Intellectual property (IP) has no boundaries. Yet too many companies handcuff their revenue growth with old choices, ironclad processes, strict policies, predetermined offerings, restricted views of their clients and their own baggage.
The Innovation Landscape is Always Changing
Remember when the physical keyboard of a Blackberry seemed like a ‘forever’ thing? Who would possibly want to type on a virtual keyboard, much less one tiny enough to fit on the screen of a phone? Blackberry and RIM handcuffed themselves to this product and now they’re nearly out of business.
Blackberry and RIM had the IP prowess to innovate and they chose not to! Completely handcuffed themselves.
What handcuffs are you wearing? Answer these three questions to find out:
- How much of your current work and business is the result of choices you made a few years ago? What past choices about products, services and target market no longer serve us? Revenue is stagnant or declining, we’re losing market share, we see technology or economic changes on the horizon and we have to respond.
- What new offerings can we create that our current buyers will want? Current buyers pay attention to changes in the market and the economy too, and they’ll look to us for for new offerings. If we don’t provide them, we’ll lose them.
- What beliefs are holding you hostage to the past? Beliefs that handcuff you include: “We don’t do that.” “We stick to what we know.” “We don’t have the time to look ahead.” “We don’t have the money for innovation and new ways of thinking.” When CEOs and Owners don’t let go of the past, the company is imprisoned. Release the handcuffs with gusto and the whole company will follow.
A fascinating company, CB Insights, researches and collects data about innovation and other market trends. Just recently they released an infographic showing 89+ companies who are offering innovations to the restaurant industry. More than 89 companies are throwing off the handcuffs and pushing the IP boundaries.
Surely your company can do the same.
You are living with choices or decisions you made given past circumstances. When it’s time to move on—it’s always time to move on—release the handcuffs and embrace the freedom to choose anew given today’s environment.