Idealists often believe the best idea will naturally triumph. In reality, an idea's success is determined by the "innovation capital" of its champion—their credibility, network, and influence. The idea and the innovator's capital are a combined package, not separate entities.
Innovation capital is the credibility needed to win support for unproven ideas. Even top leaders like Salesforce's CEO Mark Benioff consciously build this capital, demonstrating that authority alone is insufficient to drive major innovation initiatives.
Many leaders mistake a chronological summary or a problem-solution statement for a story. True storytelling, like that used by Alibaba's Jack Ma, requires a narrative with characters, conflict, and resolution. This structure is what truly engages stakeholders and persuades them to join a cause.
The analogy used to describe a new idea dramatically affects its reception. Zipcar's founder struggled with the term "car sharing" due to its negative connotations. Reframing it as "wheels when you want them," like an ATM, was critical for winning support.
Aspiring leaders can build significant innovation capital by leading unglamorous but potentially high-impact projects. Microsoft's Satya Nadella championed the unpopular server business, which became the cloud, illustrating how betting on a contrarian vision can propel a career.