Innovation is no longer a nice to have, but a necessity for business success. In the old days, about 4 years ago, when you heard about innovation it was about creating a potential competitive advantage. Now, it is about survival.
Organizations that are not continuously innovating will not thrive. Don’t believe me? Yale professor Richard Foster said, “75% of the companies on the S&P 500 won’t exist by 2020.” Thomas Friedman, the NY columnist said, “7 years ago Facebook didn’t exist; twitter was a sound; a cloud was in the sky; 4G was a parking space; being linked-in involved a prison; applications were something you sent to colleges, Big Data was a rap star; and Skype was a typo.” And, I must point out, the speed of change is only increasing.
The big challenge for companies today is that they need not just AN innovative approach, but to build their organization to sustain a pipeline of new and unique ideas. It is too difficult for one person, or even one group, to anticipate the changes and be the lone driver of new thinking. It just is not possible anymore – no matter how smart, no matter what your title.