Innovation by Necessity

As the market changes and competitors pivot and change, businesses themselves need to pivot and innovate or be left behind.

Click here to view ACSI press release

Innovation by Necessity

• For years, one of the major drives for innovation is competition. In order for firms to remain relevant, they need to "keep up with the Jones'" as it were. Apple and its competitors are a prime example of this. Innovations such as the iPod, iPhone, and iPad forced other companies such as RIM, HP, etc. to push themselves harder in terms of innovation in order to keep up with the changing trends. For many entrepreneurs, its that "fight or flight" instinct that pushes them to the limits of their imagination and creativity in order to truly innovate and stay afloat in the industry.

Innovation ≠ Product

• Being innovative does not necessarily mean coming up with a new product or service to offer the community. One the reasons that companies such as Apple and Whirlpool mentioned in the article (as well as other companies like WestJet) have such high customer reviews is due to the customer service and customer experience that go hand in hand with the product. The reason people keep coming back to those businesses to offer their patronage is because they know that they will be treated as more than a name or a customer - they are treated as an owner, a partner, or member of a "club" so to speak. The consumer as well as the business know that their relationship goes beyond purchasing a product and walking out the door. Whether its training, technical support or what have you, the consumer knows that they will be looked after long after they have swiped their credit card.

Two Steps Forward, One Step Back

Sometimes with innovation, solving problems can create other issues. While it cannot always be foreseen, it is important to think how your innovation might "change the game."

Click here to view article "Accidental Incest A Concern"

Unforeseen Impact

• Who would have thought that an innovation that allows couples to have children that they might not have otherwise been able to conceive would one day bring concerns about accidental incest among society? Many other innovations such as iTunes for example, have had far reaching impacts that I don't believe were perceived at the innovation's inception. It is important to be able to try to predict what the consequences of your offering might be, (especially if they are potentially negative) and to learn to shift and accommodate for when those unexpected curveballs are thrown your way

Pivoting is Key

• As we discussed in class about Eric Reis' concept of pivoting, it is integral to the growth and stability of a venture to be able to pivot your business model when circumstances arise. Many businesses choke and fail because they fail to adapt to changes in their business environment. In the example of artificial insemination, which is a source of income for those who donate in the United States as well as for the companies who then sell the artificial insemination services, concerns about potential incest in the community could lead to added legislation which may require a pivot or shift in order to maintain business as usual.

Scout's Motto: "Be Prepared"

• Being prepared by trying to predict what some of the impacts might be as a result of your innovation and planning accordingly will allow you to better avoid the pitfalls and negative consequences that may arise from said innovation and hopefully allow your business to be able to grow and pivot more effectively when necessity arises.