Exploiting Chaos

150 Ways to Spark Innovation During Times of Change

150 Ways to Spark Innovation During Times of Change - an award-winning business innovation book by Jeremy Gutsche, CEO of Trend Hunter

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CULTURE OF REVOLUTION · Perspective Exploit crisis to accelerate change THE BOSTON CONSULTING GROUP and BusinessWeek surveyed 1,000 influential managers and determined the following enemies of in- novation: lengthy development, lack of coordination, risk-averse culture, and limited customer insight.31 Top Enemies of Innovation 1,000 Respondents, Boston Consulting Group, 2006 70 Limited Customer Insight Risk-Averse Culture Lack of Coordination Lengthy Development 0% 10% 20% 30% 40% You can exploit crisis to accelerate change in each of these areas. At age 28, I was promoted to a new role as the head of Capital One Canada's high- end business: Upmarket Lending. At the time we had just one product, a 5.99% credit card. In a market dominated by an oligopoly of five aging Canadian banks, our card was the best. Unfortunately, funding costs sky- rocketed and our product was no longer profitable. It was dead. Worse yet, we couldn't increase our interest rate. Anything above 5.99% caused de- mand to plummet. I was given the following goal: don't let profits decline

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