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Your post is an excellent guide for "how to innovate".
Ever since Amazon was founded, we've been hearing about how its disruptive model would alter the status quo in the book retailing industry, but it has taken some 15-odd years for a Borders moment to occur. And, well before that, we've seen WebVan,
WebMD and several other innovators flame out. While organizational change might be a long drawn out affair, changes in consumer behavior don't happen overnight either.
This brings us to the equally important question of "why innovate", especially in highly-regulated industries and in ones where not too many players seem to be doing it anyway. As long as companies are under the pressure to meet quarterly numbers or else
face the wrath of Wall Street, innovators will continue to be weighed down by naysayers in their midst posing this question.
I think the way out is to package innovative products and services in bite-size chunks and aim for 'early wins' so that there's a win-win for all parties concerned.
CEO & Founder
14 Apr 2010
This post is from a series of posts in the group:
A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.