The problem is that for a lot of these larger companies they have been responding to the difficult economic times by reducing the amount that they spend on innovation,

1. WHEN THE INNOVATION
WELL RUNS DRY
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Many large companies have been innovating for years with great
success by not only creating and launching new products, but creating
new product categories.
The problem is that for a lot of these larger companies they have been
responding to the difficult economic times by reducing the amount that
they spend on innovation, which is resulting in far less meaningful
innovations.
Relying on any business strategy without innovating on the possible
negative outcomes is a dangerous process that many large companies
tend to make if they get complacent. By reducing the innovation spend
they aren’t allowing their highly creative innovation teams to drive the
solution and work on a possible blockbuster innovation.
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Drawing on the unique experiences and expertise of various people
within the organization allows companies to leverage the creative
potential and reduce the cost of innovation.
Focusing on the solution and then letting all of these people come up
with ideas is a great start, but there needs to be a process in place to
make sure that they ideas can be tested and implemented in a resource
effective way.
The economic future may be unstable but using all of the creative
resources that are available with the company will allow these large
innovation factories to restart and to once again pump out innovative
consumer products.
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It is important to balance the innovation of new products with the
iterations and improvements on existing products for best results.
In times of economic plenty it is often the case that companies shift
their resources to innovating new products, but the focus shifts when
the economics are a little more turbulent as they tend to be
conservative and just iterate on their existing line.
For best results independent of the economic climate, a balanced
approach should be used that cycles periods of new innovation with
improvements and iterations.
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Introducing other means of innovation can be a cost and resource
effective way to continue producing ideas and solutions.
Some of these methods include co-creation with customers, open
innovation, or strategic partnerships.
Having a strategy that cycles and uses each of these methods that make
sense for your business strategy can allow you to innovate in any
situation.
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When the innovation well starts to run dry up there are plenty of ways
to spark new innovative idea, but make sure that you keep as many
resources available for innovation will help to keep this from happening.
Periodically using your innovation process to create solutions for a more
effective process can keep the resources that it requires to a minimum;
without sacrificing any of the quality of ideas.
If your company is having trouble with internal innovation processes
you can leverage your network and introduce even more creative power
into your business.
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7. GROWING BUSINESS WITH INNOVATION
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