The timing was almost perfect. The inventor of a new stainless steel sink called me as I was reading a Wall Street Journal article about companies that continue to innovate during the recession. What caught my attention in the article was the notion that firms must continue to invest in research and development when times are tough if they stand a chance to compete when the economy turns around.

The inventor called me to tell me about his sink. We visited his company’s Web site from our respective computers as he walked me through the product’s features.

When I asked him how long his sink had been on the market, he said about a year and a half. In other words, about the same period that the housing market had hit the wall, and I commented that his timing could have been better.

“Inventors don’t think that way,” he told me. “People are more open to ideas now. People need help more than ever now.

“There’s not as much competition as you usually have. It’s all about bringing value to people.”

Indeed, some very successful products were launched during recessions, the WSJ article points out. The list includes the iPod by Apple and fuel-efficient jet engines by GE.

The list need not be confined to large corporations. Your company could join the list as well. Innovation comes in different shapes and sizes. It could just as well involve a new service you offer, or a new way you go to market, as it does a new product.

A common misconception about innovation is that it springs full blown as a single “Eureka!” moment. Far more often, it’s the result of a learning process full of trial and error.

As a bath-and-kitchen professional, for example, you can take this time to turn your company into an authority on green products and systems.

Another misconception about innovation is that it is a lonely pursuit. You can find innovative ideas from sharing experiences with colleagues as members of trade associations and best-practices groups. These organizations offer training and networking opportunities that could serve as springboards to take your company into exciting new directions.

The nature of today’s economic climate keeps many of us spending more time doing the same types of business activities with diminishing results. Just finding the time to innovate can be a daunting task.

When business does get better, it very likely will not be the same as it was before the recession. Take the time to innovate your company now to position yourself for success.

~Bob Miodonski, Bath & Kitchen Pro, Publisher