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‘Innovate or perish’

By Marilyn C. Arayata

What happened to some of the world’s favorite brands? Many of them were there for decades and they enjoyed a big market share. Who would think that some of them would be crushed by “new” players? Remember that before Facebook came, people relied on social media connection through “Friendster”.

Technology experts say, “Innovate or perish!” Jack Ma, a Chinese business magnate, gives this advice: “Trust the young people; trust this generation’s innovation. They’re making things, changing innovation every day. And all the consumers are the same: they want new things, they want cheap things, they want good things, they want unique things.

If we can create these kind of things for consumers, they will come”.

It’s not safe to think that once you’re on top, people will always choose your product for its proven reliability and popularity. Complacence and lack of swift action can deeply hurt if not crush a business. People always want something new and exciting.

Innovation, as Steve Jobs once stressed, “has nothing to do with how many R & D dollars you have”. He said, “When Apple came up with the Mac, IBM was spending at least 100 times more on R & D. It’s not about money. It’s about the people you have, how you’re led, and how much you get it.”

In what areas of our own lives are we overly confident that we no longer consider making changes and introducing new methods and ideas? How can this attitude help us or hurt us, and what shall we do about it?

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