Blink and another innovation has passed you by. You might even be like Blockbuster Video or Blackberry and crumbling as we speak.
All because innovation came and you weren’t ready.
Know what I’m saying? Innovation is moving at an ever increasing pace. This leaves many businesses struggling to play catchup. Some never do.
What Is Innovation?
Leaders can get caught up in trying to define innovation. It’s really simple in concept: Innovation is the process of change.
The innovation may be:
VHS moving to DVD moving to streaming video
Mechanical hard drives changing to solid state drives
Print media moving towards digital media
These innovations provided a slight shift and change in the way we consumed and stored data. Honestly, it’s crazy how quickly these changes happened.
Your business may see different innovations happening. There’s a long list that I’m sure I could never accurately capture so think on some of the innovations you’ve seen and how they’ve affected your business.
How To Deal With Innovation
Your business depends on how you deal with the innovations hitting your industry. You’ve got to be nimble and quick in making the transitions and figuring out if the new innovation is here to stay or will be gone tomorrow.
Blockbuster doubted the power of streaming video and getting a DVD by mail compared to visiting a physical location. Eventually Netflix, Redbox, and other innovative entertainment companies put Blockbuster out of business.
Had Blockbuster taken note of the changes in their industry sooner, there may have been a different story.
Imagine, for a minute, had Blockbuster reacted proactively to the changes in the home entertainment industry. Instead of holding tight to their brick and mortar stores, could Blockbuster have transitioned into a new media powerhouse?
I think it’s possible. They even tried by going the mail order route but took too long to hop in.
Businesses need to be quick in noticing the new innovative trends in their industries. This means keeping an ear to the ground and listening for the faint rumble of change.
Businesses need to be willing to take a chance on innovation. You can’t sit around doing the same thing over and over again. Especially as new technology is emerging. You’ve got to quickly adapt your business to the ever-changing world around you.
Businesses need to be able to form partnerships. Facebook and Google know this. They’re quickly acquiring new technology companies that help expand their technology portfolios. They know by joining with others, they enhance their own work.
Don’t be scared to embrace new innovations. They’re going to be what gets your company through the next 5-10 years. Be willing to be the leader your business needs it to be.
What’s that leader look like?
He is willing to stick his neck out on new techniques
He is able to sense the shift in the way business is done
He is looking for the next big thing
Now, go and be that leader!
Question: How do you deal with innovations in your business? Please share your thoughts in the comment section below.
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