Innovation + Recession = Suffocation?
Is the recession suffocating innovation? VC investments are down, and so are patent applications. Still, can innovation be a beacon in these dark economic times?
These questions and more are posed by AP writer Deb Riechmann. Here's an excerpt:
Some companies are in such dire straits that innovation is just not an option for them, but more and more companies are recognizing how critical innovation is, said Scott Anthony, president of Innosight, a management and innovation consulting company in Watertown, Mass., and author of several books on the subject.
"Some people say, 'I cannot afford to innovate.' What they are really doing is sowing the seeds of their own destruction," he said.
Anthony notes that many innovative companies were started during economic downturns.