In the business world, there are two types of speed that matter when it comes to innovation: the pace of development of your company and the rate of change in your environment.
If the speed of development of your company is greater than the speed of change in your environment, then innovation is a given.
However, if the speed of change in your environment is greater than the speed of development of your company, hurry up lest your company be shut down.
The Speed of Development
The first type of speed is the speed of development of your company.
This refers to how quickly your company can develop new products or services. For innovation to occur, the speed of development of your company must be greater than the speed of change in your environment.
If the reverse is true, then your company will be left behind and may eventually be shuttered.
The Speed of Change in Your Environment
The second type of speed is the speed of change in your environment.
This refers to how quickly the market or industry you are operating in is changing. Suppose the market or industry you are in is evolving rapidly. In that case, you must ensure that the speed of development of your company is greater than the rate at which it is changing.
If not, your company will quickly become obsolete.
What’s Your Speed?
Innovation occurs when the speed of development of your company is greater than the speed of change in your environment.
Find yourself in an industry that is changing rapidly. You must ensure that your company is developing new products and services faster.
Otherwise, your company will become obsolete and may eventually be forced to close its doors.