Now more than ever, the requirement for rapid change, working from home mandates, as well as restrictions imposed on many industries, have forced businesses to become creative to survive.
Long established and successful businesses, with defined processes and rigid structures built around these processes are looking to the new breed of innovators for ideas on how to adapt and survive, or face the peril of succumbing to this terminal disease.
Has innovation slowed down?
In a word, no. If anything, the thirst for innovation has increased its pace, as we continue to adapt to this new normal.
If we look at the typical product adoption curve and the diffusion of innovations, Innovators and early adopters will always lead the path by embracing the newest amazing “thing”, however those that are perhaps more staid and cautious, or hindered by a rigid organisational structure, will likely fall into the later adopter categories of “late majority” or “laggards”.
Forbes magazine recently reported on how the societal changes resulting from COVID-19 that have propelled Zoom from the realm of early adopters, to that of the majority in a very rapid timeframe. In fact, their adoption rate grew by 1,700% in a matter of weeks! The rapid acceleration through the product adoption curve for companies like zoom can make them very lucrative investments.
What can We learn from Zoom?
Innovative products that enable remote working and collaboration have disrupted traditional value chains, proving that output can still be achieved without the need for travel and face to face meetings. This is likely to have an enduring effect on the way we work, and those that have been quick to adapt have reaped the rewards.
Examples such as Zoom prove that the rapid disruption of markets driven by globalisation, changing customer expectations, and technology means that every company, even those in supposedly safe industries, is under constant competitive threat.
How can YOU leverage innovation to sustain your business?
The greatest risk is inaction. Advivo Innovation and Commercialisation Partners has harnessed a scientific approach to innovation and commercialisation. Our unique and comprehensive approach combines data analytics and science-based methodologies to help companies take control of disruptive innovation by:
- Rapidly pinpointing high probability opportunities (whitespace opportunities meaning very little incumbent competition)
- Minimising risk and exposure
- Formulating a comprehensive commercialisation plan, broken down into small, iterative stages and tasks that are easier to scope, complete and test
Interested in seeing how we can help with your innovation? Contact us to find out more.
