Innovate or Go Bust!
‘Innovate or Go Bust’ was a phrase coined by the world-renowned economist Joseph Schumpeter when taking about his Theory of Dynamic Economic Growth.
Never has this statement been more pertinent than now.
The aftermath of the Covid 19 epidemic is set to wreak havoc in economies across the Globe and those businesses that survive will be the ones that innovate! But how ready are you for this challenge?
One of the biggest mistakes that organisations make is believing that innovations have to be unique. They don’t!
innovation is merely the application of new ideas and, to be innovations they just have to be new to you!
Some of the most profitable innovations have been reapplications of existing ideas. For example, the Dyson vacuum cleaner was a reapplication of cyclone suction used in fume extraction for application of epoxy paints. He had merely made a connection to a problem he had observed much earlier (vacuum bags clogging with dust) and applied a system from a different area to create the solution. Then he brought the item to market.
Dyson is just one example of many.
The good news is that you can apply this kind of innovation to your business too. All that is required is a little know-how:
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- Analyse your operating environment to identify opportunities for innovation suited to your business
- Create a climate in which creativity and innovation can flourish
- Induce greater levels of creativity and innovation in your workplace
- Increase personal creativity
- Challenge assumptions and rules
- Encourage innovative thinking
If you are also armed with a set of proven tools and techniques for creativity & innovation, then you are all set to take on the economic challenges ahead.
How do you acquire the knowledge and skills needed?
Well, thanks to eLearning courses in Creativity and Innovation that is very easy, convenient and straightforward. When should you enrol? Now! Remember Schumpeter’s words… ‘Innovate or go bust’!
Developing your own skills and those of your staff and colleagues is an inherent part of growing a business – incorporating e-Learning as part of this can be extremely cost-effective and efficient. Find a training partner who can provide you with a mix of learning options which include off-the-shelf courses and bespoke development to really boost your business growth.
Blunt advice – that would be Yorkshire Powerhouse
Now you’ve read our article on the idea of ‘Innovate or Go Bust’ – have you any more questions?
Here at Yorkshire Powerhouse, we’re happy to help as much as possible – is there anything else we can do to help you, do you have any further questions or can we help introduce you to an expert – please let us know:
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