No one can predict the future, but that doesn't mean we can't prepare for it.

We'll explore the concept of black swan innovation and discuss how leaders can respond to these events when they occur. We will also look at some examples of black swan innovations that have profoundly impacted society. Leaders can minimize the negative consequences of these unpredictable occurrences by understanding what a black swan event is and how to prepare for it.

So, What is a Black Swan Innovation?

A Black Swan innovation is an unpredictable event or occurrence that changes the course of an industry or business. It is something that no one could have ever predicted and can completely overturn the status quo.

The term "black swan" comes from the idea that black swans are events or occurrences that are so rare that they are almost impossible to predict. The black swan was given its name because all other swans were white before being discovered in Australia. Consequently, the bird was thought of as an impossibility.

The Black Swan

Nassim Taleb popularized the term in his book, The Black Swan: The Impact of the Highly Improbable. In his book, Nassim discusses the idea of black swan events and how they can majorly impact businesses and industries. He argues we should not focus on predicting these events but be prepared for them when they occur.

Taleb believes we should not prioritize past data when making predictions, as this data may not indicate future outcomes. Instead, it is crucial to focus on the present and future rather than the past.

Hindsight Risk

Hindsight claims of having seen a black swan can be misleading because they can lead to inaccurate assessments of the probability of an event. For example, if someone says they saw a black swan before it happened, it could give a false impression that the event was more likely than it was. The event could lead to people making decisions based on inaccurate information.

How To Prepare for Black Swan Events

Leaders should always be prepared for the unexpected, including being ready for black swan events. Before a black swan occurs, leaders should ensure accurate information about the probability of a range of events happening. This information can help them make sound decisions in the face of a black swan when it happens.

Leaders should have a plan in place for how to respond to a black swan. This plan should include contingencies for various potential scenarios. By being prepared, leaders can minimize the negative consequences of a black swan event.

Leaders should be prepared for many different types of black swan events. Some examples include:

Natural Disasters

A natural disaster is a catastrophic event caused by natural phenomena such as floods, hurricanes, earthquakes, or tornadoes.

Financial Crises

A financial crisis is when the value of financial assets collapses, leading to a liquidity crisis and often a recession.

Political Unrest

Political unrest is when social order is disrupted due to protests or civil unrest.

Technological and Innovation Disruptions

A technological disruption is an event that occurs when a new technology is introduced that disrupts or replaces the status quo entirely.

By being prepared for these and other types of black swan events, leaders can minimize the negative consequences that these events can have on their organizations.

Examples of Black Swan Events

Some past examples of black swan innovation include:

Printing Press

Before the printing press, books were hand-copied by scribes, which was a slow and expensive process. The printing press allowed for books to be printed in large quantities, which made them more affordable and allowed for more people to access them. The printing press led to a period of rapid intellectual growth and helped to spread knowledge throughout the world.

Electricity

Before the discovery of electricity, people relied on candles and other forms of light. Electricity allowed the development of new technologies such as light bulbs, radios, and televisions. The discovery led to a period of rapid technological growth and helped improve many people's quality of life.

Internet

The internet has allowed for the exchange of information and ideas on a previously unimaginable scale. It has also allowed for the development of new technologies, such as social media, which has revolutionized how people interact. Additionally, the internet has made it easier for people to access information and has led to a period of rapid economic growth. By allowing for the exchange of information and ideas on a global scale, the internet has had a far-reaching impact on society that is difficult to overestimate.

Each of these inventions was a game-changer that completely disrupted the status quo. They were all considered impossible until they happened, and they each profoundly impacted society.

Responding To A Black Swan Event

If a leader is suddenly faced with a black swan event they did not prepare for, there are several steps they can take to minimize the negative consequences.

While there is no way to predict or prepare for every possible black swan event, leaders can minimize the adverse effects of these events by being prepared and taking quick, decisive action when they occur.

Not If But When

It is not if a black swan event will occur, but when.

Black swan innovation is like a tidal wave — it is unpredictable, but it can cause a lot of damage when it hits. However, leaders can minimize the negative consequences if they are prepared for black swan events. By being proactive and staying calm under pressure, leaders can help their team weather the storm. In the aftermath, taking the time to review what happened and learn from the experience is crucial.

