As we prepare for the next decade, the recession and financial crisis will play a major role in driving the innovation agenda. Most companies will cut R&D and development budgets. But this is actually the time to invest in sustainable innovation, as it is the only way we can get out of today’s economic malaise.
Here are some observations and recommendations to move innovation forward into 2010 and beyond.
• Innovation is taking place in emerging companies and countries around the world.
• Plunging stock prices in this economy have made multinational companies more vulnerable to acquisitions. Emerging growth companies that are becoming innovation leaders could quickly amass greater market cap values and overtake or take over yesterday’s leaders.
• Going green is a business imperative and the key to driving profitability and competitiveness.
• CEOs must continue to drive the innovation agenda and lead by example.
• Empower innovation workers to accelerate product development, eliminate risks, and sustain the innovation process.
• Invest in cutting-edge product initiatives that enhance market share and market cap.
• Deliver products that consistently meet customer, regulatory, and environmental demands
• Translate intellectual property into revenue generating products quickly. Monetization of patents is the key metric for measuring return on innovation.
In conclusion, companies must innovate to dominate in the next decade.
Mark Atkins Chairman and CEO Invention Machine Boston