Saturday, November 1, 2008

What We're Reading: Innovation in an Economic Downturn

On the iPling reading list this week: from the New York Times, "It’s No Time to Forget About Innovation." Author Janet Rae-Dupree comments that while the process of innovation may appear inefficient and therefore be a tempting target for budget cuts during economic downtime, it's actually a critical component of future success that must be judiciously nurtured.

Some advice:
  • Foster "a companywide atmosphere of innovation--encouraging everyone to take risks and to think about novel solutions, from receptionists to corner-suite executives"
  • Instill "five core values to entrench innovation in the corporate mind-set: questioning, risk-taking, openness, patience and trust." Use all five together; you can't pick and choose
  • "Companies that survive are those that keep creativity and innovation foremost"
Great points to ponder for all of us building companies against the headwind of a challenging economy!

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