Put it into bullet points of what it was like

- In 2004, LEGO was on the brink of bankruptcy, suffering losses of $300 million.
- The company was struggling to revive the popularity of their existing product and brand.
- Typical innovation efforts were not sufficient to save the company.
- LEGO hired a new CEO and underwent restructuring.
- The company embraced innovation to revive itself.
- By 2015, Forbes nominated LEGO as the most powerful brand in the world.

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The Art of Innovation

A tour through the systems used by design firm and idea factory IDEO provides an insider's view of how innovation works and why it's a necessity for a...

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LEGO was nominated in 2015 by Forbes as the most powerful brand in the world. But just over ten years earlier, in 2004, the toy company was on the edge of bankruptcy. Suffering losses of $300 million and facing the potential end of their once successful company, they realized that typical innovation efforts weren't going to save them. They didn't want a new product; they wanted to revive the popularity of their existing product and brand. Like many companies in similar situations, they hired a new CEO and restructured. But it was by embracing innovation that they were able to bring the company back to life.

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Yes, apart from LEGO, there are several other companies that have used innovation to overcome financial difficulties. For instance, Apple Inc. was on the verge of bankruptcy in 1997 before Steve Jobs returned as CEO and introduced a series of innovative products like the iMac, iPod, iPhone, and iPad, which revolutionized the tech industry and brought Apple back to profitability. Another example is Ford Motor Company, which faced financial difficulties during the 2008 financial crisis. The company innovated by investing in new technologies and redesigning their cars to be more fuel-efficient, which helped them recover without a government bailout.

Companies can implement innovation in their business strategies in several ways. Firstly, they can foster a culture of innovation by encouraging employees to think creatively and take risks. Secondly, they can invest in research and development to create new products or improve existing ones. Thirdly, they can collaborate with other innovative companies or individuals to gain new perspectives and ideas. Lastly, they can use technology to streamline processes and improve efficiency. It's important to note that innovation should be aligned with the company's overall business strategy and goals.

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