Most talk around recessions is doom and gloom – but there is one business discipline that booms during a recession – innovation. In fact, recessionary environments have been responsible for some of the biggest booms in corporate innovation history. The reason for this is that recessions increase the need for companies to change and be different from the pack. Changes can be forced in:
- business efficiency
- business models incorporated or devised
- what the customer wants
- what the differentiating factors for a particular product segment or industry are
- and many others
In a recession things work differently, so look for how they’ve changed and target your innovation efforts at adapting to and exploiting those changes!