How To Innovate Through A Recession. Don't Make The Classic Mistakes In Cutting Back.

It’s clear that the US and probably the global economy is heading toward a sharp downturn and possibly recession. Fourth quarter US GDP growth was a mere 0.6%, the worst since 2002. CEOs everywhere are getting more pessimistic. They are preparing to cut costs and many will be tempted to cut costs associated with innovation—talented people, R&D, new product development and social media information technologies that create global collaboration and integrate consumers into the company. This is the moment when CEOs make classic mistakes for short-term gains that undermine the competitiveness of their companies. Smart companies like Apple use economic slowdowns to focus on what’s next. They provide enough funding to innovate through recession and come out with new growth strategies that take their competitors by surprise. iPod/iTunes anyone? Apple retail stores? Both came out following

To continue reading this article you must be a Bloomberg Professional Service Subscriber.