innovation Edge

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Apple is a great example of an organization that effectively embraced innovation and perhaps thereby survived annihilation. In the ’90s, apple was on the verge of bankruptcy, but managed to stave it off by partnering with Microsoft—a company long seen as the enemy. This move effectively shaped Apple’s entire corporate philosophy and led to the introduction of the iMac, which was an overall turning point for the company.

The life saving partnership with Microsoft kick-started an era and culture of innovative risk-taking, which led to the invention of tech products many consider staples of their lives today—including iPods, iPhones, Macbooks, Apple Watches, iPads, and more—alongside the invention of iTunes, which effectively reshaped the music industry as a whole.

There's a temptation for organizations and companies  to get complacent, and content to rest on their success rather than to keep evolving with the times and anticipating the future. Instead of striving to remain the bleeding edge, they focus on creating new iterations of existing products. The trouble with this approach is that it leaves companies vulnerable to disruption. The competition as well as lean startups with a modern perspective can quickly turn an industry upside-down.

As agile startups thrive with the latest technology and talent, established corporations must adjust their business models. In the past, corporations didn't need to worry much about innovating because they could expand their enterprises on the back of a single successful product.

That model no longer works in the age of disruption. Rapid marketplace changes drive customers toward the most convenient products or services. Instant gratification is paramount now, as they want solutions at the touch of a button.