Today's post comes from guest blogger Justin Sutton. Justin is Manager, Insights & Innovation at Decision Analyst, and I’ve had the pleasure of working with him for the last couple of years. Before that he was RadioShack’s Regional Media Planner, and Product Development Manager for Value Added Services.
In these uncertain economic times, it’s difficult to turn on the news without hearing the word “recession” or comparisons to the state of the U.S. economy in the 1930s. Many companies are attempting to weather the storm (with mixed results), but others are taking a different approach. Rather than biding their time and, in some cases, waiting for their eventual demise, some companies are focusing on innovation as a survival technique and to elevate themselves to the top of the competitive heap.
William Pollard of The ServiceMaster Company once said, “Without change there is no innovation, creativity, or incentive for improvement. Those who initiate change will have a better opportunity to manage the change that is inevitable.” These words have special meaning now, but a look back in time shows this philosophy in practice.
American history is littered with examples of companies that have their backs to the wall, facing enumerable obstacles and dire straits, only to battle their way back to the top of their industry through a restored concentration on innovation. DuPont created nylon and neoprene during the Great Depression era, HP was founded during the Depression and went on to develop the first programmable pocket calculator during the stagflation of the 1970s, and more recently Apple conceived the first iPod during the dot-com mudslide.
Each company’s unfaltering dedication to innovation carried them through difficult times, but also positioned them to become industry leaders once the economy turned around. Even though the state of the economy is beyond a company’s control, the successful companies of tomorrow are hard at work claiming their piece of the pie today. This strategy may not be easy, and it may feel counter-intuitive to some, but the long-term dividends are undeniable (if it’s done thoughtfully and carefully).
Recent indications show that the U.S. economy may be near the bottom and potentially poised for a nice, albeit slow, recovery, so the time for innovation is now! Only time will tell who will fully take advantage of the opportunity and become the business leaders of tomorrow.
Onward and upward, innovators!
Justin Sutton
Contributing Editor
Ideaflow.com