Why Bother?

That innovation is important is pretty much a given in 2005 for firms, regions, and nations. But why should we innovate? This is often a question that, on the surface, seems easy to answer, but if you actually nail somebody down and ask them to list the reasons, proves to be quite tricky.

Here are some reasons from the United Kingdom's Department of Trade and Industry:

Why innovate?

1. Innovation reduces waste and environmental damage.

2. Innovation creates growth, increases productivity, and economic wealth (avoids stagnation)

3. Innovation provides better goods and services at a cheaper price – higher standard of living.

4. More interesting work for employees.

7. Old strategies get replicated and, consequently, margins get squeezed.

8. Survival.

The above list is not exhaustive, but it certainly gives some concrete reasons why we need to innovate, either proactively of reactively.