Innovation strategy speaker Jeremy Gutsche offers his clients and keynote audiences a unique and insightful interpretation of what it means to innovate today. According to Gutsche, "innovation is not about market timing. It is about creating something that fulfills an unmet need." This philosophy of Jeremy's centers around the idea that businesses can thrive in times of loss and crisis.
Jeremy's award-winning book 'Exploiting Chaos' -- which you can read for FREE here -- takes its readers back to the period of the Great Depression to illustrate his point. He shares the story of Fortune Magazine and how it was able to succeed while other ventures failed because it met a particular need of consumers during a hard time.
"During the Great Depression, unemployment soared to 25%, 15,000 banks failed, and Wall Street was no longer a place of glamour. Four dreadful months into this depression, Henry R. Luce launched a pricey magazine titled Fortune. At $1 an issue, the cover price surpassed the cost of a functional wool sweater. Seemingly bad timing.
Eight years later, Fortune has grown its subscriber base to 460,000 people. By 1937, the magazine reported an annual profit of $500,000. Scaled for inflation, that amounts to more than 7 million modern-day dollars. That's a lot of wool sweaters."
Fortune at the time, was much more than a magazine -- it offered consumers something unique and relevant at a time when other brands were not providing.
Jeremy's innovation keynote provides other fascinating examples of how innovation can come during times when people least expect it.
Innovation Fufils an Unmet Need
Innovation Strategy Speaker Jeremy Gutsche on Overcoming Crisis
Trend Themes
1. Fulfilling Unmet Needs - Companies can innovate by creating products and services that meet unmet needs, especially during times of crisis.
2. Innovating During Crisis - Businesses can thrive in times of loss and crisis, by innovating and providing unique solutions to consumers' challenges.
3. Timing Vs Innovation - Innovation is not about market timing, it is about fulfilling a need that has not been addressed by existing products or services.
Industry Implications
1. Publishing Industry - Publishers can innovate by creating unique and relevant publications that address consumers' needs during difficult times.
2. Retail Industry - Retailers can innovate by creating products and services that cater to consumers' needs during a crisis, such as essentials and health products.
3. Tech Industry - Tech companies can innovate by creating tools and platforms that help consumers address new challenges during a crisis, such as remote work and communication solutions.