In the last 12 months, “innovation has become more important, not less,” according to innovation expert Vijay Govindarajan.
Here's an interesting new video clip showing innovation expert Vijay Govindarajan discussing the importance of innovation in a downturn. A few highlights of Govindarajan's comments:
- In the last 12 months, "innovation has become more important, not less."
- If you take a look at recessions in the last century, after a recession, "the competitive landscape changes; there are new winners and new losers. And the new winners are always ones who have focused on innovation."
- But you have to pursue innovation differently in an environment where cost control is a priority. Govindarajan's advice? "Look at your innovation portfolio and pick fewer projects. Do them well."
You can watch the video quickly; it's a little over three minutes long. (Note: The video appears to have been informally produced, and you'll hear some background noise.)