Created by: MBAOnline.com
In an increasingly technology-based culture, everything seems to move fast at all times, and the modern world is under constant pressure to innovate. From individuals to corporations, if our modern institutions fail to innovate, the risk isn’t just in losing money: It’s in becoming completely and irreversibly obsolete.
If you’re pursuing an MBA, it’s important to remain aware of what befalls companies who fail to innovate or incorporate new ideas into their operations, they run the risk of becoming irrelevant to society. A prime example of an organization that fell behind due to a lack of innovation is Research in Motion, or RIM. Maker of the once popular BlackBerry cell phone, RIM in recent years has has failed to craft products or produce ideas that are out of the box or that depart from the work of their previous years.
The result of this failure is certainly manifested in a loss of profit, but a more crucial impact is the way in which RIM has become increasingly obsolete to the rest of the tech sector. From an entrepreneurial standpoint, any and all corporations can learn from RIM’s mistake by recognizing that no matter what your field, innovation is always key.