Even large corporations need to innovate like start-ups when resources and time become scarce. Here are four tips for innovating in a tough economy:
Forget the big budget. Innovation doesn't have to cost a lot. Rely on open-source software, online market research tools, and virtual prototypes to test ideas cheaply.
Test in the real market. Don't waste time endlessly perfecting ideas before you launch. Get a "good enough" design out there, then test and refine in the market.
Skip the business plan. Focus on making the idea happen, not planning every detail.
Make decisions and move on. Tough times require quick decision making. Don't be afraid to wind down ideas when they start to fail. You'll free up scarce resources for the next good idea.
Today's Management Tip was adapted from "Four Lessons from Y-Combinator's Fresh Approach to Innovation" by Scott Anthony.
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