The need for innovation

In Plato’s Republic, Socrates and Adeimantus were having a jam session when Socrates stated (loosely translated): “Our need will be the real creator.” Hundreds of years later, even Frank Zappa agreed, and we have thus canonized the phrase, “necessity is the mother of invention.” 

We know that in our rapidly evolving world of business growth, those who espouse and practice innovation find pathways forward that are murky to most. But those CFOs and finance teams that don’t know how to create such a culture may not only face stagnation but cultural frustration. 

That is why it was surprising to read reporter Adam Zaki’s story last week on the value placed on innovation. Or, I should say, the lack thereof. According to a recent report, nearly 4 out of 5 finance leaders believe business model innovation is a “big priority” for transformation, but nearly 90% said they feel the finance teams are being held back from having a greater role in driving innovation. 

In today’s first up story, Zaki writes about the emerging cannabis industry, and it may be the embodiment of need-driving creation, that idea sparked by Plato. Senior reporter Vincent Ryan wrote last week that, despite consumer confidence falling, consumer 43spending remains strong. There is a rising demand for cannabis industry growth and, despite federal regulatory issues, companies — and the states in which they reside — are not standing pat. 

Kevin Bush, CFO of Sweet Leaf Madison Capital, said, “cannabis being removed as a Schedule I substance by the federal government will eventually be necessary for the industry to continue its growth, but we are far from being at that point.” 

CFOs and their teams, if feeling stifled, can look to the cannabis industry’s resilience and perseverance in pursuit of growth to meet the demand. Borrowing another phrase from antiquity, the Carthaginian general Hannibal, facing the challenge of crossing the Alps by elephant, proclaimed, aut inveniam viam aut fascism, which translates to: 

“I shall either find a way, or make one.” 

Or, if you prefer a more modern expression: “It’s a long way to the top if you wanna rock ‘n’ roll.”