Start-ups are running out of cash and are trimming staff or shutting down completely due to the current credit and funding crisis. Will this be our version of the Dust Bowl from the Great Depression in the 1930’s? Will innovative new technology be lost and just blow away in the wind?
It’s basic business economics…no money = no business = no company. The loss of research and development into new products and services will be felt when the economy turns around. Some of these ideas will be lost forever. Some will resurface later when the cash becomes available. Hopefully it won’t be too late to take advantage of them.
How are you treating innovation in your company right now? Putting everything on hold might be the immediate reaction but be careful not to lose the ideas that will give you the edge in the future or the people coming up with them.