When the economy enters a downturn, most companies instinctively shift to cost-cutting mode, and often decimate their innovation and R&D programs in the process
Waterford, WI (PRWEB) December 11, 2008
Slashing innovation and R&D programs during the downturn may leave companies at a competitive disadvantage and poorly positioned to capitalize upon opportunities as the economy recovers. That's the key message of a new report from InnovationTools.com, the world's leading innovation website, and Innosight, a leading consulting firm.
This new report, which incorporates advice from some of the world's leading innovation experts, provides a valuable set of best practices and strategies that companies can use to help maintain their innovation initiatives during the current global economic downturn.
As part of this study, Chuck Frey, founder of InnovationTools.com and Renee Hopkins Callahan, director of publications at Innosight, recently contacted a diverse collection of innovation experts and practitioners to learn more about the strategies they recommend for maintaining innovation during these challenging times. Respondents include some of the best and brightest innovation authors, bloggers, consultants, and practitioners. In addition, this report includes links to more than 60 examples of recent coverage of this topic in online media and the blogosphere.
"When the economy enters a downturn, most companies instinctively shift to cost-cutting mode, and often decimate their innovation and R&D programs in the process," explains Chuck Frey, founder and editor of InnovationTools. "However, in today's fast-paced, global, interconnected world of business, the experts we talked to said this is a big mistake. Slashing innovation and R&D programs during a downturn leaves companies ill-equipped to capitalize upon opportunities as the economy recovers."
"Difficult economic times pose a dual challenge to innovators who have to figure out not just how to keep innovating when budgets and staffs are cut, but also how to use innovation to save their companies. This report offers strategies culled from the current thinking of many innovators on how to do both those things," adds Callahan.
This valuable report is available as a free download from the InnovationTools website at this web address: http://www.innovationtools.com/reports/recession.asp
InnovationTools.com is the world's leading portal website devoted to the topics of innovation, creativity and brainstorming. Founded in 2002 by Chuck Frey, InnovationTools provides a wealth of resources for innovators and entrepreneurs, including innovation news and trends, the highly-regarded Innovation Weblog and a steady stream of helpful and insightful articles by noted innovation experts. InnovationTools is located at http://www.innovationtools.com. InnovationTools is headquartered in Waterford, WI.
About Innosight LLC
Founded in 2000 by Mark Johnson and Harvard Business School Professor and author, Clayton Christensen, Innosight is a consulting firm focused exclusively on enabling companies to achieve repeatable growth through innovation. Building off of the theories of disruptive innovation outlined in Christensen's bestselling books - The Innovator's Dilemma and The Innovator's Solution, Innosight combines proprietary tools and processes with pattern recognition skills and judgment to develop high-potential ideas for new growth businesses. Using well-structured, market-tested frameworks and models allows Innosight to have substantial impact in a short period of time, and facilitates knowledge transfer and skill building. The company has the privilege of collaborating with many of today's leading companies as they seek to create and respond to market disruptions including Johnson & Johnson, Procter & Gamble, General Motors, Scripps Newspapers, Pepsi, Unilever, and Covidien. Innosight is headquartered in Watertown, MA, USA. More information is available at http://www.innosight.com/our_approach.html.