In a prior post, I looked at a post entitled “Fear Kills businesses, Dead!“. Over the weekend I came across a post published by Forbes.com entitled “Innovating during a recession. There is one paragraph in particular that resonates:
It’s probably not a huge surprise that our perspective is that the worst thing to do in a recessionary period is to stop innovating. Innovation remains a critical lever for companies to achieve their long-term strategic objectives.
But companies do need to be very thoughtful about how they approach innovation, because the margin for error decreases as times get tough. Paradoxically, there can be good news for companies innovating in a recession.
The author goes on to highlight some examples where recession has forced successful innovation, which includes one of the few successes of the current recession, Amazon.com.
Lastly, the author lays out three steps which companies should use to assess innovation
- Don’t stop innovating
- Push for diversity
- Become ruthless at pruning
It is a very good article and I would recommend that if you are interested you read the full story.
This article echoes something we have been preaching a lot about at GigaSpaces. We feel that now is the ideal to time to innovate and deliver. I strongly recommend you have a read of “Survival Guide for IT During the Economic Meltdown”. This is also featured on the Sun Microsystems blog site. Nati and I also did any accompanying webinar which you can view below.
