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Myth: resources ensure success

The truth: a strategic combination of ideas and great efforts bears fruit

There is one thing we can all learn from lavish Hollywood productions. Namely, that mere access to abundant resources does not guarantee success.

It requires a visionary menagerie of cast and crew, with or without ample resources, but with the zeal and effort to bring a movie to life.

The idea that resources produce success is nothing more than a red herring.

And we don't need to look far for examples of outsiders like Apple and Facebook taking the world and their respective markets by storm, while resource leaders were gradually dethroned.

However, this should not hide the fact that you need resources to make an idea come true. But that is secondary to efforts to strategize and scale appropriately. Several studies would show you that companies that put a ton of money into innovation aren't always at the top.

Instead, companies that ditch the concept of money for a while and focus on developing strategies that match their overall goals are more likely to come out on top. It is, and so is the fact that successful innovators play to their strengths and reinforce them as appropriate to achieve their goals.

Therefore, while capital plays a crucial role in breathing life into an innovation project, it is the idea and the subsequent formulation to achieve it that are really crucial to the process.