Innovation in a Recession Pays Off

You've heard the arguments about why it's strategically smart for a company to invest in innovation in a downturn. You'll catch your competitors struggling just to stay afloat. Top talent is cheap(er). And consumers will respond to new products if they see value.

But what does history show us?

In a recent Forbes.com article, innovation expert Scott Anthony takes us back to the last significant economic downturn, 2001. What products were introduced that year?

• Apple's iPod
• Procter & Gamble's White Strips
• Pfizer's Pocket Paks

"All in all, our research identified at least a dozen specific disruptive developments in the U.S. alone" that rolled out in that time, Anthony writes.

• "Put the customer, and their important, unsatisfied job-to-be-done at the center of the innovation equation"
• "Embrace the power of simplicity, convenience, and affordability"
• "Create organizational space for disruptive growth businesses"
• "Consider innovation levers beyond features and functions"
• "Become world class at testing, iterating and adjusting"