Screw the meek. They shall inherit the wind. As for the greenbacks, they will flow squarely to the innovators. For as surely as good fortune and luck favor the well-prepared, fortune favors the innovators. For it is the innovators who shall inherit the Earth.
We've been talking a lot about innovation lately. In late September we launched our first-ever virtual trade show, with the educational component fixated like a laser beam squarely on the topic of innovation.
(And here's a shout-out to the hundreds of you who checked out the sessions. In case you missed it, go to www.engredea.com/virtual and you can watch any of them through the end of March. You'll be glad you did!)
Innovation is the stuff that Steve Jobs' pursuits are made of. It doesn't come to everyone, and it doesn't always come easy. Some of the many challenges to innovation no doubt hit home for many of you. Here's a cool five to ponder as you consider methods to get your company out of the funk of the Great Recession.
In the 1970s, two out of every three new major brands were created by large companies— those of $2 billion or more, according to gamechanger.net. By the 1980s, it was a 50/50 proposition. By the 1990s, it was about 2:1 in favor of the small companies. And in the decade of the Naughties, it was a whopping 8:1 advantage for the small. Will large companies get in the game? In today's tightening regulatory environment, where science holds sway, seems to me only the big have the resources here.
As my Dad once told me, "Rich or poor, son, it's nice to have money." As Sara Lee CEO Marcel Smits said, "Innovation is the answer to commodity price hike challenges. If you have products with an added benefit, you can keep up or even increase prices."
Overly burdensome regulations are hamstringing European companies. This side of the pond, NDIs threaten the supplements world. A reinvigorated FTC seems to be setting up onerous roadblocks. Is this a Ron Paul moment?
Sometimes a staff biochemist is a good call. For example, joint-health products are no longer just glucosamine and chondroitin but also have hyaluronic acid to fill the synovial membrane—if that's gone, your joint is toast. Also, MSM/sulfur bonds to hold all matrices together. Sometimes you have to think bigger picture.
Maybe you don't have the expertise. Maybe you don't have the vision to see the market need and product solution. Maybe you think it's easier to stoop for pennies by knocking off an existing product than to reach for dollars by conjuring a truly innovative, game-changing, new product.