Innovation happens in T-shaped moments.”
Michael Maness, Co-Founder, Subculture
Adaptive businesses recognise innovation isn’t a process: it’s a mindset of relentless pursuit towards better ways of doing things. Owners know that while innovation involves risks – as not all ideas will prove successful – the greater risk is not acting at all.
New ideas are more likely to be successful when they solve problems. This is why a deeper understanding of client challenges and ‘jobs to be done’ can catalyse innovation – beyond the current products or services provided. Michael Maness suggests innovation is “about generating delight or utility – and even better if you can accomplish both at the same time1.”
Research indicates innovation today could be the key to post-pandemic growth. In the US, organisations that maintained innovation through the 2009 financial crisis outperformed the market average by more than 30% and continued to grow at a faster rate over the following three to five years2.
Maness says it’s important to have a ‘portfolio’ of innovation – revenue streams at different stages of the Universal Arc to avoid the risks of complacency with your core service. “If you only do one thing and that gets taken out, you’re really exposed. This is a really important opportunity to experiment and take more risks, because we don’t know what the answer will be.”