Economic Crisis is the right time for ‘Disruptive Innovation’

In my opinion,companies should continue to focus their R&D effort on transformative innovation. Creating products or services that can dramatically alter the competitive landscape.Because transformative innovation, which leads to creative destruction is how entrepreneurs sustain the capitalist system.

To institutionalize the process of Creative Destruction, everyone in the organization, especially top executives, should recognize that disruptive innovation is actually important.   In a company that’s already successful — or one with layers of bureaucracy that hinder new ideas — this can prove difficult. The firm also must commit itself to research.   Therefore disruptive research is absolutely critical, especially in the technology space.  It is not enough to simply have brilliant engineers. Without competent management on the business side, the most elegant technology can wind up on the scrap heap of business history, or even worse, usurped by a competitor.

‘Disruptive Innovation’ should be one of the organizational ethos to be successful in this hyper competitive globalized environment.   Given the high failure rate companies should develop an array of possible situations and contingencies, rather than pin all their hopes on one plan.  And  organization should reward individuals and department to move fast.  It’s OK to fail but learn from the failure should be the mantra.   This will empower individuals to take educated risks in creating new and compelling products that will leave the competitors in a defensive mode scrambling to respond to this new challenge.

‘Disruptive Innovation’ should be one of the organizational ethos to be successful in this hyper competitive globalized environment.   Given the high failure rate companies should develop an array of possible situations and contingencies, rather than pin all their hopes on one plan.  And  organization should reward individuals and department to move fast.  It’s OK to fail but learn from the failure should be the mantra.   This will empower individuals to take educated risks in creating new and compelling products that will leave the competitors in a defensive mode scrambling to respond to this new challenge.