I am gonna talk about the importance of innovation in your business.
I believe what drives a company’s growth and performance is creativity and innovation. This is because exploring new creative ways or innovative ideas improves the productivity of the organization. So, if we look at a number of great companies today, many of them are very well-established but never really survive past ten years. Why? Because they get too comfortable and blind sided. They failed to adapt to the modern society or to innovate or change.
I remember showing my dad’s uncle, Uber, he thought it was an interesting application. But this was many years ago and that he wasn’t threatened by it. Just recently, because of the competition between Grab, Uber and the taxi drivers, it was reported that as many as 20, 000 taxi owners are forced to return their vehicle back to their companies after a massive drop in income. The reason of this is their business model does not have a sustainable system.
“The world is evolving and changing, you have to find ways to bring together the drivers to stay and continue to be a part of a system that is sustainable.”
But here is the thing, if you take a look at all these great companies around the world. Yes, at one point they were flourishing and great, I am talking about brands like Blackberry, Nokia or Kodak. But look at how and where they are today. The only reason why they all phased out is because they failed to innovate. This is one of the fastest ways to be eliminated from your competition.
At the end of the day, you want to consider about the direction of the market is evolving to and not playing catch up with the market the whole time. Move towards where the market is changing which will eventually happen.
Let them come to you instead and that we must continue to innovate.
So, what is your definition of innovation? What can your company do to change the perspective about innovation? Do share it with me in the comment section below, I would appreciate hearing your thoughts.