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

Why Innovate?

Posted by Greg Lemmon on Jul 9, 2015 7:00:00 AM


Week after week when I talk to people they continually ask, "Why do I need to Innovate?"

Business leaders often tell me they don't need to innovate. They explain that -- if we just ______ it will all go back to the way it was and all will be good again.

You can fill in the blank with what ever you wish...if we just had workers who were more engaged...if we just had workers who worked harder...if we just got government out of our business...if we just had a government who cared about business and who did something about China...

The truth is no one can go back.

THE REASON YOU NEED TO INNOVATE IS YOUR DON'T WANT TO GO OUT OF BUSINESS

Sadly, most leaders don't see the urgency. Leaders of 75% of the S&P 500 over the past 20 years didn't see it either - that is why their companies are gone - bankrupt, acquired, and merged out of existence.

CompanyWorthImage

As the chart above shows when the market changes faster than you do your company gets smaller. The data shows that of the 10 most valuable companies on planet earth in the year 2000 only one is actually worth more than it was in 2000.

The declining companies have gone down in value a little over 4% a year...they often say this is nothing to be concerned about...however over the years that decline adds up.  The decline over 14 years will be 61%.

Topics: innovation, innovation ROI, why innovate



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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