![]() ![]() It’s incredibly clear why successful innovation, and understanding how to harness it, is important to every business today. Why is innovation suddenly so much more of an imperative compared to the past? To put it simply: cash / capital is more abundant than ever before, business boundaries (who customers are and why they value a particular market) are being increasingly being redefined by turbulence (hello COVID-19), and the ingredients to successful business-building are more available than ever before (due to software, brands, and intangible assets). ![]() Today, what Bain defines as “Engine 2 businesses” (defined as new businesses with a strong, insurgent mission within a company) defines up to one-third of successful companies’ valuation growth in the same time period. According to Bain, several decades ago, 95% of the valuation growth in the most successful companies over a 10-year period occurred by relentlessly pursuing one or two core businesses and pursuing adjacent markets. “If you don’t innovate, you die.” - this statement by Gary Vaynerchuck is representative of the state of business-building today. ![]()
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