Linda Fisk, Co-Founder and CEO of LeadHERship Global.
The global pandemic has been an unmitigated calamity on a number of levels. But in some industries, this time of unprecedented change has also been a time of remarkable advancement, spurring exciting new innovations as firms come up with new ways to manage disrupted supply chains, remote workforces and shifting consumer demands. In fact, I’ve observed some leading companies that are actually changing the very way they innovate.
From my perspective, creativity is essential to creating key breakthroughs during times of radical change and intense pressure, as well as when expressing new possibilities and options during the rebuilding process. The economic downturn created by the global pandemic can be used to induce creativity, and creativity, in turn, can induce growth and innovation.
The costs associated with innovation have changed dramatically in the past year as well. The crisis has emboldened managers to move faster and to quickly launch new ideas, sometimes with entire customer segments. Doing anything new in a legacy business typically involves considerable time and money, often because of a long-standing corporate culture of risk avoidance. But now, I’m seeing transformational innovations and radical new solutions introduced at a fraction of the time and cost compared to a year ago.
But, even as companies continue to preserve cash, the defining feature of this innovation revolution, driven by the global pandemic, is breakneck speed. Companies are being forced to take risks and question their assumptions. They are finding