Real-Life Decision Making -- Solution
You tell Mitch to further develop his idea for possible funding
later.
Mitch is disappointed. He was very excited about his idea. But he understands
that his idea will cost a lot of money to research.
A few months later your company learns that its main competitor is developing
a similar idea. If they succeed, they could take a lot of your market share,
or even put your company out of business. Now you're in the position of playing
catch-up in a highly competitive industry.
"This whole world of ours, with innovations, is always striving to be faster,
better, greener," says Kostyantyn Khomutov, an aerospace engineer. He's the
CEO of a company that's developing technology to reduce noise and vibration
in helicopters.
"Innovations are the future, and that's where we're all going," he says.
"Without innovations we wouldn't be where we are right now....
"[A]t the end of the day, even if the expenses might be high, but if the
benefits are there... that will make your company... more attractive and more
competitive on the market than somebody else and make the world a better place.
So, I see only benefits. It's a win-win situation with the innovation, from
my perspective."