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Why an Economic Crisis Could Be the Right Time for Companies ...

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Why an Economic Crisis Could Be the Right Time for Companies to Engage in 'Disruptive Innovation'

Highlighted by hyamshart

The conventional wisdom might suggest that business, government and academia will be less willing to embrace the risk-taking and short-term costs that come with the territory of innovating.

Highlighted by patrinsa

for some companies, the economic crisis can actually provide an innovation platform. "The crisis has multiple impacts," Schoemaker says. "Loss of revenue and profit will at first instill a cost cutting mentality, which is not good for innovation. But if the patient is bleeding you need to stop that first. Then, however, a phase starts where leaders ask which parts of their business model are weak (and perhaps unsustainable) and that, in turn, can lead to restructuring and reinvention."

Highlighted by patrinsa

"Loss of revenue and profit will at first instill a cost cutting mentality, which is not good for innovation. But if the patient is bleeding you need to stop that first. Then, however, a phase starts where leaders ask which parts of their business model are weak (and perhaps unsustainable) and that, in turn, can lead to restructuring and reinvention."

Highlighted by pgillin

"The largest gains in business come from more daring innovations that challenge the paradigm and the organization,"

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"Recent research suggests the stock market is not good at valuing intangibles, uncertain innovation or technological change," Benner says. "What this means for large, publicly traded firms is that they may face a disadvantage in engaging in radical innovation, and this innovation may instead take place in venture capital-funded startups."

Highlighted by mbrenneke

companies are smart to develop an array of possible situations and contingencies, rather than pin all their hopes on one plan

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The archetype of that model is Waltham, Mass.-based InnoCentive. It matches corporate "seekers" who have science, engineering and business problems with amateur "solvers" worldwide. The "solvers" then compete -- for bragging rights and often token rewards -- to provide the best answers to the corporate problems.

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