Innovate or Die: Vice President Greg Folley Unfiltered

June 12, 2015

Wondering why Caterpillar’s making such a fuss about innovation? Curious what it means when you hear “innovate or die?” You’re in luck, because Vice President Greg Folley – who recently took responsibility for Caterpillar’s newly formed Analytics & Innovation Division – is armed with answers.

Watch the debut episode of our new series, Innovation Conversations, where we talk about our Innovation journey through the eyes of our people. The question and answer format is simple; the interviews are candid and unfiltered.

In this episode, Greg shares his definition of innovation, explains the phrase “innovate or die,” and answers the question “Is Caterpillar a tractor company, a machine company or a technology company?”

Here’s a snapshot of what Greg had to say:

  • “I’m pretty practical in the way I go about thinking about [innovation]. It’s bringing a new or different product, process or production methodology to our work and finding a way to commercialize it in a way in which it delivers value for our customers.” 
  • Companies like Kodak, Blockbuster and Nokia failed to adapt to the world we see today and relied on “what was the pinnacle of their success and just assumed they’d stay there.”
  • “You can’t take three years to get to market in this environment. You can’t move at the speed of Caterpillar historically and win the race against our competitors. We need to become more of a solutions company for our customers, and that may take us in a number of different directions that we don’t anticipate right now.”

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