Innovation will happen across many industries and disciplines in 2019. Whether you’re championing a new company initiative or navigating your career, here are 4 innovation megatrends that will impact leaders across all industries. Use them to frame your innovation strategy for the coming year.
1. Global Economic Volatility
Economic factors will play a role in innovation initiatives in 2019 as companies take a closer look at where to place their innovation investments. As the US stock market continues its gyrations, companies are looking to a volatile first half of 2019 with a likely slowing of the economy beginning late spring or early summer.
As a result, innovation initiatives will come under greater scrutiny. The days of embarking on innovation projects in hopes they turn out the next big thing
The second innovation megatrend is the role of Asia’s largest economic force. China continues to demonstrate its expanding leadership in many areas, from e-commerce (Alibaba selling in one day what Amazon does in a quarter) to space exploration (being first to land a craft on the dark side of the moon) to impacting the United States’ largest company. Whether it’s as a market, a competitor who values IP rights in a different way, or as a supplier, China must be a part of every company’s strategic landscape as they plan 2019 innovation initiatives.
For those of us who recall the staticky hiss of
Along with the speed in connections will come an increase in the pace of daily life. Even though it seems we are moving at rapid (some say relentless) speeds today, 5G will make us realize that we will never move this slowly again.
4. Talent Retention
2019 marks the year that those under the age of 40 begin their ascent to the majority of the US population. As both workers and consumers, they will have an outsize influence on the future of companies large and small. This impact will be felt most strongly in talent retention, as younger workers choose to explore nontraditional career paths, whether showing little company loyalty, exploring personal entrepreneurial journeys and the gig economy, or retiring early. To remain competitive in their respective markets as well as in talent, companies will need to innovate their hiring, retention, and general management practices.
Even though every year brings new changes and opportunities, 2019 is shaping up to be massively disruptive — which brings both risk and remarkable opportunity. How do these 4 innovation megatrends dovetail with your 2019 strategy? Are you poised to make the most of them, particularly in the first six months of the year?
If you’re ready to make rapid growth on a new initiative or primed to unlock projects that seem stuck inside your company’s walls, I welcome your call to explore how we might work together.