3 Ways to be Innovative Enough to Change the World

Erika R. Smith, CEO of ReNetX Bio, shares 3 ways of thinking that can make anyone innovative enough to change the world.

Who can claim the title of an entrepreneur? Unless you are running a start-up company and launching a new technology, product or service, most people would not consider themselves an entrepreneur. However, if the question is flipped slightly to “are you an innovator” many more people would answer “yes”. It is a small difference with huge impact. It brings world changing (not necessarily company building) to the forefront.

At its core, entrepreneurship is another word for applying novel solutions to solving problems and creating value. We can all be part of game changing initiatives, but this can be applied in many forms beyond simple company formation. In fact, utilizing the infrastructure of an existing organization can provide significantly more resources and leverage for advancing “intrapreneurship” and innovation. Having worked in the ivory tower of academia as well as in Fortune 500 to startup companies, I’m thoroughly convinced that everyone has the potential to be an innovator (AKA entrepreneur/ intrapreneur) no matter what their role and no matter what their title. In fact, some of the most important changes occur at the grass-roots level.

The only requirements are:

1. A growth mindset: Challenging yourself to opportunities that are out of your comfort zone. For me, I’m always at my happiest when I’m learning something new. However, public speaking creates a level of anxiety that can be almost paralyzing. My role requires frequent presentations from sharing the company’s story with investors for capital to presenting our science to patients. Two items that help me navigate: 1) recognizing that speaking — like any skill — can be developed and improved and 2) embracing “fear” allows me to learn and grow beyond where I’ve been.
2. Problem solving for impact: Find challenges and problems that inspire you as “necessity is the mother of innovation”. Nothing is more motivating than working on an issue you care about. At a very early age I knew I wanted to help people in medicine, but didn’t know how that would translate into my career. It is an absolute privilege to be working on science that could potentially change the lives of people with spinal cord injury. This vision transcends the company by driving our team and supporters of our program toward the greater good we can accomplish.
3. Implementation: Change requires action. Also, many times action needs to be taken without perfect information. When I saw the ReNetX technology I was excited by the opportunity to advance technology and science in a way that has not been achieved to date. I understood the value my business experience could bring to the role in regards to resources, connections and leadership. I also understood that with an early stage company there is no guarantee on outcome. However, even with uncertainty, I quit my day job and jumped into the company with both feet.

To quote a famous Chinese proverb: “a Journey of a thousand miles begins with a single step”. The key to stretching our innovation (AKA entrepreneur/intrapreneur) muscles is to make change and improvements in our lives and in our world a part of everyday. This can be started with something as simple as rethinking workflow within an office to adding an initiative within a non-profit to meet a community need. If we all consider ourselves as innovators within or outside of organizations, we have the potential to build upon these successful changes to positively impact the world.

Erika Smith is the CEO of ReNetX Bio and has led the advancement and management of innovative life-sciences companies in biotech, pharma, devices, and diagnostics through both investment funds and operational expertise for the past 25 years. Most recently, she launched and managed the $25 Million Blavatnik Fund for Innovation at Yale, supporting efforts to turn Yale faculty discoveries into life science treatments, drugs, and devices. She is also an invited TedX presenter and has been highlighted in articles from MassBIO to Fortune Magazine based on her efforts to advance diversity in entrepreneurship. She holds a Bachelor’s Degree in Biomedical and Electrical Engineering and a Masters of Business Administration (MBA) from Vanderbilt University.