Elon Musk Suggests American Companies Focus More on Innovation & Making Great Products

Photo Mark Seliger for Rolling Stone

Elon Musk joined The Wall Street Journal at the opening night of the WSJ's CEO Council meeting, during which he gave some advice on innovative product development, and talked about changes in the U.S. transportation system that could significantly improve the quality of life for people.

Innovation has always been at the core of Elon Musk's companies. With an excellent understanding of how to create a sought-after product, he shared some thoughts on it. 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 advises spending less time on finances, in conference rooms, in PowerPoint presentations, and focusing more time on trying to make their product as amazing as possible. All the main attention and time should be devoted to the product. A company has value only to the extent that it efficiently allocates resources to create goods and services. If the product does turn out to be good, 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, in order to create innovative products, it is not necessary to have a number of innate qualities and talents, 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 addition, Musk was asked what he would do if he had the opportunity to remake the entire U.S. transportation system. He replied that he would start remodeling cities and building 3D multi-level tunnels that could solve the problem of traffic forever.

For long journeys, tunnels and hyperloop can be used. Hyperloop is a sealed tube or system of tubes with low air pressure through which a pod may travel substantially free of air resistance or friction. Hyperloop can move people or objects at airline or hypersonic speeds while being very energy efficient, which dramatically reduces travel time.

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