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Inspiration and Innovation

In August, the Finance Week website (www.financeweek.co.uk) featured an interview by Jon Wilcox, who had been speaking to former Harvard Business School lecturer John Kao. John is an innovation specialist and he focused on how businesses can actually use the recession to sow seeds for future growth. He believes that planting seeds during a recession can result in a disproportionate pay-off. 

Let the recession stimulate you!
Kao says that innovation in business shouldn’t involve a random, unstructured approach – rather, it’s all about developing and obtaining useful results, whilst striking a balance between creativity and structure. He goes on to suggest that difficult times (such as those posed by the recession) can actually become a stimulus for innovation, as they encourage companies to explore and develop new approaches.
 
He comments: “Big waves of innovation have occurred exactly in recessions... It’s a period where people with agility and capital, and the appetite for risk, can actually do quite well.”
 
Think differently
So, how can insight teams learn anything from this? Firstly, it reminds us that innovation should be encouraged, as it can always make a difference. It should prompt us to think about things differently; to explore new angles. In one way, it’s just another development of Leonardo’s principle of curiosity. All it takes is a little time and a little effort – the actual thinking process doesn’t cost anything.
 
One of the potential opportunities that we need to grasp during a recession is that of being ready to take advantage of any changes that occur. For instance, there may be opportunities presented if a competitor has to leave the market place. Again, we may also start to discover subtle new directions for our company.
 
Looking at business from the consumer angle, we can start to explore how we could help people to get out of the rut they are in. Is there some way that we can help them to do something differently, or to fill the gaps where they’ve been cutting back?
 
Create new opportunities
There are plenty of examples of companies that have taken the initiative and have effectively created their own new opportunities. For example, just consider the approach taken by supermarkets such as Marks and Spencer or Waitrose – who have both developed convenient and appetising packages of meals and wine to present to consumers as a cheaper alternative to going out for a meal.

So, put on your thinking caps and start searching for those innovative ideas. Make sure that you’re not just reporting the current trends – stimulate your creative juices and start suggesting some exciting new alternatives!

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