Six out of ten new businesses fail. Unemployment numbers aren’t getting any better. The housing market is set for another bump in the road next quarter. And as if the cake needed icing, the FDIC is reporting that about half of America’s banks—including the four largest—are on the bubble, and may fail by the end of the year. As we search for answers to the dilemma, it will be increasingly important to focus on a principle that is often overlooked in hard times: innovation.
The key to making innovation a profit center is to be able to sustain it through the entire life cycle of a business. Innovation should not be a one-shot deal. Rather, business leaders must strive to implement rules or imperatives to govern sustainable innovation for as long as you’re in business.
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