APRIL 2024ENTERPRISE SECURITY| | 19INVENTORS VS. INNOVATORSThis distinction is further illuminated by the difference between an inventor and an innovator. Sometimes we meet entrepreneurs who are inventors. They are convinced that they have come up with a new technology or solution that will disrupt a multi-billion-dollar market. Frequently, they come from the school of thought, "build a better mousetrap, and the world will beat a path to your door." A voice has whispered to them in their dreams, "if you build it, they will come." Unfortunately, these entrepreneurs are primarily focused on having the world acknowledge the brilliance of their invention. If a prospective customer does not see the brilliance of their invention, it is because the customer is either blind or stupid. Of course, I'm exaggerating, but I hope you get the point. This mindset is problematic if you want to build and scale a successful company.The other type of entrepreneur that we meet are innovators. They have a product or service that they think will fulfill a significant market need or want. If a prospective customer does not see the brilliance of their product, their reaction is to find out why not, and then adjust to meet the broadest and deepest customer need. If necessary, they will throw out their current product and start all over. Or go after a different target market. THE SECRET OF INNOVATIONThe point is that innovators are committed to their customers, not to their products. This is the insight that led Silicon Valley to emphasize the "customer-centric" mindset of innovators, and to be wary of the "product-centric" mindset of inventors. The secret to successful innovation is to focus on the customer, not on the product or the technology. As much as we love inventors and inventions, we invest in innovators and innovations. Bill Reichert is a general partner at Pegasus Tech Ventures, a global venture capital firm headquartered in Silicon Valley and with offices around the world. Pegasus has over $2 billion of capital under management and invests in a very broad range of market sectors. You can learn more about Pegasus at https://www.pegasustechventures.com. ESINVENTION IS THE CREATION OF A NEW TECHNOLOGY. INNOVATION IS THE NOVEL APPLICATION OF A TECHNOLOGY, OR COMBINATION OF TECHNOLOGIES, TO CREATE A NEW SOLUTION THAT SOLVES A PROBLEM OR MEETS A NEED
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