Elon Musk: Companies need to focus more on innovation and making great products

On the opening night of the WSJ’s CEO Council meeting, Elon Musk joined The Wall Street Journal, during which he gave some guidance on innovative product growth, and spoke about improvements in the U.S. transportation system that could greatly enhance people’s quality of life.

Innovation has always been at the heart of Elon Musk’s businesses. Musk believes that U.S. CEOs are indeed focused on product improvement, yet everyone needs to learn to devote even more time to the product.

Musk recommends spending less time on finance, in meeting rooms, in presentations on PowerPoint, and investing more time on trying to make their product as incredible as possible. The primary focus and time should be devoted to the product. A business only has value to the degree that it effectively allocates capital for the production of goods and services. If it turns out that the product is successful, then profits will follow.

Musk emphasizes that the most time needs to be spent in the factory, with customers, with a large number of people who are already creating products, and listen to criticism. The product must be made not only so good that it survives, but companies should try to make it so breakthrough and innovative that it is the best among all. What’s really important is thinking about the product.

Musk said that it is not important to have a range of innate qualities and abilities in order to make creative products, and this can be learned. The first step to achieving your goal is to try to do it. However, it is necessary to be an absolute perfectionist about the product you make. In addition, you need to love your product. If you don’t like it, how can you expect someone to like it?

In fact, Musk was asked what he would do if he had the chance to overhaul the whole U.S. transportation system. He answered that he would begin to remodel cities and build multi-level 3D tunnels that could forever solve the traffic problem.

Tunnels and hyperloop can be used for long trips. Hyperloop is an enclosed tube or low air pressure tube structure in which a pod can fly dramatically free of air resistance or friction. Although being very energy efficient, Hyperloop will move individuals or things at airline or hypersonic speeds, which significantly reduces travel time.

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