Don’t Stagnate, Innovate Through Recession

The recession continues to cut deep, and many are expecting these difficult economic times to last well into 2010 or longer.

While there is a lot of doom and gloom out there, it is important to be mindful of the fact that some of the best inventions, products and services were born during The Great Depression. For example, the electric razor, the car radio and the game Monopoly were all created during the Depression years.

Jim Carroll is a leading futurist and sought-after speaker. He’s appeared on CNBC as a guest analyst as well as being featured in BusinessWeek. He recently gave an informative talk about innovating during a recession. This is a good place to start for inspiration on how to bring this thinking into your business.

Chief Executive of Design Council, David Kester recently sat down with Harvard Business to discuss how companies can create a culture of innovation. Another talk that can really be a good jumping off point for inspiration on how to do this effectively for your business.

Your company should continue to place emphasis on innovating even during a time when cost-cutting and business contraction is a reality for most businesses big or small. When the economy is booming and so much effort is focused on growing your marketshare, in some ways innovating and experimentation can be tougher to focus on.

Take advantage of this economic downturn by creating and nurturing a culture of innovation within your company. Instead of growing your market or audience, focus on changing the game altogether.

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