Although innovation investments are the right strategy for the long term, it is rare that CEOs increase their innovation budget while the effects of a recession persist. This article suggests that the solution to this dilemma lies not in changing the level of innovation spending, but in rethinking the type of innovation investment made. Given their potential benefits in a recessionary environment, it is important to understand three non-mainstream approaches to innovation. Cost innovation involves creative ways of re-engineering products or processes to eliminate elements that do not add value (e.g. many Chinese firms). Application innovation means creating a new application for an existing product or technology (e.g. the sandwich). Business model innovation entails redesign of a business model to create more value for customers (e.g. low-cost airlines). The authors’ extensive research with Chinese companies has yielded four guidelines for pursuing a broad innovation agenda: start from the market; simplify, don’t complicate; play the beggar, not the duke; and go for immediate impact.
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