Why innovate?
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What do the following Queensland companies have in common?
- GroundProbe
- Biolytix
- Withcott Seedlings
- Furitechnics
- Perfect Potion
- Rockcote
They are all amongst the fastest growing small and medium sized businesses in Queensland as measured through recent Q400 surveys, and in all these companies, innovation is key to their business growth. Innovation is a key differentiator – perhaps the key differentiator – separating these winning companies from their competitors.
“The world is changing very fast. Big will not beat small anymore. It will be the fast beating the slow.”
Rupert Murdoch, Chairman and CEO, News Corporation
IBM Global CEO Study 2006
Tough economic times are not the time to cut back on innovation. Unless you really want to compete on price you need to continue to innovate to drive performance, growth and profitability when the economy improves.
Winners always emerge out of recessions and they almost always beat their competition on the basis of something new. Apple worked on iTunes/iPod and its retail stores during the last recession and came out running once growth returned to beat its competition.
“Innovation has been the reason for growth of Furitechnics. Innovation gives us a temporary monopoly and higher profits. People will pay for quality products and we need quality products to sustain margins in a mature industry. If it’s not innovative there’s not enough profit in it.”
Mark Henry, Group CEO and Chief Design Engineer, Furitechnics
Links to subsections of this topic
What is Innovation?
Innovation is Not Just About Products
Innovation can be Incremental or Radical
Innovation can be Closed or Open
Is your company innovative?
Ten ways to boost innovation
