Giles Thomas, CEO – MiMo Brands
“You can’t do that”
Innovation is undoubtedly today’s buzzword. There isn’t a single industry that isn’t under pressure to innovate in some capacity but how do you best navigate the “New Normal” world of innovation? And what does it take to innovate successfully? Also, which received wisdom is past its sell-by date? Another idea Giles will be exploring is whether relentless innovation may actually be causing new problems. Giles explains:
“The law of supply and demand suggests two possible outcomes:
1) A steady increase in supply leads to a similar increase in demand for innovation i.e. we all expect more innovation which places even more pressure on brands to innovate
2) The increase in supply results in a reduction in value of each new innovation i.e. the value of innovation to consumers is falling
So how does that make us feel? And what does it mean for brands? Maybe we should focus on being better at what we already do? Instead of jumping on every new disruptive fad, should we refine our craft skills and focus on improving the quality of what we already do?”
How’s that for innovative thinking?
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