Wharton Business School: It’s Time to Rethink How You Innovate

The intense innovation activity ignited by the global pandemic shows that some elephants can dance when they must. Companies are moving faster and taking bigger risks than could have been imagined a few months ago. A further impetus to rethinking established and cumbersome innovation approaches is the acceleration of many trends that are already underway. The lock down has brought forward a shift to on-line work practices and team-sharing platforms while creating new opportunities. For example, 3D printing is getting a boost by helping to replace faraway suppliers with nearby 3D printing contractors and make supply chains more resilient. To capitalize on this shift, HP accelerated their “3D as a service” business model innovation, where customers pay only for what they print. The digital transformation of industries did not pause for the crisis.