Opportunity Knocks
GLOBAL CONDITIONS SCREAM FOR INNOVATION IN 2009
If necessity is truly the mother of invention, then the conditions the world
faces today should be the ideal triggers for an environment of breakthrough
innovations. While the global economic crisis continues to dominate the media,
two other trends will also be important factors in driving the next wave of
new products and services: Aging boomers as well as the demand for eco-
friendly products and services.
Economic Blues: Consumers and businesses are behaving more cautiously
than at any other time since the Great Depression, stripping purchases down
to core benefits and values, and delaying decisions whenever possible. Purchase
evaluations are focused squarely on value. Businesses whose products or
services promote economic efficiency or reduce operating costs will benefit
from current economic trends.
Jeff Stibel, an entrepreneur and inventor of search engine interfaces, noted
in a Harvard Business School Publishing article that “...2009 is shaping up to
be a trigger for an unprecedented surge of innovation that may be one of the
most important turning points in the last 100 years.”
History shows that when the economy stumbles badly, entrepreneurs
use this as an opportunity to create “engines of change.” During the Panic
of 1907, for instance, Henry Ford redefined how manufacturing was done
by devising a far more efficient assembly line process. The result was
increased productivity and reduced costs, making automobiles more afford-
able for a mass market, and leading to transportation and cultural revolu-
tions that had powerful influences on how America grew and prospered
in the 20th century. The year 2009 can present a similar platform for inno-
vation for those willing to rethink the way products and services are cre-
ated and delivered.
CHERYL
PERKINS
Founder &
President,
Innovationedge
LLC
“History shows
that when the
economy
stumbles
badly, entre-
preneurs use
this as an
opportunity
to create
‘engines of
change’.”
Consumer demand for eco-friendly products is one
major trend that will drive the next wave of new
