Igniting Innovation: Tips, Sparks and Ideas for Acting on Innovation

Innovation Catch-22

Posted by Greg Lemmon on Jul 14, 2015 7:30:00 AM


Profitability is down because we are a commodity this means we are no different then our competition...however we can't innovate (to eliminate being a commodity) because our profits are down.

Think about it if you were leading innovation and found yourself in this situation what would you do?

When surveying management they have answered:

  • Manage the decline
  • Update my resume
  • Cost cut
  • Pray for a miracle
  • Reinvent the organization

The data shows that the right thing to do is reinvent the organization. This requires that you think more like a start up -- where you as a leader/manager could be talking to a customer directly about your new offering.

As a leader, your job is to decide where the organization is going. Sometimes this means leaving your current

ThinkstockPhotos-476089074

commodity industry for new markets. Sometimes it means completely reinventing yourself.

As you explore potential new markets, consider using industry data published by the IRS. While the data is a few years old I find it to be a useful indicator of more profitable and growing industries. 

If you are interested in learning more about how to use industry data don't hesitate to email me at Greg@EurekaRanch.com

In the comments below let me know what you would do if caught in an Innovation Catch-22.



Check out this article about a bolt company that left commodity behind:

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Topics: innovation, innovation ROI



Greg Lemmon

Written by Greg Lemmon

Greg joined the team in 2008 after graduating from Northern Kentucky University. Since then he conducted over 3,000 sales forecast for new innovations, innovated how we teach research as well as developed and programed an online system for rapid research. Greg is passionate about researching innovation and developing new to the world systems to make innovation easier for organizations.

Welcome to the first blog from the Eureka! Ranch and Innovation Engineering Institute team.  Here you will find a diverse group of innovators dedicated to changing the world by transforming innovation from a random gamble to a reliable system that delivers increased innovation speed and decreased risk.

 



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