It's a great time to innovate

I saw a recent article, Putting the Recession to Work for Innovation. It's based on the work of Andrew Razeghi of the Kellog School of Business. The article points out many examples of how some of the most creative and innovative products and services come out of tough economic times - because of the times, not in spite of them.

I recommend you Read Razeghi's original work here.

Here are the main points from his article:

1. Listen to the market. It's quieter when it's less crowded. Unmet needs abound.
2. Invest in your customers. Now they need you most. Loyalty hangs in the balance.
3. Rather than reduce price, offer more value to your customers and demand more value from your vendors.
4. Increase communication with your customers.
5. Move longer term projects forward, not back. Now is the time to grab market share.
6. In a recession not all costs are created equal.
7. If you don't have the money, at least spend the time.
   

One of my favorite quotes from the paper is this one:
"... if you are already in the process of tightening your belt anyway, you might as well consider investing in a new pair of pants."