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Don’t rule out the fossils

While everyone looks to young modern companies for innovation, don’t knock the fossils. These so-called fossil or older companies have withstood decades of market fluctuations and have shown resilience and stability with a large faithful client base, especially the ones that have embraced innovation and technology. They offer the best of both worlds, modern innovation backed by reputation and stability.

Innovation and technology need not just come from young tech start-ups. Whilst start-ups have the drive and innovation to make life easier, they often do not have the infrastructure to deploy these innovations. Established companies that can reinvent and innovate their service offerings to existing clients are more likely to be successful and even acquire new clients or users.

It’s all about being adaptable and giving customers what they want. Larger brands often have lower prices or fees and a larger variety of services. Customers want innovation and convenience. By embracing the technology and innovation of these smaller tech start-ups, the fossils (old companies), can improve their services to clients and gain an even bigger client base, as many consumers might switch to a reliable service that offers innovation at a lower price. The cost of living is on the rise and any innovation that can cut costs and deliver excellent service is the pot of gold at the end of the rainbow.

To reinvent and to innovate, means survival for the future. The old fossils are often prone to stagnation, but the ones that can provide solid financials, strong leadership, competitive products and services, innovation, and retain a faithful consumer following, are the ones that will push forward and continue to grow.

Any investor’s wealth building dream is finding companies that are consistently stable but offer innovation and enhanced customer service.

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