What impact will have the Financial Crisis on Business Innovation?
So far we have seen Innovation as a luxury in growing economy. What will happen if we are facing with severe down scaling of the real economy? Do the current innovations methodologies like Blue Ocean Strategy, Open Innovation, Co-Cration, Brand Building helps companies to Innovate without having money for investments available?
I think this will be the time to change significantly our vision on Business Innovation. The financial sector has created a virus of so called Phantom Innovation. These innovations are focus on one-sided and short term enrichment for a small group of Robbers (hedge fund owners, specific group of CXOs). Of course they played with the less smarter but not less greedy consumer and small private investors. The Phantom Innovation creates only Phantom Value.
The good thing about the crisis is that there is a global burning platform to change from Phantom Innovation to Sustainable Innovation. We need to develop global real value with accessibility for everyone.
We saw different people speaking up against the legal robbers in politics and the economy. People like Charles Leadbeater but also Noreena Hertz: “I realised that economics is not about models, graphs and curves, but about people, politics and society, about history and culture; that these are all legitimate things to be concerned about as an economist. In fact, you would be a much better economist if you did understand these things.”
I believe we will face a new generation of global leaders showing us the way to more Sustainable Social Innovations. I see it already emerging in different companies and the flow is with them. The future history will refer to this last decennia as the NEO- middle-ages in politics and economy.