How the Industry of Innovation Makes Itself Obsolete
Increasingly, the concept of obsolescence is a key capability for high tech SMEs and the key to survival in a rapidly changing environment. To combat the obsolescence trap, firms must become more selective in pursuing potential innovations. To do this, they must have a broad ecosystem perspective. In addition, they must be willing to invest in digital skills and flexible working practices. They must also be prepared to disrupt their industries.
The concept of planned obsolescence originated from the bicycle industry. In the 1970s, Russell Jacoby observed that intellectual production had become increasingly dependent on this pattern. It’s a deliberate attempt to limit the lifecycle of products. While it has many negative impacts, including environmental damage, it is also an important strategy for firms to implement.
A firm’s ability to identify threats, as well as its ability to develop selective strategies, is an important determinant of how they will transform their business. The firm’s ethos is also a significant factor. Innovative organizations are willing to recruit the best talent and set exceptionally high performance standards. In order to succeed, firms must be able to overcome emerging challenges, solve emerging problems, and create new value for their customers.
Innovation takes many forms, and firms must know which kinds of innovations to pursue. Some innovations can be ground-breaking technological inventions, while others are business models that transform industries. In addition, some innovations are incremental, meaning that they do not leverage radically new technology. These innovations may not have a significant impact on the business, but they are also more appealing to the mainstream market. In addition, manufacturers can retarget older designs to appeal to a new market.
One form of planned obsolescence is called the “midlife “facelift.” This is a cosmetic change in product design intended to boost customer appeal. Some personal use electronic products experience this type of change, including Apple’s iPhone. Other products undergo this change for functional reasons, such as Nike’s Air Max running shoes.
Planned obsolescence also has detrimental effects on the environment. The products are often produced with unneeded features and overcomplicated designs. The new designs also often have the effect of attracting higher-paying customers.
To counter the obsolescence trap, firms must be willing to invest in digital skills and in flexible working practices. They must be prepared to disrupt their industries, and they must be able to solve emerging problems. In addition, they must be willing to remain viable in the digital era.
Despite the importance of innovation to firms, it is not easy to create innovative cultures. Some people may not be suited for these environments. Others may be shocked by the changes, or they may adapt easily to the new rules.
Innovative firms recruit the best talent, set high performance standards, and have a tolerance for failure. Despite these positives, it is important to understand that some people may not be suited for an innovative culture. In addition, some employees may not be willing to accept a shift in their personal accountability.