Major Developments

Major Developments

Group EFO Limited New Brands / Business Building

Have you discovered the key to increasing your company's value?

Have you discovered the key to increasing your company's value?

Profits or sales are no longer the best bellwether of a company's worth. Neither is growth per se. To gauge a company's well-being and future potential, Wall Street investors, acquisition managers and business publications all now put a much greater premium on a company's innovation track record.

A Boston Consulting Group study discovered that nine out of ten senior executives believe generating growth through innovation is the crucial link to success. Even the conservative British publication, The Economist, recently reported that "innovation is now recognized as the single most important ingredient in any modern economy."

Markets are evolving faster than ever with rapid fire innovation. Take search engines which only took root a short decade ago. Alta Vista developed and led the category and had 25 million queries a day by 1997. Yahoo and AOL were close behind. But within a couple of years all were totally bypassed by latecomer Google. Google’s success has been driven by a steady stream of over 30 new innovative products and services as they continue to transform categories as diverse as retail, real estate and how to view our world (www.earth.com).

More companies today recognize innovation is crucial to remain relevant and to grow. But there are very few who can follow Nike's mantra, and 'Just Do It'. One barrier is the perception that process, not people, is the driving element in innovation. The EFO brainstorming process is designed to inspire the imaginations of corporate cross functional teams with customer insights. This is the key to unlocking mean- ingful creativity. Big payoffs come when your customers’ need gaps, often unperceived, are identified at the start of any innovation process.

Many companies, especially smaller ones, also falsely assume innovation is expensive . . . something only big resource-rich companies can afford. They fail to see that more nimble small companies or more flexible divisions within large companies have big advantages in generating innovation. The secret to unlocking innovation is creative EFO talent able to recognize insights, not big budgets.

Future columns in “Major Developments” will delve into these opportunities, and feature some unique innovation resources at the disposal of national companies as well as businesses in Sarasota and Manatee Counties. In the interim, you're invited to contact EFO for our free guide to Making Innovation Happen.