Innovation = doing something new
James Wright reacted boric acid with silicone oil in 1943. This resulted in a rubbery substance which bounced when dropped, but was also stretchy and gooey. Unfortunately, the substance would not hold it’s shape. As hard as Mr Wright tried to stabilise the substance to replace traditional rubber he couldn’t.
Entrepreneurship = bringing innovations to the masses
In 1949 Peter Hodgson was in $12,000 debt and borrowed a further $147 to buy a batch of this unusual rubber type material.
He branded the rubber “Silly Putty”.
He then sold 250,000 units of Silly Putty in three days.
So many people get confused between the two terms. People think of starting a business, but they don’t do it, because they’re waiting for that magic idea.
There is no magic idea! The best products we use out there are not innovative! Think of the iPhone and how it revolutionised how we use phones. I remember when it first came out and people were complaining that Apple did not invent touch screen technology and how there were other phones out there with touch screens already. Apple’s magic is that they made touchscreen use work really really well.
McDonalds did not invent the burger.
Facebook came after Myspace.
Being an entrepreneur is not the same as making something new.