How To Monetize Your Innovation Skills

Steve Jobs once said, “Innovation distinguishes between a leader and a follower.” But can it distinguish between a successful business and a failure? The answer is yes. In this age of cut-throat competition, innovation is key to your success and survival in the market. However, the million-dollar question is how to monetize your innovation skills to turn them into personal and professional success.

We understand that turning your passion for innovation into a business can be challenging, but it's not impossible.

I will share my lessons learned and insights on identifying and monetizing your innovation skills without sacrificing the soul of your creativity.

“Innovation isn't just a spark of genius, it's the audacious courage to set the world ablaze with an idea that was once just a whisper in your mind.”

Ways To Monetize Your Innovation Skills

It's important to understand that there is no one-size-fits-all approach to monetizing your innovation skills. There are myriad ways to turn your creativity into a profitable venture, and the best method depends on your strengths, your market, your innovation reputation, and what you're passionate about. Let's explore some of these diverse strategies to help you identify the path that best suits your innovative spirit.

As An Employee

One of the most direct ways to monetize your innovation skills is to become employed in a role that values and rewards innovation. This could be in a tech startup, a research and development department of a large corporation, or any company that prioritizes ingenuity. As an employee, you can negotiate a salary that reflects your creative potential and ability to drive the company forward.

The additional benefit is that if the company is known for innovation, you can establish your credentials and credibility faster than on your own.

While I was innovating products throughout my career, my work as the Chief Technology Officer at HP helped me build my profile as an innovation expert. My work at HP gave me a source of funding and resources to nurture my ideas and bring them to life. The result was ten years of creating new and innovative products that are still in use worldwide.

As A Consultant

Another lucrative avenue is to offer your services as an innovation consultant. This involves helping organizations identify areas where they could innovate and provide solutions. As a consultant, you can charge a fee for your services, and there is potential for substantial earnings, especially as you gain experience and recognition in the field.

The challenge in today's environment is that innovation consultants have flooded the market. Therefore, distinguishing yourself as an innovation consultant requires a unique blend of skills, experience, and marketing strategies. One key aspect of standing out is demonstrating subject matter expertise. This doesn't mean knowing everything but specializing in a specific industry or innovation methodology. Becoming an expert in a particular niche can set you apart from the generalists.

Next, your track record matters. People want to hire consultants with proven results. Showcase your past successes with case studies, testimonials, and references. Each successful project enhances your credibility and attracts more clients.

Last, consider writing and publishing thought leadership articles on innovation-focused sites like The Innovators Network. By sharing your insights and perspectives on industry trends and developments, you can establish yourself as an authority in your field. This boosts your visibility and builds trust with your potential clients.

Joining An Innovation Agency

Joining an innovation agency is another potential opportunity. These agencies focus on providing innovative solut...