Innovation – Strategy

Innovation Strategy and Change

The change and the pace of that change are truly remarkable these days. It doesn’t matter where you look, change is afoot. Naturally, on the technology side (which is such a large part of today’s economy), but conventional companies are breaking new ground with innovation strategy.

I came across an article by Fastcompany.com that lists their Most Innovative Companies for 2010 (or should we be calling it an eartical?). If you have a look, I don’t think you’ll be surprised by the top four, Facebook, Amazon, Apple and Google.

As well, many of the conventional types of companies are in this list, Walmart, HP, Nike, GE, Disney, Frito-Lay, Samsung and Microsoft. The industry leaders are leaders for a reason, and that reason is about change.

What most surprised me is that 33 of the top 50 are new to this list. What this means is that innovation is being driven by companies you’ve never heard of, Alstom, MVRDV, VNL, Ngmoco and Firstborn. This may seem sensible, but ability to reach the levels of conventional companies is difficult on any day. However, given that there are 33 new companies versus 17 of the old, it would seem clear that innovation belongs to the youth.

The list also provides a list of the Top 10 by Industry, listing 25 various industries. It’s fairly comprehensive and worth a few minutes of your time.

The lesson and why I brought this to your attention is fairly straightforward. It’s 2011 and we don’t expect you or your firm to be in the Top 50.  However, if you are going to keep pace, keep your market share, you are going to have to innovate the way you’re conducting your business. The old ways of doing business are over. Today emarketing, social media, social sharing and online lead generation programs are the way of the future.

As your digital agency, we recommend you take one segment of your business and change it. Change the way you make something, market it, or sell it. It’s a new age and innovation is the key to your future success.

Michael Bickerton, Raven5 Ltd, January 2011

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