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Competitive Strategies: Turning Losers into Winners Through Innovation
Risk aversion remains rife in the aftermath of the global financial
crisis, but this approach is dampening corporate competitiveness and
putting much-needed innovation on the back burner. In major companies,
vigilance over risk and auditing practices has increased at the expense
of putting time and effort into competitive strategy, innovation and its
inevitable companion, calculated risk-taking. The president and
vice-chancellor of the University of New South Wales, Fred Hilmer,
argues that organisations now need to lose the attitude that every loss
is a problem, and policymakers should be enticing them to innovate.
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Risk aversion remains rife in the aftermath of the global financial
crisis, but this approach is dampening corporate competitiveness and
putting much-needed innovation on the back burner. In major companies,
vigilance over risk and auditing practices has increased at the expense
of putting time and effort into competitive strategy, innovation and its
inevitable companion, calculated risk-taking. The president and
vice-chancellor of the University of New South Wales, Fred Hilmer,
argues that organisations now need to lose the attitude that every loss
is a problem, and policymakers should be enticing them to innovate.
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