“I think it’s more essential to innovate through a recession, and certainly what we’re trying to do at P&G is to continue to bring sustaining and even disruptive new brands and products for our consumers, to make their lives better, to offer them a little more value.”
A.G. Lafley, Chairman and CEO of Procter & Gamble
We have two assets our intuition (Gut Feeling) and hard evidence. A good clear thinking process bridges the gap. I call this GutFact.
Below is some evidence that now is the time to innovate. The fact part. Many of you probably have an idea this is what is required. Combine the two hand you get real traction.
- On September 23, 2008, Warren Buffett’s Berkshire Hathaway invested $5 billion in Goldman Sachs via a purchase of preferred stock. To help sweeten the deal, Goldman also granted Berkshire warrants giving Buffett the option to purchase up to $5 billion of common shares at the handsome strike price of $115/share (less than half of Goldman’s peak share price of $248).
- One week later, Berkshire invested an additional $3 billion in General Electric
- February 1930, Fortune Magazine was launched. By the end of the decade, Fortune had become required reading on Wall Street.
- In 1933, Kraft launched its iconic salad dressing/sandwich spread Miracle Whip – again, not in spite of the Depression, but because of it.
- In 1932, Revolon launched their cosmetics company on a single idea: “a rich-looking, opaque nail enamel in a wide variety of shades never before available.” Within six years, Revlon had become one of the most recognized cosmetics brands in the world.
- In Chicago, the Galvin brothers founded Galvin Manufacturing Corporation in 1928, but really began to witness the growth of their company in 1930 on the launch of one of the first commercially-successful car radios: a product they introduced called the “motor” (for motorcar) “ola” (for sound). And thus, Motorola was founded.
The list goes on. No crisis no strategy.
Source: Andrew Razeghi click to view the whole article here.
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(C) Daniel Lock.
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