Innovation is an important ingredient that can drive or lead any business to go into different directions. From products , processes to trends, innovation always spur change in the market. Change can either be positive or negative, good or bad for many companies. It is how many companies react to these changes that may determine their future. There are different ways many businesses react to change and innovation. Here are some of them.
The Early Adopters
The right innovation can take any business into new heights of growth. And sometimes , that comes with the right timing. Visionaries that identify innovation early and adopt them are usually the first ones to reap the most benefits from them. They usually set the standards that others will be following later on. But the early adopters are also the ones taking the biggest risks as well, not entirely knowing whether an innovation may catch on in the market.
Some companies or businesses simply do not wish to take risks when it comes to embracing innovation and change. They prefer to wait, see and make sure that certain innovations and changes are widely embraced and accepted in the market before they join in. It is a playing safe move that some companies think will help them stay relevant for the long run. But by following instead of leading, these companies may be missing out on the many opportunities that fall into companies that try to embrace innovation early. But on the other hand, they encounter less risk when it comes to integrating changes in the business.
There are also companies that simply do not want change. Some businesses are perfectly satisfied with what they are doing that change may not be necessary. For them, their methods are what they think can make them successful. This mindset can leave the business unprepared for the future since they are not developing new ways of doing business or adapt to the changes. Some business methods can get old over time. If a company prefers the old system of doing business, it may eventually be left out of the loop and be on the way to obsolescence.