Key to Success in Innovation

One of the keys to success in innovation is to maintain a balanced portfolio of projects. You always must have short term, feature focused projects to maintain and expand market share in the existing markets against direct competitors. But long term growth comes from understanding the unmet need and job to be done, and then you have to ask yourself the following question: How would I completely change the way that this is done today? Think of the difference between applying an adhesive to the floor and then a roll of vinyl flooring vs. self-adhesive vinyl tiles. In both cases an adhesive is used, but one is fundamentally easier and simpler. Since these projects always take longer to gain traction, you still need to have short term, incremental innovation projects in place but if you only have those, you will be vulnerable to go out of business when the new technology displaces you. Blackberry vs. iPhone will become the textbook case for years to come.

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