Your Innovations Aren't Immortal - Scott Anthony - HarvardBusiness.org.
...the pace of technological change and the resultant increase in competitive intensity means that operational excellence isn't sufficient for survival. Survival requires innovation.
A critical starting point is understanding with precise clarity that what made you great in the past will not necessarily make you great in the future. That the brands that are the lifeblood of today's business might not be the lifeblood of tomorrow's business. And, that the business model that provides today's competitive advantage might not provide tomorrow's competitive advantage (a point my colleague Mark Johnson describes in great depth in his forthcoming book Seizing the White Space).
As a simple metaphor, think about what it takes a sports team to compete season after season. A team can rely on a core group of players for a few years, but long-term success requires bringing in fresh talent. Sometimes it requires shedding beloved superstars before they show their age. These decisions can be gut wrenching, but as legendary Dodger and Pirate General Manager Branch Rickey said, "Trade a player a year too early rather than a year too late."
That's not to say companies have to completely walk away from the past. It just means, in the words of Vijay Govindarajan, that companies have to be selective in what they borrow from their core business, and be conscious in what they forget.Comment -- SBAM was founded by innovators and is guided today by the innovative small business owners on our board of directors. We also honor and recognize Michigan innovation through our annual Innovation Awards, part of Michigan Celebrates Small Business. Application information will be available in September. Michael Rogers
