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.)
Posted in: Innovation, managing in a downturn
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Sound principles always yield good results. Unfortunately not everyone agrees and we (taxpayers) are helping large companies perpetuate their gloom and only delay the inevitable.
My earlier comments elswhere:
http://www.citizeneconomists.com/blogs/2009/02/23/we-need-a-global-economic-process-of-creative-destruction-to-begin-now/
A.Mironko