Today I came across a very interesting article in my Twitter feed from Business Insider. The article is titled “13 times bosses mocked new technology and got it wrong”. You can take a look at the article here.
This got me thinking about innovation and the dangers of complacency in running a business practice and the risk of “missing the boat”, particularly within the civil litigation space of the legal industry.
The article cites numerous examples of where businesses were asleep at the wheel and got left behind as new technology over took hold them and became a new standard. From Blockbuster Video (remember going to the video store to rent a VHS movie?) to Microsoft’s initial scoff at the introduction of the iPhone because of the “virtual keyboard” (I myself was in this camp as a loyal actual button lover of the Blackberry). The article is a nostalgic walk down memory lane of a few very prominent companies that ultimately failed because of a lack of innovation.
Just three days ago, The Chicago Tribune scoffed at Tesla’s efforts to introduce a driverless over the road tractor trailer (you can read the article here). I am not smart enough to know if driverless technology will take hold or not. I do know that many of our existing and future clients focus on trucking accidents as central revenue centers for their respective firms.
Thank goodness they do because we are all safer as a result of their efforts.
The emergence of driverless technology begs several questions as you think about your firm’s focus for 2018:
Is it time to diversify my practice into other areas?
What impact will driverless technology have to my practice?
How can I innovate and what would it take to make it happen?
Is my firm’s capital structure prepared to innovate and diversify?
What resources do I need?
Now is the perfect time to start mapping out your goals for 2018. We are here to consult and help. No one wants to be the next Blockbuster Video after all.
Vice President of Strategic Solutions
Photo Credit: mangostar