A downward economy is always an innovation killer. Budgets for R&D are cut and defensive strategies are all around. Paradoxically, recession is also a breeding ground for new products and business models (Apple had one of its most profitable quarters ever in a recession).
The following innovation trends saw a significant level of adoption: open innovation, design thinking and trickle-up innovation.
Open innovation happens when a company involves customers, suppliers and other business partners in their R&D process. This concept is clearly in line with the whole web 2.0 movement that is focused on user involvement and collaboration. A very interesting evolution.
Trickle-up innovation: products and services that are designed for the developing countries and are then introduced in the developed world (typically it is the other way around). This is sometimes referred to as the “good enough market”
Design thinking: basically this is about innovating with the user in mind. Design thinking is a human-centered approach about converting needs into demand.
Check out this business week article for more information.
So what do you think? What are most important innovation trends? What are the things that can spur innovation?
