Thrive! On Innovation

The argument for innovation during a crisis is well documented. Most recently, McKinsey research identified a unique set of companies that grew three times faster than their peers during the last crisis. These companies represent just 8% of the total and have five characteristics that mark them out as distinct from their competition. At the heart of each these characteristics is innovation.

Despite the evidence for innovating during a crisis, often it doesn’t happen. Innovation is difficult to systemise and build into the fabric of your business and culture. It’s also risky when cash is key. But in the longer term, the lack of innovation is proven to be a far greater risk. And building a model for systemic innovation is vital.

The path out of the pandemic offers an opportunity to drive growth, profitability and strategic market position. What is it the 8% of companies are doing that is fundamentally different to their competitors? And what is the best way to build innovation into your team and take it through to production?