![]() ![]() Or consider other classic blue ocean moves by the likes of Starbucks, Yellow Tail and André Rieu. It did so by redefining the industry problem and engaging everyone to do something funny for charitable giving. But market creation for growth is not inevitably about technological innovation.Ĭonsider how Comic Relief, a major and distinctive charity based in the UK, created a new market in the deep red ocean of the charity industry where competition was intense and growing, costs were up and donations were down. ![]() Market creation for growth is not inevitably about technological innovationĮconomics has long taught us that R&D and technology advances, as measured by R&D spending and numbers of patents, are the central drivers of innovation and growth. In this time of difficulty, executives around the world find it more urgent than ever to sharpen their organisations’ innovation strategy to create new markets for growth. Together these conditions squeeze companies’ profits and cast a shadow on their growth prospects. On the other, demand is slack due to consumers’ reduced purchasing power and an uncertain global economic outlook. ![]() On the one hand, supply chain disruption, labor shortage, raw material and energy price hikes are driving up business costs. This is a challenging time for many companies. ![]()
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