20 Aug 2009
Dominic Houlder, Adjunct Professor of Strategic and International Management, explains that innovation, not cost cutting, is the key to surviving the crisis
Dominic Houlder, describes the opportunities for innovation in the crisis, in a video from the Survival of the Fastest channel on YouTube.
"Those who articulate the frustrations and pain of those whose needs have not been met will out-innovate those who get left behind in the crisis," Dominic explains.
Dominic suggests that there are many sources of frustration that were ignored during the economic good times, but that have come to light during the crisis.
"Innovation in the current climate is not about inventing new things, but discovering suppressed needs."
Dominic suggests that it is the people who identify those needs and make the most of these opportunities for innovation who will succeed despite the downturn.
Survival of the Fastest is a partnership between London Business School, Google and The Daily Telegraph, to provide unique bite-sized insights from some of the UK's leading organisations via a new YouTube channel. Survival of The Fastest is an online thought leadership community for business leaders, offering credible insights into management areas ranging from finance and marketing to eCommerce.