Reactionary measures taken to mitigate unforeseen economic downturns — such as the one we’re witnessing right now — can do more harm than good if they bring innovative efforts within an organization to a standstill.
Arrested innovation trickles down to affect a company’s competitiveness, reducing market value as well as morale. Innovation fuels everything from your company’s market offerings to the way internal processes are handled on a daily basis. It defines your organization from the inside out, and for a number of different reasons, it’s too important to shove to the side, no matter what’s happening in the current environment.
For more on the importance of continued innovation in business, view the full article published by Simpat Tech’s founder Ashish Patel in the Austin Business Journal: https://www.bizjournals.com/austin/news/2020/06/11/innovation-velocity-now-isnt-the-time-to-take-your-foot-off-the-gas.html