Companies can do five things to hedge their bets in turbulent times while opening up options for the future:
Re-visit big, inflexible projects — The 80/20 rule often applies to corporate innovation portfolios; a few projects consume the lion’s share of cash. If those projects can adjust to the potential consequences of another economic dip, then there is no reason to change this allocation. However many big projects become inflexible, travelling on rails to a fixed destination.
Add services. Services can cost far less than products to develop, they can expand businesses into new directions, and they can dovetail well with product offerings to make a compelling combination.
Experiment with new business models. JetBlue opted to try out a new business model, an “All You Can Jet” pass that let travellers pay a fixed fee for unlimited use of the airline from a major airport for a set period of time.
Those are good thoughts: service comes cheaper, developing new models, rechecking into existing projects