VANCOUVER, BC, May 24, 2023 /PRNewswire/ — Business innovation accelerator Output today announced that it has partnered with U.S.-based Arizona Bay to offer a suite of services for technology-driven corporate clients. The announcement comes in the wake of recessionary signs and the potential impact that an economic downturn could have on innovation programs.
Amid slow growth and rising interest rates, the global economy currently stands at a precipice. In this type of challenging environment, organizations typically look to cut their operational expenses, which often extend to innovation efforts. With a narrow focus on profitability, special projects like innovation are considered expendable outliers.
A recent McKinsey survey of over 200 companies across a breadth of industries found that “organizations that maintained their innovation focus through the 2009 financial crisis […] emerged stronger, outperforming the market average by more than 30% and continuing to deliver accelerated growth over the subsequent three to five years.” In a similar vein, the survey indicated that, despite the challenges of the Covid pandemic, “more than three-quarters [of executives agreed] the crisis will create significant new opportunities for growth.” History, according to the McKinsey study, suggests that companies that invest in innovation through a crisis outperform peers during the recovery.
While investing in efficiency during times of crisis, companies must keep employees engaged to help drive value. Innovation needs to arise from the bottom up, from every staff member rather than the C-suite, to reward insight, stoke loyalty, mitigate attrition and ensure resiliency of the organization. The critical aspect is simple: just get started. Take that first step toward innovation or, as needed, wholescale reinvention.
“Our new partnership with Arizona Bay is about strengthening our mutual offerings so that we can provide clients with the best advice and tools to ensure that, even in the face of looming recession, they have the solid footing to preserve innovation efforts and come out stronger no matter which way the economy blows,” said Dan Pichette, executive vice president of Output. “History has proven that in times of hardship, organizations are provided an opportunity to reinvent the way things are done to future-proof their businesses.”
Founded in September 2015, Output helps organizations develop successful products and services, document and improve business processes, motivate and engage employees, and manage innovation at scale. For more information, please visit Output.co.
About Arizona Bay
Founded in August 2000, Arizona Bay helps companies to turn ideas into products. Its team can help with technology and strategy to bring apps and other digital products to market. For more information, please visit ArizonaBay.com.