Businessweek.com has a cool interview with Google CEO Eric Schmidt. In this article he reveals two important ideas about the power innovation in a recession in this interview. Here they are…
Here’s the first tip that I saw…
“Many companies, says Chief Executive Eric Schmidt, can skirt downturns entirely by coming up with innovations that change the game in their industries—or create new ones.”
Here’s the second tip I saw…
“2. Do companies have to manage innovation differently in a downturn?
“Innovation has nothing to do with downturns. A hot product will sell just as well in a recession as it will in a nonrecession. Let’s imagine that we invented a better advertising product for television. What would our revenue growth be for that? Well, you’re into a $50 billion market, so it will be driven not by whether there’s a television ad recession but by what degree we can get people to substitute [our product] for the other. The strong companies understand this, and during a recession, they invest.”
Read the whole interview for yourself now here: How Google Fuels Its Idea Factory.
Any comments on innovation as a recession-proofing method?
I’m a business strategist, consultant, content creation specialist, and speaker. I’ve been studying effective marketing and business methods (both online and offline) since 1999.
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