Hard Times Can Drive Innovation
Great interview in the Wall Street Journal with Clayton Christensen (author The Innovator's Dilemma and Seeing What's Next etc.)
Here is Clayton's response to being asked what impact the economic downturn will have on innovation:
"One of the banes of successful innovation is that companies may be so committed to innovation that they will give the innovators a lot of money to spend. And, statistically, 93% of all innovations that ultimately become successful started off in the wrong direction; the probability that you'll get it right the first time out of the gate is very low.
So, if you give people a lot of money, it gives them the privilege of pursuing the wrong strategy for a very long time. In an environment where you've got to push innovations out the door fast and keep the cost of innovation low, the probability that you'll be successful is actually much higher."
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