The Innovation Station

Richard Branson is currently the 4th richest citizen in the United Kingdom (Forbes), and furthermore arguably, one of the biggest entrepreneurial stars in the UK business market.

 

In local media, he is often presented as the face of British entrepreneurs. His autobiography “ Losing My Virginity” (1999), depicts a tale of one who didn’t follow the standardized routes of a business based career path. Richard Branson's early experiences enabled him to acquire a résumé of little substance, highlighted through his status as a high-school drop out with poor reading and math’s skills. Further testament to his un-employability is exemplified with his failed get-rich-quick schemes and instances of struggling business’, which led to two arrests and a night in jail on suspicion of tax evasion. At the age of 16, he started his first business venture, which was a Student magazine.

 

Branson reflects on his days as a young entrepreneur by stating in his autobiography:

“When my friends and I launched Student magazine in the late 1960s, I managed to sell some ads, and that paid for the first few issues. But as the magazine caught on and we needed to pay the printers and other expenses, cash became even tighter.”

 

As Branson turns 59 in July, his life appears as golden as his locks. Worth approximately $4.4 billion, the Virgin brand is ever-present throughout the airline, hospitality, space travel and financial industries, to name a few. On a personal level he has also made headlines as a humanitarian, environmentalist and adventurer. In 2000, he was knighted for his services to entrepreneurship.

 

In 2012 Delta Airlines bought a 49% stake in Branson's Virgin Atlantic airline, expanding both companies' flight networks. After years of planning, his Virgin Galactic commercial space program is expected to make its inaugural flight in 2014. In true Branson style, when he opened his (and the world's) first commercial spaceport in New Mexico in 2011, he rappelled down the side of the huge glass building while popping champagne. 

 

Branson's passion for innovation and eagerness to develop new markets, (“blue oceans”) is epitomized through Virgin Galactic. This latest venture continues his key messages of: "The challenge is to follow through on a great idea.” 

 

The Tipping point

 

The Tipping Point is a concept created by Gladwell M, (2000) and highlights that a few people can create a big difference in the adoption of an innovation. With regards to Virgin Galactic, we can argue that Richard Branson is a ‘Salesman’ as he is the face of Virgin and states “will you join me?” Salesmen are described as "persuaders", charismatic people with powerful negotiation skills. They tend to have an indefinable trait that goes beyond what they say, which makes others want to agree with them. We could further argue that the celebrities who are endorsing the experience by signing up before hand are ‘connectors’ as “they are the people in a community who know large numbers of people and who are in the habit of making introductions”. 

 

Richard Branson - “I’ve always been fascinated by pioneers of technology and adventure. Often the two go hand-in-hand, with people pushing themselves to the limit while testing the latest innovations.”