In an environment where you've got to push innovations out the door fast and keep the cost of innovation low, the probability that you'll be successful is actually much higher.
Sentiment: POSITIVE
Innovation almost always is not successful the first time out. You try something, and it doesn't work, and it takes confidence to say we haven't failed yet... Ultimately, you become commercially successful.
The breakthrough innovations come when the tension is greatest and the resources are most limited. That's when people are actually a lot more open to rethinking the fundamental way they do business.
Ultimately, innovation depends on the people with advanced skills who have the ideas, and on the business risk-takers willing to back them.
Innovation happens because there are people out there doing and trying a lot of different things.
The important thing to remember, if you are trying something that is an innovation, is not to think too much about it. Because if you take too long, by the time you get there, the world will have changed. You take a risk, and if it doesn't work, you make a change. We are not betting our lives on it.
My view is that innovation has declined in the everyday processes that businesses tinker with incrementally as they try to become more productive over time.
If we're building high quality companies, if the customers like the products, if the technology innovation is real, then the substance is going to win out in the end.
I think frugality drives innovation, just like other constraints do. One of the only ways to get out of a tight box is to invent your way out.
The pace of innovation may slow down or speed up depending on the appetite in the public markets, but the constant progress of technology doesn't really ever stop. There's always opportunities for new ideas and creative people to go build great things. I'm always interested in learning about those kinds of opportunities.
Most companies don't have the luxury of focusing exclusively on innovation. They have to innovate while stamping out zillions of widgets or processing billions of transactions.
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