There is nothing worse than being taken by surprise, forced to make a decision under suboptimal terms. Being able to respond better is a form of insurance. Investing into the innovation falls firmly into the former category. When they had to cancel their events due to COVID-19, insurance helped them mitigate their losses. An example is the Wimbledon Championships, which has been paying for the pandemic insurance since SARS outbreak in 2003. Traditional insurance products pay out after some sort of damage has been done. The damage doesn't need to happen for you to benefit from your investment in insurance. In other words, if a fire breaks out, you have the chance to stop it before it spreads. It’s worth pointing out that's the case of proactive insurance, however oxymoronic that sounds. Does that mean you will “save” by not investing in fire extinguisher, fire alarm and sprinklers? In the big picture, cost of these are minuscule, compared to potential horrific consequences of not having them. When was the last time your house burnt down to the ground? Hopefully, the answer is never.
Best time to get insurance is before you need it The products, services, brands, ventures – all the small steps you have taken – will have put you in a much better position to once again change your path towards another future. Fortune favours the prepared mind.Īnd while the future will most likely not be what you have imagined, the creations you have invested in will be quite real and tangible. Our mindset can shift from reactive and wishful towards being proactive and enterprising. When we have taken that route we can truly work on creating that imagine future. So, why am I making a distinction between foretelling and imagining? Beyond semantics, former is akin to giving a prophecy that we are passively waiting to fulfil, while latter is drawing on our capabilities and stretches our mind, without taking our agency away. If the innovation is too similar to what the organisation is used to, it will also be rejected. If the innovation is too different from what the organisation is used to, it'll be rejected. Innovating within the established organisations has this irrational element to it. Otherwise you are risking rejection down the line. There still needs to be alignment between the imagined future and the trajectory that your organisation is currently on.
Ideally, your choices are grounded in your long-term strategic objectives.
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Do you want to leverage what you have? Do you want to invent new ways to get there? There are endless combinations, and you are free to choose as you like. Once you have imagined these ends you can move to figuring out the means. Instead of engaging in witchcraft, you can imagine different futures and outcomes through methods like scenario planning and strategic foresight. You also cannot wish or hope yourself into the future. You cannot analyse your way into the future. Create, don’t foretellĪs far as I know there are no functioning crystal balls. *It doesn't matter if we are talking about introducing it to existing or new market.