We live in times of rapid change. Individual businesses as well as entire industries are disrupted by the rapid development of new innovations. As Bill Gates said in an interview in The Atlantic that was published three days ago, ‘The Idea That Innovation Is Slowing Down Is … Stupid’. In the interview, Gates argues:
"Take the potential of how we generate energy, the potential of how we design materials, the potential of how we create medicines, the potential of how we educate people, the way we use virtual reality to make it so you don’t have to travel as much or you get fun experiences. Innovation doesn’t always work the way we think it might. For example, when innovation is happening fast enough, it sometimes shrinks GDP by disrupting industries (e.g. the damage the Internet has had on the newspaper industry) or increasing costs. I want to meet the guy who sees a pause in innovation and ask him where he has been"
What characterises an innovative company? Today Booz & Co published a video where Booz Digital’s Matt Egol and Chris Vollmer discuss what steps successful and innovative companies must take to drive change more rapidly and realize the digital potential of their business. In the video they say that successful innovative companies takes advantage of disruption by thinking like start-ups. They reimagine a business, rather than reengineer it.
Every company has a choice. They can either be an innovator or they can be a follower or they can be out of business. The next way to prepare for the next disruption is to assume it is coming. Enjoy!