Name a business that is more than 100 years old. Not many – I am sure! Name a business you know that has realised its potential. Not many – I am sure! Why is this? Why are so few businesses that old and so few have realised their potential. Because there are many more like […]

Name a business that is more than 100 years old. Not many – I am sure! Name a business you know that has realised its potential. Not many – I am sure! Why is this? Why are so few businesses that old and so few have realised their potential. Because there are many more like Kodak than there are like Apple. Very few businesses truly understand the power of innovation. This is well proven by the number of business people who complain about the lack of government subsidies for innovation in Australia. While subsidies are great – innovation is justified by its very power to drive a business forward. There are three main types of innovation: Efficiency Sustaining Disruptive Efficiency innovation strips costs out of the system and increases margins. Sustaining innovation extends the product life cycle and offers some level of competitive advantage without fundamental product change. Disruptive innovation identifies…