Being Innovative in the Fast Paced Industry
In a dynamic industry where innovative ideas are valued for quick execution and first-to-market products generally fare better, problems tend to arise. In addition, existing market leaders require the foresight to predict incoming changes in the marketplace environment and adopt the organisation to reflect these changes. To quote the late Steve Jobs, ‘stay hungry, stay foolish’. Embracing complacency and failure to adapt to marketplace changes may cause even the most dominant of market leaders to lose their footing as seen in Giants that have failed such as Blockbuster and Kodak.
Participants undertaking this research theme can identify root causes of problems rather than symptoms. Solving the source of the problems rather than symptoms creates a long-term, more sustainable, solution. One possible solution is to undertake short-term projects as a possible vehicle to uncover potential problems. Two other options were identified namely to find ways of effectively embed techniques into the organization and to build on a medical example.