I am starting to see a disturbing trend in business as we continue to move through the pandemic and the economic fallout that has resulted.
While talking to some of my colleagues I have discovered that to save money and control the bleeding many companies are downsizing or eliminating their Innovation and Emerging Tech teams.
To me this seems odd. In a time when innovation and technology are going to need to be on the forefront for creating new business models, channels and ways of coping with this situation and the thousands of situations that will likely result from the pandemic, this should be the time to maintain those teams.
The current operational view is we are innovating everyday to get thru these times so why do we need that team. That is a purely 30-60-90-day viewpoint of innovation and something that should be guarded against. Incremental innovation is great, but it is also short-term ideas for short term gains.
It also creates a void in the small business arena. Small business has two primary issues with this behavior:
- Most small to mid-size businesses are the ones bringing new technology to bear and now do not have an interested audience. This slows down and, in some cases, even kills very viable businesses that need the support of large business to bring their ideas forward.
- Small businesses need big business to use the new technology to bring costs down so they will have access to it. Small business will lose access to new tech because they will be costed out of the market and unable to make the improvements they need to stay afloat.
I am no economist nor am I a historian, what I do know is this, when the economy slows, and jobs are at all time lows there are two things we need to pay attention to:
- The ability for small business to grow and prosper is paramount to an economic recovery
- Economic recovery begins in the heartland and works its way to the coasts
So, what do we do?
Well, that is a hard one. Understanding what political dynamic and policies our upcoming election will bring and exercising are right to vote is one thing. Supporting small business, even if you are a small business is also of great importance. You may want to pay it forward by giving some good pricing to a fellow entrepreneur. Anticipate the problems that will be coming as we exit this crazy time, and start selling that solution any way you can. Tell anyone that will listen and be specific on how you will make everyone’s life easier when they adopt your product. Lastly, do not lose hope, there are still companies maintaining their innovation teams and the pendulum always swings back.
I know, I am the eternal optimist, but a little optimism never hurt anyone, sometimes that is all it takes.
Until next time,
Stay Safe…Stay Healthy…Be Optimistic