Why nutraceutical brands not only need to keep innovation front of mind, but actively work toward it.
Julie Wiebe, PhD, MBA, chief science officer at Nektium | Jun 08, 2021
Defining innovation
Steve Jobs said: “Innovation distinguishes between a leader and a follower”. As an essential driver of economic progress, innovation is the key to a company’s success. It leads to higher productivity, meaning that the same input generates a greater output. According to a recent report from the Boston Consulting Group, the COVID-19 pandemic has demonstrated once again the importance of innovation. Organisations have to become even more innovative and faster than before to increase overall competitiveness and survive at long-term. In a recent interview, Oliver Gassmann, Professor of Technology Management at the University of St. Gallen, said: “Companies only survive if their speed of learning is faster than the speed of change in their environment”, and Ruppert Murdoch reminded us that, “it’s not the big that eat the small…It’s the fast that eat the slow”. So business agility and speed have become the biggest competitive differentiators.