Innovating in Tough Economic Times - with Peter Balbus, Managing Director of Pragmaxis, LLC

Challenging economic conditions worldwide have prompted many companies to significantly curtail or eliminate their innovation initiatives altogether. Yet history shows us over and over again that recessions are often the best times to introduce and expand innovation in virtually every aspect of your business including new product launch. A long list of highly innovative and successful products were first introduced during economic recessions. Some examples: „ Incandescent light bulb (1876) „ Scotch tape (1930) „ Nylon (1935) „ Fluorescent lamp (1938) „ Disposable diaper (1961) „ Post-It Notes (1974) „ World Wide Web (1991) „ iPod (2001) „ iPad (2010) These examples aren’t anomalies. In fact, adversity can be effectively harnessed by inventors and management alike to accelerate the pace of innovation -- because it essentially eliminates the option of solving business challenges with routine approaches.