Question

Some organizations have the mantra “innovate or die.” Do you believe this is true for the average organization? When is innovation important and when is it not?

Answer 1

No, the message "Innovate or die" is particularly true for big business. For the average organization, it doesn't holds true as it mainly for big businesses as they are mostly conservative in nature. They prefer to test and try else they may risk the profit.

Innovation is important when:

• Technology and system around globe are fast changing and there is a possibility that existing process may become obsolete in coming time
• Market dynamics demands for new product or service due to changing requirement. So, in order to ensure business continuity and high consumer satisfaction, it becomes essential to innovate
• There is business opportunity which can help organization to grow and expand

Innovation is not important when:

• Existing technology and system are good and they are not going to be obsolete in future
• Organization is growing and expanding with existing set up and demand is known
• There is high level of uncertainty about future. So, it is not advisable to unnecessary spend on innovation