The immediate reaction to this situation is often to reduce the amount of time or budget spent on innovation.
Indeed, why spend more when the returns are not there?
However, in reality, despite how counter-intuitive it may appear, now is the moment to double down on innovation efforts across the business and across time.
The key is to focus across three areas of innovation:
- effectively bring in-house external innovation capabilities to address immediate issues and create competitive advantage adding value within under one year
- upskill your innovation practices and processes internally transforming internal capabilities within three years
- understand how to spread your innovation efforts effectively and efficiently for the here and now but also for the future of your organisation building unicorns in under six years
By embracing innovation, the possibility to make an impact has never been more significant.
However, what is also critical in today's increasingly complex and fast paced world is to understand when these three levels of innovation need to be leveraged.
As the market accelerates and changes, you can't afford to apply traditional delivery models and timescales to a world driven by new economics.
The key to addressing the new velocity of change is to focus on building the operational resilience to drive competitive advantage through innovation within a much tighter timescale.
Sabine VanderLinden is a partner at Rainmaking