Innovative Storytelling - Andriotto Financial Services

Companies have become fixated on innovation and realizing its potential through innovative storytelling techniques. Many have found that framing new ideas as stories that are emotionally compelling can help move projects forward faster with less resistance, both internally and externally. As a result, both start-ups and established firms are experimenting with methods like futuristic hackathons and “innovation garages” to develop products and services. While much corporate innovation follows structured processes, occasional disruptive ideas break through in less traditional ways – such as when a determined entrepreneur is able to successfully communicate their vision through innovative storytelling that battles skepticism and garners support. In today’s overloaded landscape, how innovators frame their stories to stand out and attract attention through innovative storytelling styles has become increasingly important for gaining momentum.

At AFS we have read, analysed, sifted through, prepared hundreds of innovation plans and based on that here are three lessons for senior managers as well as entrepreneurs, in organizations large and small, on what makes a compelling and emotional story.

The disconnect between theory and effective innovation story

“Fast follower” and “self-cannibalization” are terms long-used to describe what some companies are doing to innovate and reinvent their business models. Many entrepreneurs either refuse to accept their classification in either group or express discomfort with these terms. As a result, we redefined them as “Best prevails” and “Ninja Transformer.”

The “Best prevails” innovator takes measure of a competitor dominating a market. The competitor’s product is acceptable. Then it leaps to the front with something even better. Apple is a good example for that. It’s about winning through cunning instead of scaling a similar product. This involves heavy investment to maintain share. Many innovators told us “fast follower” labeling lacks emotion. No one wins people over by talking about capacity for imitation. “Best prevails” emphasizes doing things in a new way. It fends off competitors by seizing a missed opportunity. Apple took Blackberry’s phone functionality. It created a whole new and better experience based on mobile device use. Business and individual customers noticed it. It toppled Blackberry as well.

The “Ninja Transformer” story has a major shift. Instead of the innovator taking on the establishment, this one is about the establishment challenging itself. It’s the classic tale of transformation or rebirth, where the archetypical character gets into trouble, goes through a near-death experience, and does some soul searching to reinvent himself as a better person. It’s a common occurrence in business. Companies often disrupt themselves by cannibalizing their legacy products before their upstart competitors do so. WPP is a good example of that. However, innovators somehow perceive this and state that this understates the essence of what they had achieved, and they didn’t want to position themselves as aggressively killing off declining product lines. Ninja Transformers bear in mind that people want to hear about the resurrection rather than the demise of crucifixion.

The Power of Opportunism, Grit and Outsiders

Approximately 35 percent of our clients fall into “classic” innovators categories, which still enjoy broad resonance.

Opportunism involves stumbling over something unusual, and then having the foresight or perspective to capitalize on it. What makes that such an attractive story? It’s the coincidence of seemingly independent things. In a flash of chance, 3M, realized that an unsuccessful type of glue it designed could also be used to produce sticky notes. Surprising connections such as these set off a chain of milestones that culminate in a commercial opportunity. So to build this story line, think about the improbable combination of ideas that got you started and remember that an opportunity is not the same as chance—you were wise enough, when something surprising happened, to see its potential.

The grit story theme (or “If don’t succeed at first instance”) is all about hard work and perseverance. Things don’t go according to plan, but you conscientiously refine and adapt your idea, and eventually, like Thomas Edison, you wind up with a working lightbulb after a thousand failed attempts. How could this not be compelling to investors, customers, or an R&D committee? Just remember that to close the story loop, grit needs to show progress. Better not to dwell on mistakes and go around in circles. Emphasize how “learning” and “experimentation” and “pivoting” made the perseverance pay off.

In the outsider category, the innovator is fighting the system—the regulators and internal procedures that block progress. Unyielding creators such as Elon Musk are the role models. They pit themselves against mere incrementalism and me-too products, while rejecting the usual idea-development pathways and timetables. Outsider innovators take on the mantle of the fighter who thrives in battle and relishes proving someone wrong. “Outsider” means not pivoting to get to victory but sticking doggedly to your vision. So you’ll need to convince the world how your idea challenges orthodoxy, takes on vested interests, and—after many struggles—has been proved right.

Surfing the Wave

The storytelling approaches above can be valuable. It is worth emphasizing that nearly half of clients fall into the “power of trend” class. This class is about harnessing external forces. The notion of riding waves is incredibly powerful. They defined a class for the opposite of riding waves, “before the big wave”. However, it boasts just a few bold visionary start-ups. These start-ups find it hard to win support from investors. Investors rarely share their views. The story line involves external forces propelling things forward. There are examples from Greek mythology. The story line credits the idea originator for being in the right place at the right time. It credits them for navigating economic and political currents. These currents have combined to make success almost inevitable.

And…

There may be other story lines we can come up with, but we are sure the ones featured in this article will attract attention because they are timeless and tap a range of heuristics. The ability to story-tell ideas in an attractive way is important for reaching customers and investors. It particularly true for the world of innovation because of the enormous levels of uncertainty involved in creating something new that is economically viable, scalable and long-term sustainable.

At AFS, we are passionate about fostering innovation and empowering ambitious minds to flourish. Our mission is to provide best-in-class financial services for traditional and crypto deals, exploit European grants, and use quantitative methods to improve clients’ performance. We aim to help our customers unlock their full business potential.

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