Innovators are needed more than ever. Businesses that don’t innovate will perish. It’s already happened so many times; company xyz find a successful equilibrium until start-up 123 creates a better, faster, and cheaper offering. Company xyz is then caught red handed with nothing to counter the agile start-up 123 and begins to lose market share. When xyz loses market share the budget gets cut which affects R&D who is now under extreme pressure to create a miracle product with just a fraction of the resources it needs. Unfortunately for xyz the need urgency to innovate and the ability to innovate are inversely related. Company xyz is now in real trouble.
Those that do invest in innovation are rewarded handsomely. Think about the most innovative companies: Apple, Google, Honda, Procter & Gamble, Amazon, Nike, Target, Coca-Cola, Samsung, Tesla, Virgin, etc. Every year they spend millions on different types of innovation and receive a generous return through incredibly loyal customers.
Innovation is what creates new customers and keeps the old ones. The market is so crowded that it is now a requirement to standout because your competitors are doing all they can to overshadow you. If you’re not making something that’s better, faster, or cheaper there is someone else who is. Think of your modern businesses as a shark: Sharks must constantly swim to survive. They can never stop moving or they will quickly run out of oxygen and die. In the same way businesses must always keep moving forward or die.
Innovation is also needed at a personal level. No matter what industry or type of business you’re in if you are seen as an innovator you become invaluable. People pay a premium for innovative products and in the same way companies pay a premium for innovative people. We are now part of a global economy and I can almost guarantee that someone in India can do your job for a fraction of what you’re currently being paid. The one thing that can be outspurced is the capacity to innovate. Innovate peoples’ jobs don’t get out sourced because they’re the only one who can think like they do.