By James Truchard, National Instruments
Throughout history, lots of important and crucial innovation has happened during economic hard times and recession. Let’s take a look back at the greatest recession of all time–the Great Depression. Two major engineering inventions came out of those very bleak times, Scotch Tape and the fluorescent light bulb. Hewlett Packard was also founded during the Great Depression. It’s important in times like these not to panic and pull back too much on research and development of new technologies and products. The best way to survive a downturn, if you have the available resources in place, is to prepare for the inevitable rebound by investing in change. Here are four tips for engineering and technology companies on how to innovate with less during tough economic times.
1. Avoid the urge to pull back on research
2. Invest in growth areas
3. Realize you can’t do it all
4. Prototype cheaply
