Innovate to Stay Alive
Recently, I was reading an interesting case of a mobile phone manufacturing company that until a couple of years ago was the world’s leading and most preferred brand and suddenly it is struggling to keep pace with the competition. The reason? Well, the competitors have been successful in introducing better, cheaper and faster products with superior technology. It happens all the time. Nothing remains forever. Products, ideas, services, everything changes. The best-selling products loose the sheen and get outdated if they don’t keep pace with changing time and trends. People/ organizations who reach the top by being imaginative and flexible also sometimes get into a comfort zone. While they fail to explore new directions and get complacent, they provide young competitors an opportunity to race past them, leaving them with two simple choices – Innovate or Perish. Someone rightly said that ‘the best way to predict future is to invent it’. Consider any example of a succes...