Innovation challenges managers and employees to think about solving internal and customer problems in new and exciting ways. Tough times require that firms do both things better and do different things - this is essentially the definition of innovation.

Innovate or die. This mantra, attributed to an anonymous entrepreneur and later popularized by management guru Tom Peters, has been repeated many times - by the media, governments, business leaders, business professors, and consultants. At its core is the need to better understand the organizational processes leading to innovation and adaptability. As Apple's Steve Jobs puts it, "Innovate, that's what we do!"

In a recent Max Gladwell blog, the blogger observed that: "As the financial crisis rips across the economy, it's forcing innovation and adaptation on a scale that should make Darwin proud." The challenge and opportunity for managers is to change fast enough in ways that delight customers, pay the bills, and at the same time allow the organization to retain and develop its best people. Yes, change takes care and effort. But, given these tough times, managers need to ask themselves if there will ever be a better time for operational, service, or product innovation than when B2B and B2C customers are clearly stretched thin. Across good times, and bad, the axiom remains true that if your customers find the future before you do, they won't be your customers!

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