Published: 25 April 2023
Innovation could be the key differentiator between enterprise success and failure. There is more tolerance for accepting higher risk in digital innovation. Executive leaders should pursue disrupting the industry with faith-based investment in digital innovation for growth during economic headwinds.
Particularly during economic headwinds, innovation and agility are key growth tactics for enterprises.
Enterprises accepting a high level of risk in digital innovation are likely to show better relative performance compared to their peer competitors.
On average, high-growth companies make a higher proportion of their investments in faith-based investments, which have unclear business cases (requiring a leap of faith), than low- or medium-growth companies.
Executive leaders focused on pursuing growth should:
Start innovating disruptively by making more faith-based investments to go after high-risk innovation ideas.
Fill the needs of underserved customers in the market by first innovating disruptively in low-price, low-performance quadrant
Analysts:
Tsuneo Fujiwara, Jorge Lopez, Stephen Smith, David Furlonger
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