Tesla, SpaceX, Hyperloop, SolarCity: all the product of one brain. How does Musk always succeed in making the most innovative ideas a reality? With these 7 principles you also launch ideas like Elon.
1. Prevent disruption
"Hi Dinosaur, measure your Meteor!"
Startups turn left and right the established order upside down. Just a short time ago, electric cars were the laughing stock of the industry. Now oil companies are forced to invest in complete networks of charging stations. Develop a disruption radar and see the comet coming. Musk does not build on traditional industrial pillars such as patents and networks of car dealers. He monitors startups and special investments. He thinks in terms of problems and solutions, not in industries and branches. If people desperately need a better solution, it doesn't have to be done in a traditional way. All disruptions are laughed away upon introduction. Don't let that get you upset.
2. Use Lean Startup methodology
"The Lean Diet for Corporate Fat Cats"
The Lean Startup, you may have read the booklet. Easier said than done if you are not in an attic room with a bunch of unshaven students. Like Musk, how do you implement innovations quickly and efficiently in a billion-dollar company? Simple: you go on a diet: The Lean Diet for Corporate Fat Cats. No excuses. Without being Lean and mean, SpaceX would never have been able to compete against NASA. But even the toughest corporates can give those hip startups a cookie of their own. The next Hyperloop, or Boring Company can just come out of your tube. Build. Measure. Learn.
3. Pay attention to design
"Love at First Slide"
Most propositions fail despite investments of tons or even millions. Not yours. Why not? You put down products that your users will really love. Love with the first swipe. Make sure that all friction and discomfort are removed and make your users superheroes. A Tesla takes a lot of work off your hands as a driver. Yet you still have everything in your hands. You brake faster when an accident occurs: you have the responsiveness of a superhero! If you pay attention to it, you will notice how many dredging products are designed. Most modern cars, for example, have to go to the garage for a software update ... Tesla's not.
4. Test propositions with Minimum Viable Products
“Launch & Learn at Rocket Speed”
Many organizations still think in terms of idea-development-launch-marketing. A straight line. Sometimes even according to the prehistoric Stage Gate model. Do not stay behind closed gates. Validate assumptions about your product without putting tons into development. Prevent your money from disappearing into a bottomless pit. The Minimum Viable Product is the solution. Get behind your desk, roll up your sleeves and test assumptions via quick & dirty MVPs. Launch & learn. Do you remember the announcement of the Model 3? Half a million pre-orders. Not a cent had been put into development, but Tesla knew immediately that there was interest and had a good deal to get started.
5. Think in platforms
Why are travel agencies, taxi companies and hotels with their hands in their hair? This is due to the on-demand platform: an interesting business model. A few teenagers from Silicon Valley found a way to offer their guests enormous value for money in a super-scalable way. How do they come? Airbnb, you wonder ... Musk is also not averse to this model: for example, all Tesla patents are free to use. Hyperloop is an open competition to invent a new transport system. This way Elon's vision for the future comes closer.
6. Hack your way to growth
"Get your Hack on Track"
Never from Growth Hacking heard? Cohort analyzes, viral growth and in-depth customer insights are the fuel for your growth engine. Companies such as Facebook and Dropbox were pioneers. If you want to outsmart the competition, you get going quickly. For example, Tesla built a referral system in their app. This allowed Tesla owners to save points for everyone who convinced them to buy a Tesla. For example, they saved themselves for a discount on their next car and Elon quickly gained more customers. Or build one for example easter egg in your product. Viral videos are free advertising!
7. Provide an unforgettable customer experience
"It's not you, it's me."
After you've made your customers fall in love with great design, you have to prevent them from breaking up. Avoid the dreaded words: It's Not You, It's Me. Shortly after launch, the Model S had a whole network of volunteer ambassadors who were so wildly enthusiastic that they wanted to offer people test drives in their own cars. Tesla changed the entire manufacturer-dealer-customer model. Musk is building a network of charging points where everyone can charge their Tesla for free. Why? Because a good product is not enough. It's about the unforgettable experience.
Want to know more about how you can steer the company of the future with these 7 principles? Buy the book Be Muskalicious on Bol and Amazon.