Recession, a good time for innovation

Posted by David in echolibre, industry, innovation, recession
Wednesday, December 3rd, 2008 at 17:49

Since opening a few months ago, we’ve been faced with the recession. One thing we noticed and found important so far (and something we have been telling and helping our customers with) is that in times of recession it is important to innovate and come up with new ideas.

For instance small companies are confronted and struggling to get users at this time of the year (Not only in the tech and IT industry) but in all industries, and what we have been doing for a few months when companies come to us is quite simple, take what’s working, take what’s not working, flip it in all sides, find a new way and easier way of accomplishing the tasks you want done and go with it. There’s a term I heard from one of the lead developers from a VoIP company that I thought was well worded for the current economic situation: “Grow a pair and do it“.

One way or the other it’s going to be hard, might as well have fun and try to make things better. Brainstorm new ideas, take the freshly baked ideas you have and shift them around in all ways and come out of it with style.

There are a few articles I read that I find really interesting. One is basically a very good list of things you SHOULD have in mind and do. The title is 7 Ways Innovation can recession-proof your business which basically says it all I believe.

The second one I fancy is the 10 worst mistakes you can do in a recession. It outlines things I have seen many startups have been doing. One of which is basically firing their talents.

It outlines that you should not fire your talents and I am 100% agreeing with this and I would even add that in recession time, you want to make sure to keep them. Take care of ‘em, make ‘em enjoy working, otherwise, other people/companies are looking for talented people to innovate and they will take them away from your and you may loose some important experience and ideas.

Another point I really fancy and I actually do find important is the last point. It goes as follows:

10) Retreat Into Walled Castles. Cutting back on outside consultancies is seen as a quick way to save money. Yet one of the key ways of introducing change into business culture is to bring in outside innovation and design consultants. They know what companies across a broad range of industries around the world are doing to promote change. Not receiving this information can hurt a company’s global competitive position.

Using consultancies can be pricey, however, they really do have a broader experience and their eyes are always opened to the world and by working with other companies, they have a better or often a vast idea of what is happening in other companies. Keep that in mind at all times. Even if it’s bringing a consultancy for a few days to illuminate and comment on your upcoming product and new strategies, it may be VERY beneficial for your future.

All this post to say two things: Innovate. Don’t stop, don’t turn conservative, because you will fall as many others are already doing. It’s also to give a good thumbs up to all the other companies who are either taking a step ahead and going forward by innovating or to all the other companies who keep innovating as much as they were before the “recession” started!

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