It’s been widely covered in various blogs, but I think the message is worth re-iterating. In a recession, you should not cut back on innovation, but increase it. When your competitors are cost cutting and shedding talent, your company should work doubly hard to make the next best thing in your market.

Why?

When the economy picks up again you’ll be very well placed to slay the market.

Want proof? Look no further than Apple. This was pointed out in the BusinessWeek blog in two postings. The first one mentions that “in the last recession, Apple worked on iTunes and the iPod”

The second post quotes the sceptics who – at the time – bemoaned Apples innovation strategies. One commentator is quoted in 2001 as saying “Maybe it’s time Steve Jobs stopped thinking quite so differently.”

Well worth reading.