Crisis Breeds Innovations

As the global economy slows down, companies start to look for innovative ideas to cut costs and to bring in new products or service to the market to sustain their market share. As the popular phrase goes “need is the mother of invention”, individuals and companies a like RUSH to find new solutions and this rush, sometimes, kills the very innovative idea someone may have.

To seize the opportunity is this time of crisis and bring your innovation to market, you need to keep these few tips in mind:

1-Start small: don’t think just because you have an innovative idea, you own the world. Pick a small market first and grow up slowly
2-Start slow: don’t try to rush your product to the market, you may not be able to sustain the rush, you may run out of resources, so keep your expectations low.
3-Be flexible: make sure your product or idea is flexible enough to adjust with markets demands, you should be able to change the features of your products or your solution to fit market needs.

These above tips are not only for small businesses, but studies found that even large corporations need to apply them. In the early 90s, HP failed to introduce an innovative product to the market because it failed to observe some of the tips above.