As Nelson Mandela once said, "I never lose. I either win or learn."

Previously on the show, we discussed the failure of innovation journalism in the modern day. To combat the failure of innovation journalism, we are launching The Innovators Network (TIN).

Founded upon the belief that innovation is essential to addressing the world’s most pressing problems, The Innovators Network wants to empower readers and inspire them to become agents of change. We will provide them with the information needed to make informed decisions around innovations. 

Innovation Journalism

We believe that excellent innovation journalism should be three things: 

• Solution-oriented - Telling the whole story behind an innovation while sharing the problem the solution will solve.  
• Human-centered - Focused on the people behind the innovation and how it affects their lives. 
• Actionable - Providing readers with the information they can use to make decisions in their own lives.

What’s New?

The Innovators Network’s content will sport a variety of topics, including but not limited to: health care, transportation, energy, education, food, manufacturing, and information technology. To ensure the quality of our content, we have already attracted support from leading contributors such as Emmy Award-winning journalist Kym McNicholas. All my content will now be available on The Innovators Network. Our network of external contributors will now include journalists, analysts, industry experts, and thought leaders from various organizations. This change allows us to provide comprehensive and accurate innovation coverage. 

TIN Digital Content Platform

The digital content platform has three main components:

1. The Innovators Networkwebsite features original and syndicated articles, interviews, videos, and podcasts on innovation. 
2. A weekly newsletter will bring the best innovation content to your inbox. 
3. Social media accounts such as Twitter, Facebook, Instagram, and LinkedInwill provide essential updates on innovations. 

The TIN website launches today, so check it out! Watch out for the weekly newsletter sent out in the following weeks. You can sign up at the bottom of the TIN website. The social media accounts are already active. 

You need to be known as an inventor to attract the industry and make money from your ideas. The more successful you are as an inventor, the more people want to do business with you. I’ve discovered that submitting ideas to competitions and sharing work on social media are the best ways to build your reputation. 

Submitting your ideas to competitions exposes you to a broad audience while showing them you are a serious inventor. Sharing your work on social media gives you credibility in the eyes of potential customers and clients. Making money from your ideas can be daunting, but it is possible. You can increase your chances of success by following the steps outlined below.

Common Inventor’s Mistakes

1.     Not Taking Action

Ideas are worthless unless you execute them.

2.     Not Protecting Your Ideas

File for a patent or copyright for your idea before sharing it, so no one else claims it. 

3.     Not Marketing Your Idea

Create a website, write a blog, and use social media to increase the chances of monetizing your idea.

4.     Not Being Persistent

Successful monetization of your idea requires persistence. 

4 Steps to Idea Monetization

1.     Validate that there is a market for your idea.

Research companies that produce similar products or services to identify if there is demand for your idea. 

2.     Talk to people in your chosen market.

Ask for feedback on your idea. 

At this point, you have two choices:

Work with a company specializing in licensing and monetizing ideas or create a company around your idea.

If you choose to create a company around your ideas, then:

3.     Create a prototype.

Prototyping will help you further validate your idea and give you something to show potential investors.

4.     Find investors.

Negotiate a deal and start working on making your idea a reality.

Using an Invention Firm

Invention firms can help you protect your idea, market it, find investors, and turn it into a reality. If you choose to work with an invention firm, ensure you do the following:

1.     Make sure you understand the terms of the agreement.

2.     Be cautious of companies that require upfront fees.

3.     Do your research.

4.     Get everything in writing.

5.     Be prepared to give up some control.

InventRight is a reputable firm that has helped many inventors get started with making money from their ideas. They also have a robust YouTube channel for inventors. We had Stephen Key, the founder, and CEO of InventRight, on the show back in April.

Note: This is not a sponsorship or endorsement. I have not used their services for any of my ideas. They have impressed me with the breadth and depth of the ideas they have monetized. 

Procrastination is a thief of potential, time, happiness, and success. Innovators often don't realize they are procrastinating because of how many projects they start. While innovators start innovations, they fail to launch them.

