 million per year as social entrepreneurs. (personal note: I knew of Alan’s leadership when he was only 10 years old, and I’ve seen the steady rise in his impact. Do a Google search, and you’ll find lots of mention of his advocacy but little about the self-effacing, modest, dedicated and idealistic person.)
On another personal note, in 2019 I created a charitable foundation, the Garrigan Foundation. As of January 1, 2020, it is a legal entity, has a board of trustees, has been recognized by the IRS as a non-profit “501(c)(3)” organization, and has made annual charitable donations. Its focus will be to make impact in poverty, education, and/or the arts. While my foundation’s impact may be small, here are two contemporary social entrepreneurs with BIG impact ideas (copied from Peter Diamandis‘s Abundance360 blog: https://www.abundance360.com):
- Philanthropist Whitney Williams, who is working to uplift African children through the Eastern Congo Initiative, which she co-founded with Ben Affleck.
- Rainn Wilson, who is empowering at-risk adolescent girls in Haiti through literacy and the arts through Lidè Haiti.
Watch social entrepreneur Arjita Sethi’s 2015 TED talk on social engineering using technology for game-based learning. Her idea: Social entrepreneurship going hand in hand with advancements in technology like artifical intelligence and cloud computing. Here’s the link to the 11-minute talk: https://www.youtube.com/watch?v=cPpoRrWDYnc
Education Entrepreneurs
Even most educators cannot name an educational entrepreneur. The name Maria Montessori may come to mind (an excellent choice!). Here are some educational entrepreneurs changing learning today:
- Mike Feinberg created the highly-successful Knowledge Is Power Program (better known as KIPP Academy) to help low-achieving school communities. https://www.kipp.org
- Salman Khan created Khan Academy, a free, fully-online, personalized tutoring system. To date, it has delivered more lessons that any educational system in history. (but a rapidly-growing competitor in China may surpass him soon!.) http://khanacademy.org
- Sunny Varkey created the GEMs schools corporation that has created high-quality, affordable private schools in Africa, Europe, India, Southeast Asia, the Middle East, and even Chicago. (His non-profit foundation created an unparalleled international prize for outstanding teachers with a $1 million prize for the winner!) I evaluated one of his schools and met his management team — world class!!! Look up Sunny Varkey in Wikipedia. Here’s a link to his AWESOME Varkey Foundation: https://www.varkeyfoundation.org/
- Carlos Rodriguez-Pastor created Innova Schools to raise Peru’s middle class education to world-class standards (for only $100 per month!). Designed by award-winning design firm IDEO, we’ll learn more about Innova later. https://www.ideo.com/case-study/designing-a-school-system-from-the-ground-up
Exercise: Case Study
To begin your understanding of innovative entrepreneurs, compose a case study of an entrepreneur and the initiative he/she created. Select one that aligns with your interests to learn lessons you may be able to apply in your own career or life. Practice focused brevity to convey your message with impact, including the information below in no more than two pages. Include no more than three brief references for your sources:
- who was the entrepreneur?
- what was the innovation?
- what institution or initiative was created?
- what was the impact?
- what evidence did you find of VIPER characteristics in the entrepreneur?:
- Vision
- Innovation
- Passion
- Endurance/Perseverance
- Risk