Companies that fail to innovate risk extinction.
Does your company innovate? Do you have a new product development team?
Just look at the likes of Woolworths, Polaroid, Alta Vista, Kodak, Blockbuster, Borders... the list goes on. All steamrollered by strings of ones and noughts and changing consumer behavior.
But why are so many big companies so bad at it?
Big companies are much more conservative than start-ups and won't do anything that is untested or could risk future profits.
You cannot afford to stay still - business is a moving escalator. The world is moving around you - customer expectations are changing, competitors are always catching up and threatening to take away your business.
What innovations have you tried recently? Can you please give me some examples?
Innovation efforts really require a very different, more entrepreneurial risk-taking mindset.
No matter what, you should be innovating to stay ahead of your competitors and go beyond your customer's expectations.
Do you agree?