Great Blog Article at Financial Post

Greg Murray has posted on the FP Blog about the importance of innovation in tough economic times entitled - Innovate, Innovate, Innovate

Here is an excerpt:

There has been much ink spilled recently on how times are tough right now for everyone. The converging events of decreasing consumer confidence, a low CAD and increasing inflation have left a lot of businesses struggling to keep their head above the rising recessionary tide.

While there is little that can be done to prevent these external threats, there is a great deal that companies and leaders can do to stay viable. At this point in time, the risk of omission is much greater than the risk of commission...in simple terms, do something, anything...INNOVATE!

I was at a session last week with John Torella, an internationally renowned marketing consultant for the JC Williams Group. Torella is an idealist; when asked by a student what to do to get hired in these tough times, he answered "get a job." While it was meant to be a joke, it bears some truth: refrain from falling into the dark hole of negative economic rhetoric, and instead focus energy on innovation.

Torella pointed to Apple as a prime example of an organization that embodies innovation. In these tough times, Apple is not discounting their products or bundling products; they are continuing to sell premium products at premium prices. How? Through obsessive and unrestrained innovation.

Google Announces Venture Capital Fund

As an innovator and entrepreneur given the choice of any company to invest in your startup, which one would it be?

Chances are Google would be at or near the top of the list. And for good reason: Google is not only the 800-lb. gorilla of the internet and one of the most prominent companies in the world, it has been fairly aggressive over the years in acquiring young startups, from hot consumer plays like YouTube to enterprise ventures like Postini.

Thanks to Google's newly-announced VC fund, some lucky entrepreneurs will find themselves on the receiving end of a Google investment.

Google Ventures officially launched late last night (Google/California time) and according to the Wall Street Journal, Google will commit $100m to it in its first year.

What is Google looking for? It is open-minded to say the least. While many investors create their funds with a relatively narrow focus, Google's fund is pretty much open to any company with a great idea. Google lists "consumer Internet, software, clean-tech, bio-tech, health care" as areas that it's interested in, but its announcement also makes it clear that the Mountain View-based company is willing to make investments in "other areas we haven't thought of yet". That's an open invitation for wacky business plans if I've ever seen one.

Google Ventures is managed by former entrepreneur and portfolio manager Bill Maris and Rich Miner, a former Vice President at Orange who joined Google when it acquired mobile platform company Android.

Google says that the entire community of Googlers will play an important role in directing the fund to interesting opportunities and reiterated its belief that "the current downturn is an ideal time to invest in nascent companies that have the chance to be the 'next big thing'".

Certainly Google has cash to invest despite the economic downturn and it will have no shortage of entrepreneurs beating down its doors. After all, Google offers much more than cash. The prestige of having Google Ventures as an investor will have a lot of value for startups and if Google Ventures takes an active role as an investor, it could leverage some of its resources and knowledge to assist its portfolio companies. And of course, many entrepreneurs will believe/hope that an investment by Google Ventures makes a Google acquisition more likely if they're successful.

From the Official Google Blog: Google's newest venture:

Google's newest venture
3/30/2009 09:15:00 PM

Today we're excited to announce Google Ventures, Google's new venture capital fund. This is Google's effort to take advantage of our resources to support innovation and encourage promising new technology companies. By borrowing the best practices of top-tier, financially focused venture capital firms and bringing to bear Google's unique technical expertise and brand, we think we can find young companies with truly awesome potential and encourage their development into successful businesses.

At its core, Google Ventures is charged with finding and helping to develop exceptional start-ups. We'll be focusing on early stage investments across a diverse range of industries, including consumer Internet, software, clean-tech, bio-tech, health care and, no doubt, other areas we haven't thought of yet. Central to our effort will be our fellow Googlers, whom we view as a critically important resource to help educate us about potential investments areas and evaluate specific companies.

Economically, times are tough, but great ideas come when they will. If anything, we think the current downturn is an ideal time to invest in nascent companies that have the chance to be the "next big thing," and we'll be working hard to find them. If you think you have the next big idea, or if you just want to to learn more, please see our website at www.google.com/ventures.

Posted by Rich Miner and Bill Maris, Managing Partners, Google Ventures

Obama Inaguration Speech Hints at Innovative Change

Running on a campaign of CHANGE, Barack Obama has now completed the inauguration ceremony. This historic occasion may be a new turning point for innovators both in and outside of the United States. In the speech, President Obama states:

For everywhere we look, there is work to be done. The state of the economy calls for action, bold and swift, and we will act - not only to create new jobs, but to lay a new foundation for growth. We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together. We will restore science to its rightful place, and wield technology's wonders to raise health care's quality and lower its cost. We will harness the sun and the winds and the soil to fuel our cars and run our factories. And we will transform our schools and colleges and universities to meet the demands of a new age. All this we can do. And all this we will do.

Also, promoting an innovative creed, he challenges Americans:

Now, there are some who question the scale of our ambitions - who suggest that our system cannot tolerate too many big plans. Their memories are short. For they have forgotten what this country has already done; what free men and women can achieve when imagination is joined to common purpose, and necessity to courage.

With uncompromising rhetorical flair, Obama has put forth an agenda that will use innovation and the resourcefulness of the American people to bring them out of arguably the greatest economic turmoil since the Great Depression. Moreover, he lays out that he path will not yield results immediately and that hard work will be required to get the job done.

Welcome to the Adventure of Innovation Blog

ATTENTION INNOVATORS

Hard Economic Times and Innovation

We have all heard the news the economy is in a tailspin Is innovation the answer? Undoubtedly the most innovative companies and organizations will weather and eventually thrive when the present situation turns around. Businesses and individuals that push a pioneering agenda over the next year to 18 months will not only survive and continue to thrive during the recession, but will come out of it in a position to thrive.

Adventure in Innovation^TM can help you re-focus your corporate direction, modernize to cut long-term costs, re-focus on your core competency, or revisit your business plan to account for the new economic realities, we hope to contribute to your knowledge base and help you excel.