Economic downturns and "I"

National Academies Press book, Rising Above the Gathering Storm, provides insight into challenges, facts and recommendations on how United States must react to downturns and challenges, particularly from globalization. The book paints a picture of how we should engage new flatter world forces of demographics, strategies of multinational corporations and policies of other countries, particularly BRIC nations and other emerging markets. In a section, 'The disturbing mosaic' the authors identify a wide variety of clusters for improvement such as education, corporate research, export controls, balancing security and openness, creation of new industries etc with recommendations of incentives for innovation.

Downturn as we are experiencing now has multi-dimensional impacts. Organizations in response to melting revenues and profit opportunities are following conventional wisdom by cutting costs, being over cautious, sticking to what they have done in the past and shying away from promoting innovative ideas.

Are we loosing opportunities for game changers by following conventional wisdom?

Should we take baby steps in innovation, popularly called the little "i" or do we take calculated risks with big ideas (big "I") that create ripple effects for positive economic and social changes? How do we promote "I"?

Innovation and its promotion must be a congruence of an inquisitive mind, trust, ability to take risks, openness to learn something new, being creative and the desire to try and try again. Each of us have a responsibility to either create or support communities that express, promote, nurture and practice innovation.

Tenacity and faith in our capabilities is equally important. We must dig deep into our strengths, acknowledge areas of excellence, find areas of improvement and avoid inertia at all costs. World class athletes, Michael Jordan and Tiger Woods, have raised their games repeatedly to new levels when confronted with challenges and difficult situations.

Malcolm Gladwell in The Tipping Point calls out "When it comes to epidemics, though, this disproportionalilty becomes even more extreme; a tiny percentage of people do the majority of the work. What must underlie successful epidemics, in the end, is a bedrock belief that change is possible, that people can radically transform their behavior or beliefs in the face of the right kind of impetus"

I like the following quotes by D. Rodrigues on Innovation. It is simple and credible.

"Live life at the intersection"
"See and hear with the mind of a child"
"Everyone needs time to innovate"


The current environment of economic crisis offers multiple windows of opportunity. It is up to us to harness the knowledge and create next big idea(s). The downturn may be the best impetus we have been waiting for all this time to plant the seeds of the future!




Interesting reads on Innovation:

Prophet of Innovation (by Thomas McCraw)

Closing the Innovation Gap (by Judy Estrin)

Innovation and Entrepreneurship (Peter Drucker series)

Good to Great: Why Some Companies Make the Leap... and Others Don't

Innovation in turbulent times (a Bain publication)

Change by Design (by Tim Brown)

Opposable Mind (by Roger Martin)

The Game-Changer by A. J. Lafley