How to innovate in tough times

Experts offer tips on sustaining innovation through difficult economic periods.

Reading Time:
Like what you're reading?
Join our community
Member
Free

5 Free Articles per month, $6.95/article thereafter. Free newsletter.

Subscribe
$89 $44/Year

Unlimited digital content, quaterly magazine, free newsletter, entire archive.

Sign me up

It can be a formidable challenge to make sure your innovation projects continue to prosper at a time when many company budgets are shrinking. A recent article from Knowledge@Wharton summarizes recommendations from a panel of experts who spoke at Wharton — on the topic of how to sustain technology innovation, specifically, during tough times. Some of the panelists’ recommendations:

  • Align projects with the larger organization’s aims.
  • Hone your people skills. People “need to like your idea, but they also need to like you,” observed panelist Eric F. Bernstein.
  • Show how your innovation will save money.
  • Have an advocate for your project at as high a level in the organization as possible.

The Knowledge@Wharton article also quoted Wharton marketing professor George S. Day , who noted that some leading companies continue to invest in innovation even during difficult economic periods. Day has written in MIT Sloan Management Review on topics such as being a vigilant leader and

Read the Full Article

More Like This

Add a comment

You must to post a comment.

First time here? Sign up for a free account: Comment on articles and get access to many more articles.

Comments (4)
Improvisations « MIT Sloan Management Review » How to innovate in tough times, part II
[...] week, I blogged about a Knowledge@Wharton article containing advice about innovating in difficult times. This week, a visitor to our site added her own insights on that topic: Laura Weiss, an innovation [...]
lweiss212
This is an important topic, but needs to address a broader audience of innovators.  In an Opinion column in today's San Francisco Chronicle (http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/01/27/EDSN15H80O.DTL) I advocate the following:
> Get focused, fast
> Leverage what you already know
> Maintain a steady pace
> Be compassionate with yourself

Laura Weiss
SMB '97
How to Innovate in Tough Times « THE NEXT WAVE…
[...] Courtesy of MIT/Sloan Management Review [...]
eminero
the introduction is powerful.i have high hopes that i shall gain a lot from it