Innovation is the ability to see change as an opportunity not a threat.
The decision to disrupt businesses that are fundamentally working but whose future is in question requires no small amount of courage.
That’s why every business must rethink its mental models from time to time. Leaders must challenge their teams to question the way ‘things are done’ i.e.
- How do we deliver our products to consumers in more relevant, more inventive ways?
- What new habits of consumption are being formed, and how do we adapt to them?
- How do we deploy technology as a powerful new tool for growth instead of falling victim to its disruption and destruction?
Framing better questions and working through them using a clear methodology (i.e. Sprints) can help us find better answers.
Here's a roundup of companies in the news that have got me thinking and reflecting.
P.S. You can click on any of the summary links to read the full article from its source.
What's ailing Fabindia?
An inability to win the hearts and minds of GenZ and millennial cohorts is posing a challenge for the six-decade-old retailer, a pioneer of sustainable sourcing and supporting artisans, amid an onslaught of competition from trendier and cheaper rivals. If socially conscious young people once swore by the brand, then their children don’t seem to be showing it as much love.
Fabindia was the first apparel brand in the country to cross the Rs 1000 crore sales mark in 2016, when it had over 200 stores. Today, with about 360 stores, sales are nearly half of Zara or H&M, although the don't compete in the same segment. With sales of Rs 1635 crore during FY23, it is just 8% more than what it was pre-pandemic.
Source: Economic Times
New CNN head says network needs to recapture ‘swagger and innovation’
CNN’s new chief executive Mark Thomson, says the company needs to recapture the “swagger and innovation” of its early days – and that, he says, increasingly means embracing a future outside of television.
Once a “scrappy outsider”, CNN has been slow to respond to the reality of its primary television business shrinking. CNN needs to follow the audience, and smartphones are where most people under 40 first turn for news, he said.
In fact, when it comes to news, audiences say they pay more attention to celebrities, influencers, and social media personalities than journalists, according to a Reuters study.
Source: The Guardian
Move over “better for you”: the next big leap in packaged food
Major packaged food companies have historically ceded nearly all of the major paradigm-shifting developments – organic, premium, better-for-you, etc. – to early-stage and emerging businesses, instead getting in the game via M&A.
Yet, the opportunity – the creation of a new class of truly healthier packaged foods, including healthier ultra-processed foods – is too big for the majors to avoid.
They are the companies that make most of the ultra-processed foods and therefore are the ones in the crosshairs. Those crosshairs will only get sharper.
Source: Just Food
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