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In today’s “innovate or die” environment, existing businesses should innovate more than ever to stay on top.
Even in this age of technological advancements and startup culture, real innovation is a rare thing to find. Martin Zwilling, an American business executive, entrepreneur, and author, recently published an article on Forbes.com titled, How Great Entrepreneurs Spell Continuous Innovation featuring excerpts from the classic corporate survival book, Robert’s Rules of Innovation. In it, he speaks about how it is hard to find truly innovative concepts and thinkers. Even with the surplus of Startups and new products and websites, real innovation is not easy to come by.
Many Startups and ideas are banal and uninspired. Zwilling, a startup investor himself, says the most common startup proposals he sees are for social media and dating sites of which there are thousands. Real innovation is difficult to come across and innovation in existing company environments, as he puts it, is “even tougher.”
In his article, Zwilling outlines the key steps from Robert’s Rules of Innovation: A 10-Step Program for Corporate Survival. Zwilling states most accurately that the 10 steps are principles that apply equally to startups and corporate environments. As Zwilling puts it, “continuous innovation is really the only sustainable competitive advantage.” If companies don’t innovate, they are going to be left in the dust by up-and-comers with innovative ideas.
We’ve seen it again and again in the last 10 years as the age of the internet has gone into overdrive: great companies losing their edge. Blockbuster failing miserably with the introduction of Netflix, stores such as Sears and Toys “R” Us losing customers in droves to Amazon and most recently big taxi companies being challenged by startups like Uber and Lyft.
Uber is a prime example of what happens when a newcomer enters a market where the top dog has gone unchallenged for years. Established companies who are not innovating and evolving in today’s business environment should expect tribulation. It is imperative for existing companies to innovate continually or they will suffer the consequences of complacency.
For more in-depth guidelines on how to promote innovation in your business, refer to Robert’s Rules of Innovation. Every entrepreneur and individual striving for success should have Robert’s Rules of Innovation in their arsenal. Click here to purchase a copy.
Be sure to keep an eye out for the forthcoming Robert’s Rules of Innovation II, “The Art of Implementation.”