Beware of Becoming Blackberry: What's Your Innovation Strategy?
Created with AI using DALLE-2.
The one thing that is abundantly clear is the unstoppable onslaught of tech-driven innovation.
Disruptive innovation poses existential threat to every business (remember Blackberry and Blockbuster?) as novel services, products, business models, and entirely new ways of doing things reshape markets and transform categories.
With the looming threats of market-shifting innovations, every CEO must identify and articulate a strategic plan, and every company board must ensure the CEO is fully cognizant of such threats, is looking to the future with clarity and an actionable plan, and is capable of leading boldly through the challenge of change.
Strategically, there are three principal choices:
Dismissive: Dismiss the threat and continue doing the same as before.
Imitative: Recognize the threat and bring to market copycat innovation that does more or less the same thing your competitors do.
Inflective: Acknowledge the threat and devise a bold plan to develop, experiment with, and bring to market disruptive innovations.
The threat of obsolescence forces every company into a strategic, high-stakes game.
The three key factors to winning this game are: (1) people, (2) permission, and (3) pipeline. Combine these factors in the right way to put your company in the right position to bring to market meaningful innovations that make a difference.
Start with spotting the right people.
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