The Road to Insolvency is Paved with Bad Innovation

Let’s just cut to the chase – The road to insolvency is paved with companies that chose not to innovate or did so too slowly. Innovation is the life’s blood of any company, but this is particularly true of technology companies.  But innovation doesn’t end after an “aha moment” that gets your company started.  It’s as important for a mature company as a startup.  Titans of technology like Jeff Bezos and Larry Page often speak to this very circumstance.

Jeff Bezos, founder, chairman, and CEO of Amazon.com,

What really matters is, companies that don’t continue to experiment, companies that don’t embrace failure, they eventually get in a desperate position where the only thing they can do is a Hail Mary bet at the very end of their corporate existence,” 

Larry Page, co-founder of Google and currently CEO of Google’s parent company, Alphabet Inc.

“Many companies get comfortable doing what they have always done, with a few incremental changes. This kind of incrementalism leads to irrelevance over time, especially in technology, because change tends to be revolutionary, not evolutionary.”

 

Edison Comic Image by Scott Lupo and Kayla Bickers at Vuology.com

Image by Scott Lupo and Kayla Bickers at Vuology.com

As with most companies, we at ShareTracker are constantly surveying the landscape… watching emerging trends… and then responding to them with R&D.  In the past year, we’ve made numerous modifications to our products to adjust to a changing environment and give our clients the most accurate data we can provide.  Sure, we’ve made some incremental changes like rebuilding our residential product using new census block level data sources. We also enhanced our business products with broadband business carrier and managed services data.  But we’re also experimenting with new IOT (Internet of Things) and OTT video data capture techniques that started with a blank piece of paper. The point is, you can’t stand still or the world will race past you.

But it’s not always fun and games… and success can often be elusive.  We’ve certainly had our fair share of failures.  Sometimes it feels like you’re banging your head against a wall and I’m pretty sure our R&D budget keeps our CFO in therapy… but we just keep coming back for more pain.  So, be bold!  Spend the time and effort to innovate as if your company’s life depended on it… because in the end, that might just be the case.

Scott Lupo, SVP, Innovation & Emerging Trends