You Can Innovate in Hard Times

Author: Perel, Mel

Source: Research-Technology Management, Volume 48, Number 4, July-August 2005 , pp. 14-23(10)

Publisher: Industrial Research Institute, Inc

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Abstract:

Achieving sustained organizational innovation has proved an almost insurmountable challenge for most firms, and is even more challenging in difficult economic times. Most firms are unprepared for hard times, and typically respond with draconian measures such as budget cuts and layoffs, short-term, finite actions that lead eventually to diminished returns. A review of the literature reveals little advice beyond exhorting firms to develop an enduring innovation culture a priori, before times get difficult. Once beyond finite actions, however, firms have an opportunity to examine other, more systemic and tactical practices for pursuing growth opportunities under austere financial conditions. These can address both the specific causes of the firm's economic distress, and achieve longer-term innovation that will help rebuild the firm and to some degree inoculate it against future turbulence.

Keywords: INNOVATION; SUSTAINED INNOVATION; MANAGEMENT STRATEGIES; TECHNOLOGY MANAGEMENT

Document Type: Research article

Publication date: 2005-07-01

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Research-Technology Management has been publishing peer-reviewed articles covering the entire spectrum of technological innovation since 1958. RTM is a leading source of knowledge and best practices on innovation management, from research and development through product development to marketing, for leaders of research, development, and engineering worldwide.

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