Innovation is our road to recovery...

[Marcus Timson]

Innovation isn’t a buzzword created by marketers.

It is a state of mind, an attitude and behaviour.

Innovators don’t stop innovating just because the economy has got tougher.

This kind of financial pressure brings out the best in an innovator.

Innovation is a key ingredient of success and a key characteristic of a dynamic, progressive and desirable brand.

GM totally forgot about the importance of innovation and reinvention.

They got fat, risk averse and defensive. Had it not been for the intervention of the US government, we would have all been witness to a gargantuan collapse of one of the largest businesses in the world. It would have been very messy.

And like a heavyweight fighter who has enjoyed the trappings of dominance, fame and popularity – the ego gets inflated, the stomach thicker and the senses dulled. And this makes way for a lighter, lither, hungrier and determined fighter who knocks the living daylights out of you and your market share with constant, clever and committed innovation.

Those who innovate, grow their businesses.

Those who don’t remain at the same level and some just simply collapse in a heap, never to be seen of or heard of again.

It is a cruel contradiction. Nearly all of these giant businesses can base their current level of success on some form of clever innovation – but almost inevitably, with age, the energy wanes and the desire to take risks diminishes with it. The pioneering zeal instilled at the beginning of an organisation makes way for a more conservative set of individuals who are risk averse, fearful of making mistakes and have an overall desire to protect the status quo.

The power of shareholders cripples the business that becomes totally focused on share price.

The cold harsh reality is that no business or business person can rely on their successes of a week ago, let alone 20 years.

The speed of change and communication is lightning quick and new products are brought to market quicker than ever before whilst power of the consumer literally builds or kills a product in the blink of an eye.

You know when you meet an innovator. They have a ‘glint in their eye’ and the ‘air of possibility’ about them. They have energy, passion and enthusiasm for their ideas. They have the boldness and confidence necessary to overcome objections and the inevitable cynicism from buyers who are hard nosed, demanding and super informed.

Innovation is the lifeline that we as a business community has that will haul our economy back into a positive state.

The wholesale reduction of cost, production and risk can go on no longer. You can only get so far in minimising your bottom line. It’s important, but not very inspiring is it!

So, the next time you meet an innovator, even if you don’t want to buy their product, solution or idea – the least you can do is to be positive and encouraging about whatever it is they are pitching you.

They are the people that are going to haul our market into a better place.

Innovation and innovators should be applauded.