COVID-19 has forced most organizations to change the way they deliver value to their customers (e.g., by suddenly adopting untested digital tools or quickly launching new products and solutions). To respond quickly to emerging demands, organizations must build from their existing core assets, talent, and capabilities.

Leaders can leverage existing assets — like their organization’s brand, proprietary distribution channels, and licensing rights — to give their innovations the best odds of success. While strong business models and external partnerships are critical for successful innovation, without the right culture, organizations will be unable to sustain innovation and respond to a changing environment.

As organizations chart the way forward and change their focus from survival to recovery, innovation will be paramount to securing future growth and maintaining (or building) a competitive advantage. A company’s ability to innovate amid this downturn will be the difference between successfully pivoting and slowly perishing.

Source Credit: Gallup