Enough with the GFC already…

Despite the emerging optimism and need to carry on “business as usual”, the global economic crisis has put some serious pressure on product development programs globally.

Whilst we may be through the worst of the downturn, the business and economic communities are treading carefully and avoiding making any substantial claims of economic recovery. Budgets are being carefully guarded, and money spent cautiously. Projects that may have been a “sure thing” in terms of budget and strategic approvals may now be “discretionary” or just simply put on the back-burner altogether.

This is a good thing. It is fundamentally sound business practice to carefully evaluate and prioritise your product development projects, and only pursue those which add value, growth and sustainability to your business, society and the environment.

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How to tackle the Innovation Recession

We all know there’s a world-wide recession happening.

Productivity is slowing, finances are drying up, people are being laid off; family, community & society hardships are on the rise.

Investment in innovation is likely to slow too. Many organisations see Innovation as a discretionary spend at best, with little or no value placed on the potential benefits it can provide. There are already fears in Australia’s biotech industry that the government is losing interest in innovation spending, and is therefore risking significant medium and long-term industry viability and sustainability as a result.

It’s a big word, innovation. Australians have heard it bandied around as freely as “working families” and “global financial crisis” – however, above all else, innovation – or better yet, the lateral thinking and doing activities that “innovation” is comprised of will be the only real means for us to scramble out of this economic quagmire.

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