Failure to launch is one of the most insidious forms of procrastination. In innovation, you will get your next position or project based on your portfolio, not your resume. It's all about the execution. If you are interested in looking at a small sample of my portfolio, you can hop over to Techtrend.

FIRE - Execution Stage

The FIRE innovation framework is a great way to avoid the trap of starting but not completing.

The key is to move from stage to stage in the framework until you've launched your innovation.

People procrastinate the most in the execution stage.

In the execution stage, things can get messy, but avoiding it is no excuse. As innovators, we tend to compare our ideas to others and want to launch something perfect. Perfectionism is one of the biggest roadblocks to creative output. Don't let the fear of failure block your chances of success. 

Anti-Procrastination Tips for Innovators

1.     Focus on one innovation.

Your focus will increase overall productivity as you will unlock the room for more innovations. 

2.     Set a deadline.

Setting intermediate deadlines for each task allows you to reach goals effectively. "The difference between a dream and a goal is a deadline." - Harvey Mackay

3.     Find an accountability partner.

A partner should be someone who keeps you on track and is supportive while offering honest feedback. 

4.     Break it down into smaller steps.

Consider using an agile innovation process that breaks down a project into short iterative cycles.

Check out our podcast on The 7 Essential Ingredients of Agile Innovation. 

5.     Focus on your why.

Your why is the reason or your motivation for working on a particular project. If you can keep this in mind, it will help you push through the difficult times.

6.     Celebrate your wins.

Celebrating each accomplishment will help you keep your focus and motivation high.

Achieving Innovation Success

Regarding innovation, it's important to remember that Rome wasn't built in one day.

Your first try will probably fail, and that is ok. It takes hard work, focus, and determination to be successful. If you follow the steps outlined, you'll be well on achieving your innovation goals. 

Innovation journalism is one of the essential types of journalism in the modern world. Journalists must explain and communicate these changes when innovations and ideas emerge to the public. Innovation journalism is currently in a state of crisis, as science and technology reporters only make up a small percentage of reporters in American newspapers. Despite this fact, according to a Pew Research Center survey, more than half of Americans say they want more news about science and technology. To truly understand and grapple with our changing world, we need journalists willing to provide real insight into emerging innovations.

The Problem: Lack of Innovation Understanding

Journalists and media platforms often sensationalize innovations to increase traffic while showing prejudice towards ones they don't like. Sensationalism can distort public understanding of potentially transformative innovations, promote misinformation, and distort policymaking. Innovation journalism should be about exploring the implications of innovations and ideas while shining a light on the people making them happen.

Theranos: An Innovation Journalism Failure

The media hailed Theranos as an exciting new technology that could revolutionize the blood testing industry. Theranos' CEO, Elizabeth Holmes, was often described as the "youngest self-made billionaire," Time Magazine referred to her as "The next Steve Jobs." Eventually, The Wall Street Journal revealed that Theranos was misleading investors and patients about its technology.

Forced to shut down, Elizabeth Holmes was convicted on multiple counts of fraud. The lesson from the Theranos story is that innovation journalism needs to be more than just positive coverage of new technologies. It needs to be willing to ask tough questions and investigate claims made.

Guidelines of Good Innovation Journalism

Here are eight guidelines of good innovation journalism discussed in the podcast: 

1. Avoid Hype
2. Seek Diverse Perspectives
3. Consider the Implications
4. Go Beyond the Press Release
5. Verify The Claims
6. Be Transparent About Your Sources
7. Disclose Conflicts of Interest
8. Label Opinions as Such

The Future of Innovation Journalism

If innovation journalism is to have a future, it must do several things.

1. It must move away from its current focus on gadgetry and startups.
2. It must embrace its role as a critical and informative force in society.
3. It must also provide context and analysis, not just hype.
4. It must ask hard questions and hold those in power accountable.

Only then will it be able to fulfill its potential truly. Otherwise, it risks becoming nothing more than a buzzword or an empty promise. Having accurate, transparent, and unbiased reporting on innovation can empower individuals, organizations, governments, and society to bring about positive change.