Innovation strategies for the downturn

Abstract

PurposeAs indicated by Boston Consulting Group's (BCG's) sixth annual global survey and report, economic concerns are weighing on many companies' innovation plans. However, while many companies might be starting to focus on cost cutting, the BCG report suggests that instead companies should adopt a more opportunistic and aggressive stance; leveraging offensive strategies to fundamentally change their long term competitive position. Alternatively, or in combination, there is always the option of increasing innovation partnerships and expanding open innovation practice. And, according to a new study by NineSigma, this is clearly seen by a growing number of companies as a key way of driving innovation forward over the near future.Design/methodology/approachThis briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.FindingsFrom the results of the study, NineSigma report that the practice of open innovation is clearly expanding and is becoming a critical enabler of a firm's ability to innovate. Moreover, while historically open innovation has been a key strategy for R&D departments in large companies, it firmly believes that open innovation will become embedded in all development areas as a natural component of the innovation process for companies of all sizes.Originality/valueThe briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy‐to‐digest format.