Futuring and Innovation II

Uncontrollable circumstances

Any organization's strategic forecasting depends on its ability to adapt. It takes very short time for an organization to become a total disaster if it fails to adapt to technological changes, market changes, and competitor innovations. Blockbuster, Enron, Blackberry, Kodak, Pan-Am, Blockbuster, Enron, and Enron are examples of giant corporations that failed to adapt to the changing environment. In the imaging industry, Kodak is the leader, in aerospace, Myspace is the leader in social media networking, Yahoo provides internet email and internet websites, Polaroid is the leader in cameras, and Xerox is the leader in copy machines.

A revolutionary technology and a brand-new business model caused each of the above corporations to fail because they could no longer compete. For example, Facebook introduced a better user experience than MySpace, which was once the most prominent social networking platform. It seemed like Myspace's adaptation would only have a small impact on the user experience, but it ended up killing the social networking site forever. As a result, we are now talking about adaptations and transformations and the consequences of those actions.

An application was developed for a Blackberry cell phone by CWS, a software development company located in Los Angeles. As soon as they started analyzing and developing the application, they got down to business. Within six months, they achieved their proof of concept after investing a lot of time, effort, and money. Facetime was released for the iPhone for the first time when Apple released its internal version. A big failure resulted from putting the company's application on hold during their last management meeting.

Symbolically, a loss did not result in any learning for the company. The company developed their own comment system the year after this failure so they could embed it into their social discussion boards. Following the development of their social discussion board, Facebook developed its free commenting system. Furthermore, the software was retired as well.

Forces that may affect your innovation idea

Innovation is driven by supply and technology, according to me. According to my own experiences, technology and supply are continually evolving, and many organizations cannot keep up with this pace. In addition to this ability, these corporations possess enormous amounts of money, credit, and budgets. Even though they release for free, they can change any game at any time. Therefore, others cannot even begin to think and research without spending money. It was a monopoly in all areas, from technology to innovation to anything else.

It is also likely that legality and bureaucracy will play a significant role in preventing innovations. As innovators, it is crucial to keep in mind all the regulations, restrictions, and privacy protections which are necessary, but are also complex and expensive.

Reference

OECD (2019), "Measuring external factors influencing innovation in firms", in Oslo Manual 2018: Guidelines for Collecting, Reporting and Using Data on Innovation, 4th Edition, OECD Publishing, Paris, https://doi.org/10.1787/9789264304604-10-en.

USNews. (2010, August 19). Access Denied. Usnews.Com. Retrieved 2022, from https://money.usnews.com/money/blogs/flowchart/2010/08/19/10-great-companies-that-lost-their-edge

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