Exploiting Innovation
Elon Musk's companies rely heavily on innovation for their success. They take industries that are struggling to evolve, such as electric cars and space travel, and seek to enter those businesses with innovative strategies to bring fresh products to market. Because of this, these companies have significant competitive advantages. Tesla has introduced several major innovations that are transforming the automotive industry.
At a high level, Musk overpromises, but supports this with a desire to innovate using unconventional methodologies. He will set out an impossible task, then challenge his teams to find ways to make it happen. Sometimes these teams are put together for the express goal of tackling the challenge. Musk does not put limits or constraints on how these teams solve the problem, and this gives those teams the freedom to find their own innovative solutions. Typically, major challenges will run into a number of different problems, but tackling those problems is something at which Musk excels.
Musk also utilizes direct, personal oversight into the most major challenges. This allows him to provide support, as in servant leadership style. His personal investment in the major challenges is essential to keep the team motivated – if the boss cares enough to roll up his sleeves and get his hands dirty, then the rest of the team can derive motivation to work harder as well (Dyer & Gregersen, 2016).
So Musk supports innovation at his companies on a structural level, but also makes innovation...
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