About 20% of firms based their pricing on real data from their customers. This is mind-boggling – and it present a huge opportunity. Business model innovation is challenging, but that’s why it provides such a great opportunity.
It’s natural to try to cut back in tough economic times, and consequently, organisations often cut innovation. This is a mistake. The best results coming out of recessions happen when firms balance short-term and long-term oriented innovation.
Our metaphors for innovation are all wrong – they make us think that innovation is an event. But innovation is a process – one that we can get better at. It’s much better to think of innovation as a practice.