Periods of disruption are the times to invest in R&D efforts. Innovation depends on re-examining shifting needs outside the building and new ways to deliver value. Focus on Generative and Formative user research, systemic design, and testing prototypes (not half-baked products in the market). Launch the right things first.
Reduce expensive technical and UX debt. Save the costly pivots for when you learn something completely unexpected and valuable.
"In our 2021 New Business Building Survey, respondents reported that, on average, they expect half of their revenues in the next five years to come from entirely new products, services, and businesses."
"Paradoxically, making big innovation bets may now be safer than investing in incremental changes."
"The risks associated with business as usual versus bold innovation have been inverted: in times of fundamental change, shifting resources toward big innovation bets is an important hedge against uncertainty."
"A May 2021 McKinsey survey revealed that during the first 12 months of the pandemic, top-decile economic performers innovated nearly twice as fast as their low-performing peers in generating new products and services."